The Carlyle Group Inc. announced changes in its executive leadership team. With Chief Executive Officer Kewsong Lee's five-year employment agreement coming to a close at the end of 2022, both the company's Board of Directors and Mr. Lee mutually agreed as part of their discussions that the timing is right to initiate a search for a new CEO to lead Carlyle forward in its next phase of growth. Mr. Lee will step down on August 7, 2022 as CEO and a member of the Board of Directors.

He will be available as needed to assist in a transition during the months ahead. The Board has appointed William Conway, Co-Founder, current Non-Executive Co-Chairman of the Board, and former Co-CEO, to serve as Interim CEO. To assist Mr. Conway as he fulfills his duties as Interim CEO and assure a seamless transition once a permanent successor has been identified, an Office of the CEO has been established.

Peter Clare, Chief Investment Officer for Corporate Private Equity and Chairman of Americas Private Equity, Mark Jenkins, Head of Global Credit, Ruulke Bagijn, Head of Global Investment Solutions, Curtis Buser, Chief Financial Officer, Christopher Finn, Chief Operating Officer, and Bruce Larson, Chief Human Resources Officer, will comprise the Office of the CEO and will work alongside Mr. Conway to continue driving forward Carlyle's strategy and build on the firm's strong momentum. To further facilitate a seamless transition, Mr. Finn has agreed to defer his previously-announced retirement at the end of year 2022.