Investment giant Carlyle has named its next chief executive officer, wrapping up a leadership shakeup that took place amid the firm’s succession planning process.
The $369 billion manager announced Monday that Harvey Schwartz, former president and co-chief operating officer at Goldman Sachs, will take on the role.
Bill Conway, who had been the firm’s interim CEO after Kewsong Lee departed from the role after two years in August, will remain in his co-chairman of the board role.
Schwartz, who will officially join the firm on February 15, will be tasked with setting up a strategy that pushes the firm toward the diversification plan it has already pursued, in addition to finding new ways to grow the massive firm.
“I believe there is tremendous opportunity ahead to continue to transform and grow the firm and enhance its ability to deliver on its mission of driving long-term value for its investors, shareholders, and all stakeholders,” Schwartz said in a statement.
Schwartz, 58, joined Goldman Sachs in 1997 after a decade at financial firms, including Citi. At Goldman, he held roles including chief financial officer, global co-head of the securities division, head of securities division sales, head of North American sales, and co-head of the Americas financing group.
He is the chairperson and non-executive director of the Bank of London. He also serves on the boards of SoFi Technologies and the nonprofit One Mind, which focuses on brain health challenges.
“Harvey is a widely respected business builder with significant leadership experience in a high-performing, highly competitive global financial institution,” said Conway and his co-chairman David Rubenstein, in a joint statement. “Given his experience, track record, and skillset, the board was unanimous in its determination that he is the right leader to drive Carlyle forward, building upon the firm’s strong operational foundation, world-class brand, and collaborative, performance-oriented culture.”
Schwartz joins Carlyle following a surprising shift in the firm’s succession planning. In 2020, longtime co-CEO Glenn Youngkin retired after 25 years to run for the governorship of Virginia. He subsequently won and sits in that role today.
Along with Lee, Youngkin had been named co-CEO in 2018 after Conway and Rubenstein announced their retirement. Lee served as the firm’s sole CEO for two years before stepping down himself.
Carlyle is set to host its fourth-quarter earnings call on Tuesday, where it will reveal its 2022 year-end results.
