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Glenn Youngkin

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Glenn Youngkin
Personal details
Born
Glenn Allen Youngkin

(1966-12-09) December 9, 1966 (age 57)
Richmond, Virginia, U.S.
Political partyRepublican
EducationRice University (BS, BA)
Harvard University (MBA)

Glenn Allen Youngkin[1] (born December 9, 1966)[2][3] is an American businessman and political candidate. He spent 25 years at the private-equity firm The Carlyle Group, including as president and chief operating officer, and was co-CEO from January 2018 through September 2020.

He stepped down from the Carlyle Group in 2020, stating an intention to focus on community and public service efforts. He formed a nonprofit in mid-2020 to assist unemployed Virginia residents affected by the COVID-19 pandemic. In January 2021 he announced his candidacy in the 2021 Virginia gubernatorial election, and won the Republican Party nomination for governor of Virginia on May 10, 2021.

Early life and education

Youngkin was born in Richmond, Virginia.[4] When he was a teen, the family moved from Richmond to Virginia Beach.[5] He attended Norfolk Academy in Norfolk, Virginia, graduating in 1985.[6]

Youngkin attended Rice University on a basketball scholarship,[7] graduating with a Bachelor of Science in mechanical engineering and a Bachelor of Arts in managerial studies in 1990.[8] He earned an MBA from Harvard Business School in 1994.[9]

Career

Early career

After graduating from Rice in 1990, Youngkin joined the investment bank First Boston,[8] where he handled mergers and acquisitions and capital market financings.[10] The company was bought out by Credit Suisse and became Credit Suisse First Boston; Youngkin left in 1992 to pursue an MBA.[11][8]

In 1994, after receiving his MBA, he joined the management consulting firm McKinsey & Company,[11][8] assessing strategic and operating issues in the energy, consumer product, and healthcare industries.[12]

The Carlyle Group

In 1995, Youngkin joined the private-equity firm The Carlyle Group, based in Washington, D.C.,[11] initially as a member of the U.S. buyout team.[8] In 1999, he was named a partner and managing director of Carlyle.[13][14] From 2000 to 2005 he was manager of the firm's UK buyout team.[8][15]

In September 2005, he became the global head of Carlyle's industrial sector investment team,[13] and held the position through early 2008,[16] dividing his time between London and Washington.[13]

In April 2008, Carlyle's founders asked Youngkin to step back from deal-making to focus on the firm's broader strategy.[17][18] In 2009 the founders created a seven-person operating committee, chaired by Youngkin, which oversaw the non-deal, day-to-day operations of Carlyle, including strategic planning, balance-sheet management, new product development, and other critical functions.[18][19] In 2009 Youngkin also joined, along with Daniel Akerson, the firm's executive committee, which had previously consisted solely of the three founders.[19][20]

When Carlyle's chief financial officer Peter Nachtwey left suddenly in late 2010, Youngkin stepped in as interim CFO[21] until a new CFO, Adena Friedman, was hired in late March 2011.[22] In 2010, Youngkin also joined the firm's management committee, which established Carlyle's overall strategic direction and set firm-wide policy, and which consisted of Youngkin, the three founders, and Friedman.[23][18]

Youngkin was chief operating officer of the Carlyle Group from March 2011 until June 2014.[24]

Beginning in 2009, Youngkin was a consistent proponent within Carlyle's management of a stockmarket listing,[18] and he was instrumental in taking Carlyle public.[25] When public-listing discussions, which had been interrupted by the departure of CFO Nachtwey in December 2010,[26][21] restarted in mid 2011, Youngkin supervised the IPO[18][27] and was the firm's spokesperson to analysts, investors, and media.[28]

In June 2014, he became co-president and co-chief operating officer with Michael J. Cavanagh, who joined the Carlyle Group from JPMorgan Chase.[29][30] Together they helped develop and implement the firm's growth initiatives and managed the firm's operations on a day-to-day basis.[31] Cavanagh left the firm in May 2015 to become CFO of Comcast, leaving Youngkin as president and COO of Carlyle.[32]

Co-CEO

In October 2017, the Carlyle Group announced that its founders would remain executive chairmen on the board of directors but step down as the day-to-day leaders of the firm; they named Youngkin and Kewsong Lee to succeed them, as co-CEOs, effective January 1, 2018.[17] As co-CEOs, Youngkin was tasked with overseeing Carlyle's real estate, energy, and infrastructure businesses, as well as its investment solutions segment; Lee focused on the firm's corporate private equity and global credit businesses.[33][34] Youngkin and Lee also joined the firm's board of directors when they became co-CEOs.[28]

