The Carlyle Group today announced that Michael Cavanagh and Glenn 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 is the Chief Operating Officer of Carlyle.
“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,” said David Rubenstein and William Conway in a statement from Carlyle. “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.”
As Co-Presidents and Co-COOs, Messrs. Cavanagh and Youngkin will develop and implement Carlyle’s strategic growth initiatives and manage the firm’s global operations on a day-to-day basis. The role of President is a new position at Carlyle. Mr. Youngkin is based in Washington, DC and Mr. Cavanagh will be based in New York. Both will begin their new roles beginning in the summer.
“This is a rare opportunity to join a premier global investment firm during a time of swift change for the industry,” said Mr. Cavanagh. “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. Cavanagh 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 BA in history from Yale University and his JD from the University of Chicago.
“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,” said Mr. Youngkin.
Mr. Youngkin 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 BS in mechanical engineering and his BA in managerial studies from Rice University and his MBA from the Harvard Business School.
The Carlyle Group invests in buyouts, growth capital, real estate and leveraged finance in Africa, Asia, Australia, Europe, North America and South America. The firm employs 1,500 people in 34 offices across six continents and is based in Washington, DC (www.carlyle.com).
© 2014 PEPD • Private Equity’s Leading News Magazine • 3-25-14
