Carlyle Group Taps Former Goldman Executive Harvey Schwartz as CEO

The wait is over. After six months of searching, private equity giant Carlyle Group has hired former Goldman Sachs executive Harvey Schwartz as its next CEO, effective February 15. Schwartz will succeed Kewsong Lee, who resigned abruptly in August.

Interim CEO Bill Conway will be stepping down while maintaining his role as co-chairman of the board.

Schwartz, who most recently served as co-president and co-COO of Goldman Sachs Group, departed in 2018 after more than two decades with the investment bank.

“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,” said Carlye’s Conway and co-chairman David Rubenstein.

The Washington, DC-based firm, founded by Rubenstein, Conway and Daniel D’Aniello, collectively control about one-quarter of the private equity firm and declined to renew Lee’s contract amid unimpressive turnaround efforts.

Schwartz, who left Goldman five years ago after the investment bank chose David Solomon to replace Lloyd Blankfein as CEO, will now lead one of the world’s largest private equity firms with $369 billion in assets.