During Youngkin and Lee's tenure as co-CEOs, they oversaw the firm's transition from a publicly traded partnership into a corporation.[35][36] In 2.5 years they also oversaw the closure of more than $40 billion in new funds, including funds in Europe and Asia;[35] the firm's assets under management increased 11%, and its stock price increased by nearly 30%.[37][35]

Bloomberg News described the co-CEO relationship as "awkward ... and increasingly acrimonious", with Lee "gaining sole control" after 2-1/2 years.[27] In July 2020, Youngkin announced that he would retire from the Carlyle Group at the end of September 2020, stating his intention to focus on community and public service efforts.[38][35]

Public service

In April 2020,[39] Youngkin and his wife founded a nonprofit called the Virginia Ready Initiative to help unemployed Virginians get job training during the coronavirus pandemic,[40] and it launched in June 2020.[41] The nonprofit connects people looking for jobs with training programs to gain new skills, and then connects them with companies looking to hire.[42]

2021 Virginia gubernatorial nomination

In January 2021, Youngkin announced his candidacy for the Republican Party nomination to become the next governor of Virginia in the 2021 Virginia gubernatorial election.[43][5] In February 2021, he launched an election integrity task force.[44]

Youngkin won the Republican convention and became the party's nominee for Virginia governor on May 10, 2021.[45]

Personal life

Youngkin lives in Great Falls, Virginia with his wife Suzanne and their four children.[46]

