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Management Shakeup at The Carlyle Group

May 20, 2016, 8:46 PM UTC
A general view of the lobby outside of the Carlyle Group offices in Washington
A general view of the lobby outside of the Carlyle Group offices in Washington, May 3, 2012. Private equity firm Carlyle Group LP proved a tough sell with investors on Wednesday, raising $671 million in an IPO that was slightly below a pricing range already seen as modest and failed to live up to the hype of the likes of Facebook Inc. REUTERS/Jonathan Ernst (UNITED STATES - Tags: BUSINESS) - RTR31KNG
Photograph by Jonathan Ernst — Reuters

The Carlyle Group on Friday announced a senior management shakeup that will include the departure of Mitch Petrick, the firm’s head of global market strategies. He plans to become a senior advisor to the firm, while moving on to form his own investment management company.

Petrick originally joined Carlyle (CG) in 2010 after a 20-year career with Morgan Stanley (MS), and oversaw a business that includes Carlyle’s leveraged finance, distressed debt and mezzanine financing teams.

He will be succeeded by Kewsong Lee, who also will maintain his role as deputy chief investment officer for global private equity.

The Carlyle Group also announced that energy and natural resources investing chief Kenneth Hersh will move into a deputy chief investment officer in the business, following his recent appointment as president and CEO of the George W. Bush Presidential Center. Glenn Youngkin, Carlyle’s president and COO, now will also oversee the energy and natural resources group.