Glenn Youngkin at a U.S. Chamber of Commerce event in 2017. Photo by Chip Somodevilla/Getty Images.

The Carlyle Group announced on Tuesday that co-CEO Glenn Youngkin is retiring, with fellow co-CEO Kewsong Lee to hold the position alone.

Why it matters: Carlyle is one of the world's largest private equity firms, with $217 billion in assets under management.

Youngkin joined Carlyle in 1995, quickly rising through the ranks. He and Lee were named co-CEOs in 2017, after firm co-founders David Rubenstein and Bill Conway transitioned into co-executive chairman roles.

In a statement, Youngkin said: “As the world continues to face so many challenges today, and as Carlyle is well-positioned, now is a natural point to focus my full-time efforts on community and public service efforts that I believe can make a meaningful impact.”

  • Youngkin and his wife Suzanne recently co-founded VA Ready, a program designed to retrain Virginians who lost their jobs during pandemic.

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