References

  1. ^ Nisen, Max (October 24, 2013). "11 Rockstar Executives Who Earn More Than Their CEOs". Business Insider. Retrieved February 20, 2021.
  2. ^ "Glenn A Youngkin". Nuwber. Retrieved February 20, 2021.
  3. ^ "Glenn Allen Youngkin". Companies House. Retrieved February 20, 2021.
  4. ^ "FCRC February Meeting Highlights". FauquierGOP. February 5, 2021. Retrieved February 20, 2021.
  5. ^ a b "Millionaire investor joins Virginia governor contest". Associated Press. January 27, 2021. Retrieved February 20, 2021.
  6. ^ "Glenn Youngkin '85 Helps Create Nonprofit Aimed At Supporting Unemployed Workers". Norfolk Academy News. Norfolk Academy. June 30, 2020. Retrieved February 20, 2021.
  7. ^ Vozzella, Laura (January 27, 2021). "Former Carlyle executive Glenn Youngkin joins race for Virginia governor". Washington Post. Retrieved February 20, 2021.
  8. ^ a b c d e f "The 2006-07 Rice Owls Basketball Media Guide" (PDF). Rice Owls. p. 3. Retrieved February 20, 2021.
  9. ^ "Two HBS Alumni To Lead Carlyle Group". Harvard Business School. October 27, 2017. Retrieved February 20, 2021.
  10. ^ "QinetiQ Group plc Notice of AGM". Investegate. June 27, 2006. Retrieved February 20, 2021.
  11. ^ a b c Kelly, Jason; Perlberg, Heather (June 4, 2018). "Meet Private Equity's Next Generation". Bloomberg. Retrieved February 20, 2021.
  12. ^ "Memorandum submitted by the Carlyle Group". Parliament of the United Kingdom. January 15, 2003. Retrieved February 20, 2021.
  13. ^ a b c "Glenn Youngkin Named Head of the Global Industrial Team". The Carlyle Group. September 1, 2005. Retrieved February 20, 2021.
  14. ^ "Form 8-K". The Carlyle Group. U.S. Securities and Exchange Commission. October 23, 2017. Retrieved February 20, 2021.
  15. ^ "Carlyle's World, Glenn Youngkin's Mandate". PRLog. Privcap. February 11, 2013. Retrieved February 20, 2021.
  16. ^ Kinder Morgan, Inc. (February 22, 2012). "Form 10-K: Annual Report for the fiscal year ended December 31, 2011" (PDF). AnnualReports.com. U.S. Securities and Exchange Commission. Retrieved February 20, 2021.
  17. ^ a b Gottfried, Miriam (October 27, 2017). "Carlyle's Next Generation: A Deal Whiz and a Homegrown Quarterback". Wall Street Journal. Retrieved February 20, 2021.
  18. ^ a b c d e Kelly, Jason (2012). The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything. John Wiley & Sons. pp. 31–32, 40.
  19. ^ a b "Carlyle 2009 Annual Report" (PDF). EastCountyMagazine.org. The Carlyle Group. 2010. Retrieved February 20, 2021.
  20. ^ "Generation Next". Private Equity International. May 28, 2010. Retrieved February 20, 2021.
  21. ^ a b Alesci, Cristina (December 13, 2010). "Carlyle Finance Chief Peter Nachtwey Leaves Firm". Bloomberg News. Retrieved February 20, 2021.
  22. ^ Gottlieb, Jenna (February 15, 2011). "Carlyle names new CFO". Private Equity International. Retrieved February 20, 2021.
  23. ^ "Carlyle 2010 Annual Report" (PDF). PEDaily.cn. The Carlyle Group. 2011. Retrieved February 20, 2021.
  24. ^ "Form 8-K". U.S. Securities and Exchange Commission. The Carlyle Group. October 23, 2017. Retrieved February 20, 2021.
  25. ^ Sender, Henny; Espinoza, Javier (October 25, 2017). "Carlyle profiles: closer look at founders and new management". Financial Times. Retrieved February 20, 2021.
  26. ^ Sender, Henny (December 12, 2010). "Carlyle faces setback for listing plans". Financial Times. Retrieved February 20, 2021.
  27. ^ a b Perlberg, Heather (July 23, 2020). "Carlyle Co-CEO's Abrupt Exit Caps a Long, Awkward Power Struggle". Bloomberg News. Retrieved February 20, 2021.
  28. ^ a b Banerjee, Devin (October 25, 2017). "Carlyle's Billionaire Founders Hand Reins to New Leaders". Bloomberg News. Retrieved February 20, 2021.
  29. ^ Heath, Thomas L. (March 25, 2014). "Carlyle Group names Cavanagh and Youngkin as co-presidents". Washington Post. Retrieved February 20, 2021.
  30. ^ Dezember, Ryan (February 26, 2015). "Carlyle Founders Took In $800 Million in 2014". Wall Street Journal. Retrieved February 20, 2021.
  31. ^ "Carlyle poaches Dimon protege". The Australian. Dow Jones Newswires. March 26, 2014. Retrieved February 20, 2021.
  32. ^ Roumeliotis, Greg (May 11, 2015). "Comcast names Carlyle Group's Michael Cavanagh as CFO". Reuters. Retrieved February 20, 2021.
  33. ^ Bray, Chad (October 26, 2017). "Private equity Carlyle Group names Kewsong Lee, Glenn Youngkin as new leaders". Australian Financial Review. Retrieved February 20, 2021.
  34. ^ Espinoza, Javier; Massoudi, Arash (October 25, 2017). "Carlyle names executives to succeed its co-founders". Financial Times. Retrieved February 20, 2021.
  35. ^ a b c d Lewis, Adam (July 21, 2020). "Carlyle co-CEO Glenn Youngkin to retire, leaving reins to Kewsong Lee". PitchBook. Retrieved February 21, 2021.
  36. ^ Gottfried, Miriam (July 31, 2019). "Carlyle to Abandon Partnership Structure and Dual-Class Shares". Wall Street Journal. Retrieved February 21, 2021.
  37. ^ Louch, William (July 21, 2020). "Carlyle Co-CEO Glenn Youngkin to Step Down". Wall Street Journal. Retrieved February 20, 2021.
  38. ^ Wiggi, Kaye; Vandevelde, Mark (July 21, 2020). "Carlyle co-chief Glenn Youngkin to step down". Financial Times. Retrieved February 21, 2021.
  39. ^ "Reskilling for a changing economy: A discussion with Glenn Youngkin". McKinsey & Company. September 1, 2020. Retrieved February 21, 2021.
  40. ^ Georgescu, Peter (January 21, 2021). "A Scalable System To Lower Unemployment". Forbes. Retrieved February 21, 2021.
  41. ^ Pierceall, Kimberly (June 29, 2020). "Nonprofit offers extra $1,000 to unemployed Virginians who get re-trained for a new career". The Virginian-Pilot. Retrieved February 21, 2021.
  42. ^ "Glenn Youngkin announces run for Virginia governor". WAVY. January 27, 2021. Retrieved February 21, 2021.
  43. ^ Vozzella, Laura (January 11, 2021). "Political newcomer with ability to self-fund to enter race for Virginia governor". Washington Post. Retrieved February 21, 2021.
  44. ^ Singman, Brooke (February 15, 2021). "Virginia GOP gubernatorial candidate launches 'election integrity task force' ahead of combative race". Fox News. Retrieved February 21, 2021.
  45. ^ Gabriel, Trip (May 10, 2021). "Glenn Youngkin Declares Victory as G.O.P. Nominee for Virginia Governor". The New York Times. Retrieved May 10, 2021.
  46. ^ "A Conversation with David Rubenstein Moderated by Glenn Youngkin". Harvard Business School Club of Chicago. November 2020. Retrieved February 21, 2021.


Category:1966 births Category:Living people Category:People from Great Falls, Virginia Category:Businesspeople from Richmond, Virginia Category:Virginia Republicans Category:Rice University alumni Category:Harvard Business School alumni Category:The Carlyle Group people Category:American chief executives of financial services companies Category:American nonprofit executives Category:Founders of charities Category:20th-century American businesspeople Category:21st-century American businesspeople


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