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Korean-American Kewsong Lee named co-CEO of Carlyle Group

Collected: 2017.10.26

Distributed: 2017.10.27

Source: Go Direct

U.S. private equity fund Carlyle Group named its Korean-American Deputy Chief Investment Officer as a chief executive of the group. According to investment bank industry on Wednesday, Carlyle has announced Kewsong Lee and Glenn Youngkin, its Chief Operating Officer, as co-CEOs at the board meeting.

Lee, 52, has been groomed to succeed group chairman by co-founder William Conway since he was appointed as the deputy chief investment officer.

Carlyle manages assets worth $170 billion and joins the top ranks in private equity funds with Kohlberg Kravis Roberts & Co. (KKR) and Blackstone.

The name of the Washington, D.C.-based firm is familiar to Koreans as it had earned 800 billion won ($711 billion) from purchase of KorAm Bank (former Citibank Korea) during the Asian financial crisis. In 2014, it bought local security company ADT CAPS at 2.1 trillion won.

In the group’s biggest shakeup since its inception in 1987, its three founders would resign from day-to-day business management. Daniel D‘Aniello has become chairman emeritus, while David Rubenstein and William Conway will remain as co-executive chairmen of the board.

In July, KKR also promoted ethnic Korean Joe Bae to co-president and co-COO.

By Kang Doo-soon and Lee Ha-yeon

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