American private equity firm Carlyle Group has recruited former Goldman Sachs executive Harvey Schwartz to serve as its new CEO, Reuters has reported citing a person privy to the development.
Schwartz will succeed Kewsong Lee, who left the firm in August 2022.
A representative for Carlyle refused to give any details and Schwartz was not available for a statement.
After spending 20 years at Goldman Sachs, Schwartz parted ways with the firm in 2018.
During his stint at Goldman Sachs, Schwartz held various leadership positions such as the bank’s CFO and global co-head of trading unit.
In 2021, Bank of London appointed him as group chairperson. Schwartz is also a board member of online lender Sofi Technologies.
Carlyle, which is said to have $369bn in assets under management, refused to extend Lee’s five-year contract after he was unable to meet the firm’s turnaround targets.
Currently, around 26% of the company is owned by its founders, David Rubenstein, William Conway and Daniel D’Aniello.
Issues with succession has been affecting Carlyle since 2017 after Conway and Rubenstein gave up their roles as co-CEOs to Lee and Glenn Youngkin.
In 2020, Lee became the only CEO of the company after Youngkin left the firm to pursue his political journey and later become the governor of Virginia.
Conway resumed his position of CEO on an interim basis following the departure of Lee.
In August last year, Carlyle announced that its Global Credit unit and Australia-based credit investment entity amicaa had set up a private credit joint venture (JV) to invest and oversee various private debt investments in the market.
