Washington, D.C., USA – Global alternative asset manager The Carlyle Group announced that Michael J. Cavanagh and Glenn A. Youngkin will become co - March 26, 2014, Washington, D.C., USA – Global alternative asset manager The Carlyle Group announced that Michael J. Cavanagh and Glenn A. Youngkin will become co-presidents and co-chief operating officers.
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Mr. Youngkin, who is based in Washington, DC, and Mr. Cavanagh, who will be based in New York, will begin their new roles in the summer. The role of President is a new position at Carlyle.
Mr. Cavanagh is currently Co-Chief Executive Officer of the Corporate & Investment Bank at JPMorgan Chase & Co.. Mr. Cavanagh will also join Carlyle’s Executive Group. Mr. Cavanagh is a 25-year financial services industry veteran. He joined Bank One in 2000, and has held a number of senior management roles at Bank One and JPMorgan Chase & Co. and has been a member of the firm’s Operating Committee since 2004.
Mr. Cavanagh is currently Co-CEO of JPMorgan Chase & Co.’s Corporate & Investment Bank and before that he was CEO of the firm’s Treasury & Securities Services division. From 2004 to 2010, he was the Chief Financial Officer of JPMorgan Chase & Co. Before joining Bank One, he worked for seven years at Citigroup and its predecessors.
Mr. Cavanagh earned his B.A. in history from Yale University and his J.D. from the University of Chicago. He serves on the Board of Directors of Yum! Brands, Inc.
Mr. Youngkin is a 19-year Carlyle veteran and currently Chief Operating Officer and will add the role of Co-President. Mr. Youngkin joined Carlyle in 1995 and has held a series of increasingly senior leadership roles, culminating in COO in 2011.
Prior to COO, he was Interim Principal Financial Officer, Global Head of the Industrial sector investment team and led Carlyle’s buyout activities in the United Kingdom. Prior to joining Carlyle, Mr. Youngkin was a management consultant with McKinsey & Company and worked in the investment banking group at CS First Boston. ■