Oct 25, 2017

David Rubenstein steps down as Carlyle Group co-CEO

Dan Primack, author of Pro Rata

Mark Wilson/Getty Images

Private equity giant The Carlyle Group this morning announced major changes to senior leadership, with co-founders David Rubenstein and William Conway stepping down as co-CEOs, to be succeeded by Kewsong Lee and Glenn Youngkin. Rubenstein and Conway will become co-executive chairman of the Carlyle board, with current chairman Dan D'Aniello transitioning into a chairman emeritus role.

Why it matters: Carlyle is one of the country's largest and oldest private equity firms, and this move will be closely watched as some other private equity shops have struggled with generational succession. Also, Rubenstein has significantly raised his public profile in recent years, through both his philanthropy and his hosting of an interview program on Bloomberg Television.

More: Peter Clare has been named co-chief investment officer, alongside current CIO William Conway Jr.

Timing: Carlyle is slated to report third quarter earnings on October 31.

Next: Sources say that Rubenstein is planning to launch a family office, likely in partnership with at least one of his daughters.

Go deeper

Amid racial unrest, a test at the polls

Photo: Stephen Maturen/Getty Images

Eight states plus D.C. are holding primary elections today following a week of intense protests across the country over the brutal police killing of George Floyd.

Why it matters: It's the first major test for voting since the national outcry. Concerns over civil unrest and the police — as well as the coronavirus and expanded absentee voting — could reduce the number of voters showing up in person but heighten tensions for those who do.

Axios-Ipsos poll: America’s big racial divide on police, virus

Data: Ipsos/Axios survey; Note: ±3.2% margin of error; Chart: Andrew Witherspoon/Axios

A new Axios-Ipsos poll finds that America has a massive racial gulf on each of our twin calamities — trust in police, and fear of the coronavirus.

  • 77% of whites say they trust local police, compared with just 36% of African Americans — one of many measures of a throbbing racial divide in Week 11 of the Axios-Ipsos Coronavirus Index, taken the week George Floyd was killed by a white policeman in Minneapolis.
Updated 49 mins ago - Politics & Policy

Updates: George Floyd protests nationwide

Police officers wearing riot gear push back demonstrators outside of the White House on Monday. Photo: Jose Luis Magana/AFP via Getty Images

Protests over the death of George Floyd and other police-related killings of black people continued for a seventh day across the U.S., with President Trump threatening on Monday to deploy the military if the unrest continues.

The latest: Four police officers were struck by gunfire while standing near a line in St Louis on Monday after a peaceful demonstration, Police Chief John Hayden said early Tuesday. They were all taken to hospital with non-life threatening injuries. He said a small group of people had thrown rocks and fireworks at police officers.