Roughly six months after the abrupt departure of Kewsong Lee as CEO, Carlyle announced that former Goldman Sachs President and Co-COO Harvey Schwartz will become CEO on Feb. 15.
Bill Conway will step down as interim CEO, while maintaining his role as co-chairman of the board of directors at the $369 billion private investment firm Carlyle.
“Harvey brings to Carlyle a proven track record of building businesses and a demonstrated ability to harness the potential of organizations to fully capture growth opportunities in all macroeconomic and regulatory environments,” wrote Conway in a memo to employees. “His experience and deep understanding of our industry and the stakeholders we serve make him uniquely suited to position the firm to deliver sustained performance and create long-term value for all our stakeholders.”
The firm has been rapidly expanding its life sciences, triple net lease and CLO businesses in the past year.
Having joined Goldman Sachs in 1997, Schwartz brings to Carlyle extensive experience leading and expanding a wide range of large, profitable businesses, as well as a deep understanding of global capital markets and the needs of clients, officials said in an announcement of the move yesterday.
At Carlyle, Schwartz will be responsible for setting and executing a strategy that advances and accelerates the diversification plan the firm has 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.
The majority of Carlyle’s assets remain in private equity, representing 57% of AUM. The firm’s share price last year was down 43%, according to AW Research.
“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,” said Schwartz commenting on his new role. “I’m excited to get started and look forward to working closely with the firm’s senior leaders, along with the entire global team, as we build on Carlyle’s strong foundation to navigate and capture the opportunities in the current market environment and in the future.”