Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
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.