The Carlyle Group has appointed former Goldman Sachs Inc executive Harvey Schwartz as the company’s new CEO.
Schwartz will take control of the Washington D.C.-based private equity firm on Feb. 15. He replaces co-founder and interim CEO Bill Conway, who will remain co-chairman of the board.
Conway replaced Kewsong Lee, who stepped down in August 2022 as his five-year employment agreement was ending.
"We would view the conclusion of this (CEO) search as a positive," Jefferies analysts wrote in a note, while adding there will be a "necessary grace period to better understand any new strategic initiatives."
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Schwartz retired as president and co-chief operating officer of Goldman Sachs in 2018 after a 20 year-career at the world's second-largest investment bank. Schwartz also served as the bank's chief financial officer and was once considered a frontrunner to replace former CEO Lloyd Blankfein.
Schwartz is taking the helm at a crucial juncture for private equity companies, when a stock market rout triggered by fears of an economic downturn has made it tougher to cash out on investments.
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On the other hand, buyout firms sitting on billions of dollars of unused capital have also been snapping up publicly listed companies, taking advantage of cheaper valuations.
Carlyle shares have gained over 20% so far this year.
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Reuters contributed to this report.
Reuters contributed to this report.
