Carlyle Group Inc. on Monday named Harvey M. Schwartz as CEO in a move to tap the Goldman Sachs Group Inc. veteran’s “extensive experience leading and expanding a wide range of large, profitable businesses.”
Schwarz, the former president and co-chief operating officer of Goldman Sachs
GS,
takes over as Carlyle Group
CG,
CEO on Feb. 15. Carlyle co-founder Bill Conway will step down as interim CEO at that time, and will remain co-chairman.
“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,” Carlyle co-chairs David Rubenstein and Conway said in a prepared statement.
Schwartz worked at Goldman up until 2018. He was seen as a potential successor to Lloyd Blankfein as CEO of Goldman but David Solomon became CEO and remains at the firm.
Carlyle Group stock fell 2.3% on Monday. The stock is up 22.5% in 2023, compared to a 7.2% gain by the S&P 500
SPX,
Along with his role as co-COO at Goldman, Schwartz was chief financial officer and also held senior roles at the firm’s securities and investment banking divisions.
Carlyle said Schwarz was instrumental in driving growth at the firm’s client franchises during a career of more than 35 years.
“He has a proven track record as a seasoned operator and a demonstrated ability to develop high-performing talent and teams in order to capitalize fully on growth opportunities, in all macroeconomic and regulatory environments,” Carlyle said.
Schwartz he’s “thrilled” to be making the move to Carlyle amid a “tremendous opportunity ahead to continue to transform and grow the firm, and enhance its ability to deliver on its mission of driving long-term value for its investors, shareholders and all stakeholders.”
Carlyle lead independent director Lawton Fitt said the company’s search committee selected Schwartz after a “robust and competitive process”
Schwartz, 58, joined Goldman Sachs in 1997 and has had senior leadership roles, including co-head of the securities division, head of securities division sales, head of North American sales and co-head of the Americas Financing Group.
The move comes after Kewsong Lee left Carlyle Group in August.
Credit: marketwatch.com