CARLYLE ANNOUNCES SENIOR MANAGEMENT CHANGES

Kewsong Lee steps down as CEO and board member

Bill Conwayco-founder, current non-executive co-chairman and former co-CEO, to serve as interim CEO

Board forms search committee to identify permanent successor

Creation of the new office of the CEO to support a smooth transition

NEW YORK and WASHINGTON, August 7, 2022 /PRNewswire/ — Global investment firm The Carlyle Group Inc. (Nasdaq: CG) (“Carlyle” or “the Company”) today announced changes to its management team. With CEO Kewsong Lee’s five-year employment contract expiring at the end of 2022, the company’s board and Mr. Lee have mutually agreed in their discussions that the time has come to launch the search for a new CEO to move Carlyle forward into its next phase of growth. Mr. Lee will step down as CEO and board member today. He will be available as needed to assist with a transition over the coming months. The council appointed William Conwayco-founder, current non-executive co-chairman of the board and former co-CEO, to serve as interim CEO.

A newly formed board search committee will lead the search for a permanent successor. Board search committee to include Mr. Conway as well as independent directors Lawton Fitt, Anthony Welters, Linda Fillerand Rice Derica. The Board will immediately engage an executive search firm to identify and evaluate candidates for the permanent CEO position.

Mr. Conway said: “The Board is grateful to Kewsong for all he has done to position Carlyle for the future. As Carlyle undertakes this process of selecting a new leader, we do so from a position of strength, which is a testament to the performance of our talented team. Today, Carlyle is a more diverse and resilient company that has the resources to continue investing in accelerating our growth trajectory. Going forward, our focus remains on delivering on our vision of improving scale, speed and performance to grow and deliver sustainable results, in any investment environment.”

Mr. Lee said, “I am grateful for my time at Carlyle and grateful for the opportunity to build the business with an incredibly talented and committed team. I feel immense pride in our many accomplishments during these complex and difficult times, especially the company’s balance sheet. strong financial results, strong investment performance and continued leadership on DEI and ESG initiatives. Diversified and sustainable, Carlyle is now well positioned to capitalize on many exciting areas of attractive growth. I wish my colleagues at Carlyle well as they continue to set the highest standards of integrity and value creation in the asset management industry.”

To assist Mr. Conway in his duties as interim CEO and to ensure a smooth transition once a permanent successor has been identified, an Office of the CEO has been established. Pierre ClaireChief Investment Officer for Corporate Private Equity and Chairman of Americas Private Equity, Marc JenkinsHead of Global Credit, Ruulke Bagijn, Head of Global Investment Solutions, Curtis BuserFinancial director, Christopher Finnchief operating officer, and Bruce Larson, Chief Human Resources Officer, will join the Office of the CEO and work alongside Mr. Conway to continue to drive Carlyle’s strategy forward and leverage the strong momentum of the business. To further facilitate a smooth transition, Mr. Finn has agreed to postpone his previously announced retirement to the end of this year.

Ms. Fitt, Carlyle’s Senior Independent Director, said: “On behalf of the entire Board of Directors, I would like to thank Kewsong for her contribution to the company during her tenure. Carlyle has built on its enviable heritage while diversifying its asset base and revenue streams. Going forward, the company will benefit from a fresh perspective to leverage its strengths and take full advantage of its long-term future growth opportunities, regardless of macroeconomic headwinds.

“As the search for a permanent CEO continues, we are very pleased to have Bill leading Carlyle through this transition as the company remains focused on continuing to improve value for its public shareholders and limited partners. “, Ms. Fitt concluded.

Consistent with its previously announced second quarter results, the Company noted that at June 30, 2022total assets under management were $376 billionwhose $260 billion was remunerated, and the capital available for future investments was $81 billion.

The Company reaffirms once again its 2022 commission-related earnings target of $850 millionand its past performance revenue projections.

About William “Bill” Conway

Mr. Conway is co-founder and current non-executive co-chairman of the board. Mr. Conway was elected to our Board of Directors effective July 18, 2011. Previously, Mr. Conway was our Co-Chief Executive Officer and Chief Investment Officer. Prior to forming Carlyle in 1987, Mr. Conway was Senior Vice President and Chief Financial Officer of MCI Communications Corporation (“MCI”). Mr. Conway was vice president and treasurer of MCI from 1981 to 1984. Mr. Conway is chairman of the board of directors of Johns Hopkins Medicine and a member of the board of directors of the Catholic University of America. He previously served as Chairman and/or Director of several public and private companies in which Carlyle held significant interests. Mr. Conway received his BA from Dartmouth College and his MBA in Finance from The University of Chicago Booth Business School.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business lines: Global Private Equity, Global Credit and Global Investment Solutions. With $376 billion of assets under management as of June 30, 2022, Carlyle’s goal is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,900 people in 26 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

Forward-looking statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, statements relating to our expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions regarding our business performance, financial results, liquidity and capital resources, contingencies, dividend policy and other statements that are not historical facts. You can identify these forward-looking statements by using words such as “outlook”, “believe”, “expect”, “potential”, “continue”, “may”, “will”, “should”, “seek, “approximately”, “anticipates”, “intends”, “plans”, “estimates”, “anticipates” or the negative version of these words or other comparable words. These forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and those described in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the financial year closed December 31, 2021 filed with the SEC on February 10, 2022as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements included in this release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This press release does not constitute an offer for any Carlyle fund.

contacts

Media

Andre KennyGlobal Corporate Communications
+44 7816 176120
[email protected]

Kekst CNC
Jeremy Fielding / Anal silver
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Shareholders

Daniel Harris
+1 (212) 813-4527
[email protected]

SOURCE The Carlyle Group

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