As Kewsong Lee’s five-year contract was drawing to a close, advisers to Carlyle Group CEO worked with representatives of the buyout firm to prepare an initial proposal for a new deal. Submitted this past spring, the contract proposal never got a response from Carlyle’s board, according to people familiar with the matter.
Carlyle said late Sunday that Mr. Lee, who has been its chief executive since 2018, was stepping down from the firm effective immediately. William Conway, a co-founder and former co-CEO of the firm who was also its chief investment officer, will serve as its interim chief until a permanent replacement can be found.
