Carlyle names former Goldman exec Harvey Schwartz new CEO

Schwartz retired from Goldman Sachs in 2018 after 20 years of work

The Carlyle Group has appointed former Goldman Sachs Inc executive Harvey Schwartz as the company’s new CEO. 

Schwartz will take control of the Washington D.C.-based private equity firm on Feb. 15. He replaces co-founder and interim CEO Bill Conway, who will remain co-chairman of the board.

Conway replaced Kewsong Lee, who stepped down in August 2022 as his five-year employment agreement was ending.

"We would view the conclusion of this (CEO) search as a positive," Jefferies analysts wrote in a note, while adding there will be a "necessary grace period to better understand any new strategic initiatives."

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FILE PHOTO: The logo of The Carlyle Group is displayed at the company's office in Tokyo

Carlyle Group logo at the company's office in Tokyo, Japan Oct. 17, 2018.  (Reuters/Issei Kato / Reuters Photos)

Schwartz retired as president and co-chief operating officer of Goldman Sachs in 2018 after a 20 year-career at the world's second-largest investment bank. Schwartz also served as the bank's chief financial officer and was once considered a frontrunner to replace former CEO Lloyd Blankfein.

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.

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In this Dec. 13, 2016, file photo, the logo for Goldman Sachs appears above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew)

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.

Carlyle shares have gained over 20% so far this year.

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Reuters contributed to this report.

Carlyle Group

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Ticker Security Last Change Change %
CG CARLYLE GROUP 44.74 -1.74 -3.74%
GS THE GOLDMAN SACHS GROUP INC. 486.70 -5.45 -1.11%

Reuters contributed to this report.