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>> When your daily agenda may include a meeting with Donald Trump, a tete-a-tete with Bill Gates. Or a multimillion dollar donation to help refurbish the Washington Monument. It's a pretty big deal when you decide to hang it up. And that's what Wednesday marks for David Rubenstein. Founder and Chief Executive of global private equity firm, The Carlyle Group.
Who, along with co-founders William Conway and Daniel D'Aniello, announced he will step aside from the top job after 30 years to make room for two new co-CEOs. Making Carlyle the first PE firm to set up a clear succession plan, says Reuters Breakingviews columnist Tom Buerkle.>> It's a significant turnaround point.
You don't often get careers of this length and magnitude. And also three people running a firm and three people stepping up, handing off the baton at the same time, it's pretty extraordinary. And the buyout business went from becoming kind of an upstart challenge to the existing corporate hierarchy and establishment in the 1980s.
Now it's one of the biggest, and most profitable businesses on Wall Street, so it's pretty significant who's running these shops.>> So who will be running this shop? New co-CEOs, Glenn Youngkin, and Kewsong Lee. The former basically a Carlyle lifer, the latter a seasoned buyout king who joined the firm four years ago from rival Warburg Pincus.
Carlyle, whose investments have stretched from this Philadelphia oil refinery to Beats Headphones. Sit somewhere between its largest rival, Blackstone, and the glamorous pedigree of KKR. Which basically jump started the buyout business back in the 1980s with its takeover of RJR Nabisco. The only potentially sticky point? The three won't be throwing their retirement party quite yet.
>> The three founders are actually staying in the picture. They'll all be working as part of the executive committee deciding what to buy and who to promote, and the like. Rubenstein, Conway, and D'Aniello started the business, they're kinda blood brothers. They go back 30 years, they've clearly developed a relationship of trust that's worked.
It's not clear that that necessarily translates to the new generation.>> So why not sail off to some island each can easily afford to own?>> All three of these guys, they have a net worth that's estimated to be almost $3 billion each. Most of that is still tied up with the firm, so they want to keep an eye on their own wealth.
As well as their legacy, which is the continuing success of the firm.