Carlyle Group has appointed former Goldman Sachs executive Harvey Schwartz as its next CEO, according to a report by Reuters.
The appointment of Schwartz, which the report says will be announced on Monday, concludes Carlyle’s hunt for a new CEO following Kewsong Lee’s exit in August of last year.
Schwartz left Goldman in 2018 following a 20-year career at the investment bank where he held many leadership positions, including CFO and global co-head of trading. He was in the running to succeed Lloyd Blankfein as CEO, but saw the position go to David Solomon instead.
The 59-year-old was appointed group chairman of the British clearing and transaction bank Bank of London in 2021. He serves on the board of SoFi Technologies Inc., an online lender.
After Lee’s recovery efforts fell short of expectations, Carlyle, whose founders David Rubenstein, William Conway, and Daniel D’Aniello control around 26% of the company, did not renew the CEO’s five-year contract. According to insiders, the founders also thought that Lee did not fully consult them on crucial issues.
Lee, who joined Carlyle in 2013 after spending 21 years at Warburg Pincus, was elected sole CEO of the firm in 2020, following Youngkin’s decision to run for governor of Virginia. Youngkin had spent 25 years at Carlyle.
After Lee’s resignation from Carlyle last year, Conway returned to the position of interim CEO.