As Kewsong Lee’s five-year contract was drawing to a detailed, advisers to Carlyle Group CEO labored with representatives of the buyout agency to arrange an preliminary proposal for a brand new deal. Submitted this previous spring, the contract proposal never got a response from Carlyle’s board, in accordance with individuals conversant in the matter.
Carlyle mentioned late Sunday that Mr. Lee, who has been its chief govt since 2018, was stepping down from the agency efficient instantly. William Conway, a co-founder and former co-CEO of the agency who was additionally its chief funding officer, will function its interim chief till a everlasting substitute might be discovered.
