J.P. Morgan Senior Executive Michael Cavanagh Joins Carlyle Veteran
Glenn Youngkin in New Senior Leadership Posts
Global alternative asset manager The Carlyle Group (NASDAQ:CG) today
announced that Michael J. Cavanagh and Glenn A. Youngkin will become
Co-Presidents and Co-Chief Operating Officers. Mr. Cavanagh is currently
Co-Chief Executive Officer of the Corporate & Investment Bank at
JPMorgan Chase & Co.; Mr. Youngkin is a 19-year Carlyle veteran and
currently Chief Operating Officer and will add the role of Co-President.
Mr. Youngkin, who is based in Washington, DC, and Mr. Cavanagh, who will
be based in New York, will begin their new roles in the summer. The role
of President is a new position at Carlyle.
Mr. Cavanagh will also join Carlyle's Executive Group, whose members
are: Chairman Daniel A. D'Aniello, Co-CEOs William E. Conway, Jr. and
David M. Rubenstein, COO Glenn A. Youngkin, CFO Adena T. Friedman and
General Counsel Jeffrey W. Ferguson.
David M. Rubenstein and William E. Conway, Jr. said, "Coupling a highly
successful senior financial services executive with a proven Carlyle
leader possessing deep institutional knowledge will help ensure that
Carlyle continues to innovate and grow for another quarter century.
Mike's arrival combined with the well-deserved promotion for Glenn
provides Carlyle with the incredible opportunity to enable fresh
perspectives in an environment that embraces change."
Mr. Cavanagh said, "This is a rare opportunity to join a premier global
investment firm during a time of swift change for the industry. We
accomplished an immense amount at J.P. Morgan and I am grateful to my
colleagues, especially Jamie Dimon, for their friendship, support and
confidence. Carlyle is an established innovator and I look forward to
partnering with Glenn and the rest of the Carlyle team to help take the
firm to the next level of success."
Mr. Youngkin said, "I'm pleased to welcome Mike to Carlyle as my partner
and believe his track record of success at a powerhouse bank will
meaningfully impact how we think, plan and execute. Carlyle has an
extremely exciting future and it will be great to have Mike here to help
us realize our ambitions."
As Co-Presidents and Co-COOs, Messrs. Cavanagh and Youngkin will help
develop and implement Carlyle's strategic growth initiatives and manage
the firm's global operations on a day-to-day basis.
Mr. Cavanagh, 48, is a 25-year financial services industry veteran. He
joined Bank One in 2000, and has held a number of senior management
roles at Bank One and JPMorgan Chase & Co. and has been a member of the
firm's Operating Committee since 2004. Mr. Cavanagh is currently Co-CEO
of JPMorgan Chase & Co.'s Corporate & Investment Bank and before that he
was CEO of the firm's Treasury & Securities Services division. From 2004
to 2010, he was the Chief Financial Officer of JPMorgan Chase & Co.
Before joining Bank One, he worked for seven years at Citigroup and its
predecessors. Mr. Cavanagh earned his B.A. in history from Yale
University and his J.D. from the University of Chicago. He serves on the
Board of Directors of Yum! Brands, Inc.
Mr. Youngkin, 47, joined Carlyle in 1995 and has held a series of
increasingly senior leadership roles, culminating in COO in 2011. Prior
to COO, he was Interim Principal Financial Officer, Global Head of the
Industrial sector investment team and led Carlyle's buyout activities in
the United Kingdom. Prior to joining Carlyle, Mr. Youngkin was a
management consultant with McKinsey & Company and worked in the
investment banking group at CS First Boston. He earned his B.S. in
mechanical engineering and his B.A. in managerial studies from Rice
University and his MBA from the Harvard Business School, where he was a
Baker Scholar. Mr. Youngkin serves on the Boards of Directors of several
Carlyle portfolio companies: PQ Corporation, Ri-Happy Brinquedos S.A.
and Scalina S.A.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager
with approximately $189 billion of assets under management across 118
funds and 106 fund of funds vehicles as of December 31, 2013. Carlyle's
purpose is to invest wisely and create value on behalf of its investors,
many of whom are public pensions. Carlyle invests across four segments -
Corporate Private Equity, Real Assets, Global Market Strategies and
Solutions - in Africa, Asia, Australia, Europe, the Middle East, North
America and South America. Carlyle has expertise in various industries,
including: aerospace, defense & government services, consumer & retail,
energy, financial services, healthcare, industrial, real estate,
technology & business services, telecommunications & media and
transportation. The Carlyle Group employs more than 1,500 people in 34
offices across six continents.
Forward Looking Statements
This press release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. These statements include, but are
not limited to, statements related to our expectations regarding the
performance of our business, our financial results, our liquidity and
capital resources and other non-historical statements. You can identify
these forward-looking statements by the use of words such as "outlook,"
"believes," "expects," "potential," "continues," "may," "will,"
"should," "seeks," "approximately," "predicts," "intends," "plans,"
"estimates," "anticipates" or the negative version of these words or
other comparable words. These statements are subject to risks,
uncertainties and assumptions, including those described under the
section entitled "Risk Factors" in our Annual Report on Form 10-K for
the year ended December 31, 2013 filed with the SEC on February 27,
2014, as such factors may be updated from time to time in our periodic
filings with the SEC, which are accessible on the SEC's website at www.sec.gov.
These factors should not be construed as exhaustive and should be read
in conjunction with the other cautionary statements that are included in
this release and in our filings with the SEC. We undertake no obligation
to publicly update or review any forward-looking statements, whether as
a result of new information, future developments or otherwise, except as
required by applicable law.
This release does not constitute an offer for any Carlyle fund.
The Carlyle Group
Elizabeth Gill, +1-202-729-5385
Market Investor Relations
Daniel Harris, +1-212-813-4527
Source: The Carlyle Group
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