Private equity firm Carlyle Group is replacing its chief executive Kewsong Lee. Lee will quit his position in July 2020. New York and Washington-based group only two years after the appointment in July of 2020.
The departure throws the company's management into a new era of turmoil in a difficult investment environment that is characterized by volatile markets and a decrease in the commitments of institutional investors.
Lee's resignation, which was announced Sunday night, came after his negotiations over his contract with Carlyle have come to an impasse.
“Both the board of directors as well as Mr Lee came to an agreement as part of their discussion that it is the right time to start a search process for the next CEO,” stated Carlyle in an announcement.
Lee’s sudden departure signifies yet another unplanned shift in the succession plan of Carlyle beyond the co-founders William Conway, David Rubenstein and Daniel D’Aniello, who created Carlyle in 1987.