March 25 Private equity firm Carlyle Group LP
said it appointed Mike Cavanagh, co-head of JPMorgan
Chase & Co's corporate and investment bank, as
co-president and co-chief operating officer.
Cavanagh, who will also join Carlyle's executive board, will
share both positions with company veteran Glenn Youngkin, who is
currently the sole chief operating officer, Carlyle said in a
statement on Tuesday.
Cavanagh, 48, was a member of JPMorgan's operating committee
and was seen as a possible successor to Chief Executive Jamie
Daniel Pinto will become the sole CEO of JPMorgan's
corporate and investment bank after Cavanagh's departure, the
bank said in a separate statement.
The appointments highlight the succession planning under way
at some of the major private equity firms, which have been run
by their founders for decades.
Now in their 60s, Carlyle's founders also poached veteran
dealmaker Kewsong Lee from Warburg Pincus LLC last year and
named him deputy chief investment officer for private equity.
Cavanagh and Youngkin will manage Carlyle's global
operations on a day-to-day basis.
(Reporting by Aman Shah in Bangalore; Editing by Kirti Pandey)