American private equity firm Carlyle has named top JPMorgan executive Mike Cavanagh as its new co-president and co-COO.
Cavanagh, who is currently co-CEO of JPMorgan’s corporate and investment bank, was seen internally as a potential heir to CEO Jamie Dimon.
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"This is a regrettable loss for our company, as Mike has been a part of the fabric of our organization for the last 14 years," Dimon said in an internal memo.
At Carlyle, Cavanagh will be sharing both roles with Glenn Youngkin, a 19-year Carlyle veteran and the current chief operating officer.
Cavanagh was also appointed to Carlyle’s executive group, on which co-founders Daniel D’Aniello, William Conway and David Rubenstein sit.
His formal role at JPMorgan will be taken over by his current partner, Daniel Pinto, who will become the sole CEO of the corporate and investment bank.
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