Yahoo Finance Carlyle appoints Harvey Schwartz as new chief executive officer
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.
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