Private equity firm Carlyle Group Inc on Monday appointed former Goldman Sachs Inc executive Harvey Schwartz as chief executive officer, effective Feb. 15.
Lee left the firm last August after a clash with the company's board over a new contract, a person familiar with the matter told Reuters.
Schwartz is taking the helm at a crucial juncture for private equity companies, when a stock market rout triggered by fears of an economic downturn has made it tougher to cash out on investments. On the other hand, buyout firms sitting on billions of dollars of unused capital have also been snapping up publicly listed companies, taking advantage of cheaper valuations.However, there will be a "necessary grace period to better understand any new strategic initiatives," they added.
Carlyle shares were up 1.6% at $38 in light premarket trading on Monday. As of last close, they have gained over 25% so far this year.
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