Investing
Carlyle CEO Resigns in Sudden Reversal of Generational Shift
- Sole CEO since 2020, Lee had been trying to diversify revenue
- Co-founder Conway to be interim chief during successor search
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Carlyle Group Inc. Chief Executive Officer Kewsong Lee stepped down, reversing a changing of the guard set in motion just five years ago when founders of the private equity giant ceded leadership to a new generation. The stock dropped as much as 6.3%.
His sudden exit, announced late Sunday, follows tensions with the company’s old guard and a stretch in which Carlyle’s shares trailed its peers. Co-Founder Bill Conway, currently the non-executive co-chairman, will step in as interim CEO during the search for a successor.