Carlyle Group Inc. said Chief Executive Officer Kewsong Lee stepped down, a setback to the private equity giant’s bid to navigate a generational transition during a period of market turbulence.
His sudden exit, announced late Sunday, reverses a changing of the guard set in motion just five years ago when Carlyle’s founders ceded leadership duties to a new pair of co-heads. That arrangement didn’t last.
At the start of 2022, Carlyle bumped Lee’s base salary more than threefold to $1 million.
Shares of Carlyle have dropped 31% this year, underperforming rivals including Blackstone Inc. and Apollo Global Management Inc.
Read more: BNN Bloomberg
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