The Carlyle Group has stolen a top Wall Street player from JPMorgan and elevated an internal executive to become co-presidents, positioning the firm for the long term after its three co-founders leave the company.
Michael J. Cavanagh, 48, and Glenn A. Youngkin, 47, will become co-presidents and co-chief operating officers of the District-based private equity firm, Carlyle announced Tuesday.
Cavanagh currently is co-chief executive at the Corporate & Investment Bank at JPMorgan Chase & Co.; Youngkin is a 19-year Carlyle veteran and current chief operating officer.
Youngkin, who is based in Washington, D.C., and Cavanagh, who will be based in New York, will assume their new roles in the summer, the firm said.
The role of president is a new position at Carlyle.
Cavanagh will also join Carlyle’s Executive Group, whose members are: Chairman Daniel A. D’Aniello, Co-CEOs William E. Conway, Jr. and David M. Rubenstein, the three founders of the private equity firm . It also includes Youngkin, chief financial officer Adena T. Friedman and General Counsel Jeffrey W. Ferguson.