Bill Conway Shared the Following Memo with Carlyle Employees on the Appointment of Harvey Schwartz as CEO and a member of the Board

Dear Global Colleagues –

I am very pleased to share with you that our Board of Directors has appointed Harvey Schwartz as Carlyle’s new Chief Executive Officer and a member of the Board, effective February 15th. 

As you may know, Harvey is the former President and Co-Chief Operating Officer of Goldman Sachs, and prior to that, served as the firm’s Chief Financial Officer. He also held leadership roles across a broad range of the firm’s operations, including its Securities and Investment Banking divisions, where he was instrumental in driving the growth of a number of the firm’s client franchises. 

Harvey brings to Carlyle a proven track record of building businesses and a demonstrated ability to harness the potential of organizations to fully capture growth opportunities in all macroeconomic and regulatory environments. His experience and deep understanding of our industry and the stakeholders we serve make him uniquely suited to position the firm to deliver sustained performance and create long-term value for all our stakeholders. 

Importantly, Harvey has a deep appreciation for the strong and diversified investment platforms Carlyle has built, our world-class brand, the breadth and depth of our global team, and our commitment to a collaborative and inclusive culture. He will work closely with our senior leaders around the world to execute the firm’s go-forward strategy, continue our transformation, further our investment in the development of the firm’s talent, as well as ensure a seamless transition. 
 
After conducting a robust and competitive process led by the Board’s Search Committee, the full Board was unanimous in its determination that Harvey is the right leader for the firm’s next phase of growth. As CEO, he will develop and execute a strategy that advances and accelerates the diversification plan the firm has successfully pursued, as well as identify new investment opportunities to further scale the business, drive performance, and deliver growth.

It has truly been an honor to serve Carlyle and its stakeholders as Interim CEO. Now that the Search Committee’s work has reached this successful outcome, and upon Harvey officially joining Carlyle next week, I will enthusiastically step back to my role as Co-Chairman of the Board. I will be available to help Harvey in any way I can, but I firmly believe the best thing I can do is let him – supported by the rest of the team – lead the firm and determine the right path to drive the business forward. 

I am extremely grateful to our leadership team and to all of you who have maintained your focus and dedication throughout this important process. Thanks to your hard work, we have continued to deliver during a period of persisting market volatility and headwinds. We have one of the best teams in the industry and I’m confident that, under Harvey’s strong leadership, Carlyle is poised to continue building further on our success.  

We will be hosting a Global Virtual Town Hall at 7:30 am ET today and I look forward to seeing many of you then. In the meantime, I invite you to read the press release that was issued this morning. Also, we look forward to hosting our earnings call tomorrow at 8:30am ET and we hope you will join and listen in.  

Thank you for your continued commitment to Carlyle.

Bill