By Chibuike Oguh

(Reuters) -Carlyle Group has employed Harvey Schwartz, a former Goldman Sachs (NYSE:) govt, as its subsequent chief govt officer, an individual acquainted with the matter informed Reuters on Sunday.

Schwartz’s appointment, which is anticipated to be introduced on Monday, brings to an finish Carlyle’s seek for a brand new CEO following the departure of Kewsong Lee in August final yr.

A Carlyle spokesperson declined to remark, whereas Schwartz could not be reached for remark.

Schwartz, 59, left Goldman in 2018 after a 20-year profession on the funding financial institution the place he served in a number of management roles together with as its chief monetary officer and world co-head of its buying and selling division. He was in competition to succeed Lloyd Blankfein as Goldman CEO earlier than shedding out to David Solomon.

In 2021, he was named group chairperson of the Financial institution of London, a British clearing and transaction financial institution. He sits on the board of on-line lender SoFi Applied sciences Inc.

Washington, D.C.-based Carlyle is considered as having underperformed rivals Blackstone (NYSE:) Inc, Apollo International Administration (NYSE:) Inc and KKR & Co (NYSE:) Inc in recent times, notably in development of property beneath administration and inventory efficiency.

Carlyle, whose founders – David Rubenstein, William Conway and Daniel D’Aniello – management about 26% of the agency, had declined to resume Lee’s five-year contract after his turnaround efforts fell in need of expectations. The founders additionally felt Lee did not adequately seek the advice of them on main choices, sources have beforehand stated.

Succession drama has plagued Carlyle since 2017 when Conway and Rubenstein first relinquished their roles as co-CEOs to their a lot youthful protégées Lee and Glenn Youngkin.

Lee, who had joined Carlyle in 2013 after spending 21 years at Warburg Pincus, was named sole CEO of the agency in 2020 following the departure of Youngkin, who stepped right down to launch a profitable marketing campaign to be the governor of Virginia. Youngkin had labored at Carlyle for 25 years.

Conway returned to his position as Carlyle CEO on an interim foundation after Lee’s departure final yr.

Carlyle, which has $369 billion in property beneath administration, is ready to report its fourth-quarter earnings on Feb.7.