Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
On August 7, 2022, The Carlyle Group Inc. (the "Company") announced that the
Company's Board of Directors (the "Board") and its Chief Executive Officer,
Kewsong Lee, have mutually agreed that Mr. Lee will step down as Chief Executive
Officer and a member of the Board, effective as of such date. Mr. Lee will serve
as a Senior Advisor through the end of the year in order to assist with the
transition. The Board has appointed William E. Conway to serve as interim Chief
Executive Officer until a permanent successor to Mr. Lee has been appointed.
Mr. Conway, age 72, is a Co-Founder of the Company and current Non-Executive
Co-Chairman of the Board. Mr. Conway was elected to the Board effective July 18,
2011. Previously, Mr. Conway served as the Company's Co-Chief Executive Officer
and Chief Investment Officer. Prior to forming the Company in 1987, Mr. Conway
was the Senior Vice President and Chief Financial Officer of MCI Communications
Corporation ("MCI"). Mr. Conway was a Vice President and Treasurer of MCI from
1981 to 1984. Mr. Conway is Chairman of the Board of Trustees of Johns Hopkins
Medicine and a member of the Board of Trustees of the Catholic University of
America. He previously served as chairman and/or director of several public and
private companies in which the Company had significant investment interests.
Mr. Conway received his BA from Dartmouth College and his MBA in finance from
The University of Chicago Booth School of Business.
In connection with the leadership transition, Christopher Finn, the Company's
Chief Operating Officer, has agreed to defer his previously-announced retirement
at the end of this year. In addition, the Board has formed a search committee to
drive the search for a permanent Chief Executive Officer. The Board will
immediately engage an executive search firm to identify and assess candidates
for the permanent Chief Executive Officer position.
In connection with Mr. Lee's separation from employment, Mr. Lee and the Company
entered into a separation agreement, dated as of August 7, 2022. The separation
agreement provides that Mr. Lee will receive the severance benefits set forth in
his employment agreement and equity award agreements, as previously disclosed by
the Company, including vesting of the 2018, 2019 and 2020 performance-based
restricted stock unit awards held by Mr. Lee. Vesting of such awards will be
based on actual performance results measured through the end of calendar year
2022. Mr. Lee will also retain the allocations of direct carried interest that
he received prior to his appointment as Chief Executive Officer. The separation
agreement includes a general release of claims from Mr. Lee in favor of the
Company, and provides that Mr. Lee shall continue to comply with the
post-employment restrictive covenants set forth in his employment agreement.
A copy of the related press release is attached to this Current Report on Form
8-K as Exhibit 99.1.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. Description
99.1 Press Release, dated August 7, 2022.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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