Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Carlyle appoints Harvey Schwartz as new chief executive officer

Published 06/02/2023, 11:51 pm
Updated 06/02/2023, 11:51 pm
© Reuters.

© Reuters.

By Scott Kanowsky 

Investing.com -- Carlyle Group Inc (NASDAQ:CG) has announced that it has appointed investment banking veteran Harvey Schwartz as its new chief executive officer.

In a statement confirming earlier media reports of Schwartz's hiring, the Washington, D.C.-based private equity group said he will assume the role on February 15.

Schwartz will replace former CEO Kewsong Lee, who left Carlyle abruptly in August last year. Co-founder William Conway had been serving on an interim basis since Lee's departure.

"Mr. Schwartz will be responsible for setting and executing a strategy that advances and accelerates the diversification plan the firm has successfully pursued, as well as identifying new investment opportunities to further grow and scale the firm, drive sustained performance for fund investors, and create significant shareholder value," Carlyle said in a statement.

Carlyle has been a laggard compared to peers like Blackstone (NYSE:BX) and KKR (NYSE:KKR) since its stock market debut in 2012 despite its position as one of the largest private-equity firms in the world, with assets under management of $369 billion. Shares in Carlyle have shed just under a quarter of their value over the past one-year period.

The 58-year-old Schwartz previously worked at Goldman Sachs (NYSE:GS) for more than two decades, becoming known in part for generating massive profits as the head of the lender's trading division during the 2008 financial crisis. Most recently, he served as co-president of Goldman Sachs, but left after it became apparent that David Solomon would be tipped to replace Lloyd Blankfein as the bank's chief executive officer.

Media reports have suggested that Schwartz beat out heavy competition for the top role at Carlyle, including a number of internal candidates and executives from large investment banks.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.