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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[2] (born December 9, 1966)[3] is an American businessman who is the Republican nominee in the 2021 Virginia gubernatorial election. Prior to entering politics, he spent 25 years at the private-equity firm The Carlyle Group, rising to become its CEO.

He stepped down from the Carlyle Group in 2020, and announced his candidacy for the 2021 Virginia gubernatorial election in January 2021. Youngkin won the Republican gubernatorial nomination on May 10, 2021.

Early life and education

Youngkin was born in Richmond, Virginia.[4] He is the son of Ellis (née Quinn) and Carroll Wayne Youngkin. His father played basketball for Duke University and worked in accounting and finance.[5] When Youngkin was a teenager, the family moved from Richmond to Virginia Beach.[6] He attended Norfolk Academy in Norfolk, Virginia, graduating in 1985.[7]

Youngkin attended Rice University on a basketball scholarship,[8] playing four NCAA Division I seasons with Rice Owls men's basketball in the Southwest Conference where he totaled 82 points and 67 rebounds in his career.[9] He graduated with a Bachelor of Science in mechanical engineering and a Bachelor of Arts in managerial studies in 1990.[10] He earned an MBA from Harvard Business School in 1994.[11]

Career

Early career

After graduating from Rice in 1990, Youngkin joined the investment bank First Boston,[10] where he handled mergers and acquisitions and capital market financing.[12] The company was bought out by Credit Suisse and became Credit Suisse First Boston; Youngkin left in 1992 to pursue an MBA.[13][10]

In 1994, after receiving his MBA, he joined the management consulting firm McKinsey & Company.[13][10][14]

The Carlyle Group

In August 1995,[14] Youngkin joined the private-equity firm The Carlyle Group, based in Washington, D.C.,[13] initially as a member of the U.S. buyout team.[10] In 1999, he was named a partner and managing director of Carlyle.[15][16] He managed the firm's UK buyout team (2000–2005)[10][17] and global industrial sector investment team (2005–2008), dividing his time between London and Washington.[15][18]

In April 2008, Carlyle's founders asked Youngkin to step back from deal-making to focus on the firm's broader strategy.[19][20] In 2009 the founders created a seven-person operating committee, chaired by Youngkin, which oversaw the non-deal, day-to-day operations of Carlyle.[20][21] In 2009 Youngkin also joined, along with Daniel Akerson, the firm's executive committee, which had previously consisted solely of the three founders.[21][22]

When Carlyle's chief financial officer Peter Nachtwey left suddenly in late 2010, Youngkin became interim CFO[23] until Adena Friedman was hired as CFO late March 2011.[24] In 2010, Youngkin joined the firm's management committee.[25][20] Youngkin was chief operating officer of the Carlyle Group from March 2011 until June 2014.[26]

Youngkin played a major role in taking Carlyle public, supervising the initial public offering.[20][27][28][23][29][30]

In June 2014, he became co-president and co-chief operating officer with Michael J. Cavanagh, who joined the Carlyle Group from JPMorgan Chase.[31][32] Together they helped develop and implement the firm's growth initiatives and managed the firm's operations on a day-to-day basis.[33] Cavanagh left the firm in May 2015 to become CFO of Comcast, leaving Youngkin as president and COO of Carlyle.[34]

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.[19] As co-CEOs, Youngkin oversaw Carlyle's real estate, energy, infrastructure businesses, and investment solutions businesses; Lee oversaw the firm's corporate private equity and global credit businesses.[35][36] Youngkin and Lee also joined the firm's board of directors when they became co-CEOs.[30]

During Youngkin and Lee's tenure as co-CEOs, they oversaw the firm's transition from a publicly traded partnership into a corporation.[37][38][39]

Bloomberg News described the co-CEO relationship as "awkward ... and increasingly acrimonious" and Lee gained sole control after 2 1⁄2 years.[29] 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.[40][37] In 2020, Youngkin and his wife founded a nonprofit, Virginia Ready Initiative, focusing on connecting unemployed people in the state with job-training programs and potential employers.[41][42][43][44]

2021 gubernatorial election

Main article: 2021 Virginia gubernatorial election
Final results by county and independent city:
Glenn Youngkin
  •   Youngkin—80–90%
  •   Youngkin—70–80%
  •   Youngkin—60–70%
  •   Youngkin—50–60%
Tie
  •   Tie—50%
  •   Snyder—50–60%
  •   Snyder—60–70%
  •   Snyder—70–80%
  •   Snyder—>90%

In January 2021, Youngkin announced that he would seek the Republican Party's nomination for governor of Virginia.[45][6] A first-time candidate, Youngkin's vast personal wealth gave him the ability to self-fund his candidacy,[46][47] and he spent at least $5.5 million of his own money on his primary campaign.[48]

Youngkin won the Virginia Republican Party state convention on May 10, 2021, after multiple rounds of ranked-choice voting across 39 locations across the state, becoming the party's nominee for Virginia governor. He defeated six other candidates.[48] All the Republican candidates, including Youngkin, stressed their allegiance to former president Donald Trump and Trumpism,[47] although other candidates for the nomination, such as state senator Amanda Chase, were the most vocally pro-Trump.[49] Trump endorsed Youngkin after he captured the party's nomination.[49] Trump later criticized Youngkin for not fully embracing the "MAGA movement."[50][51]

File:Glenn Youngkin campaign sign.jpg
Campaign sign for Youngkin

When seeking the Republican nomination for governor, Youngkin for months refused to acknowledge that president Joe Biden won the presidency legitimately. Youngkin dodged or deflected questions on the subject, which became an issue after Trump refused to accept his defeat by Biden. After Youngkin won the Republican nomination, he shifted his position, stating that Biden was the legitimate president.[52][53]

During Youngkin's primary campaign, he pledged to "stand up against all of the legislation that has been passed by the Democrats" and to be an opponent of abortion.[54] He spoke out against gun legislation that Democrats had passed, including expanded background checks, handgun purchase limitations, and red flag laws.[54] After winning the nomination, he de-emphasized these social issues, seeking to appeal to suburban swing voters.[54] In July, he was caught on a hot mic telling an activist that he would limit his comments about abortion during the campaign so that he would not alienate independent voters.[55][56] Also in July, the National Rifle Association (NRA) declined to endose Youngkin after he refused to confirm his position on gun rights by not filling out their candidate survey.[57] In September, a Democratic-aligned group began running ads in conservative parts of Virginia, which seek to diminish Republican turnout by using the NRA's lack of an endorsement against Youngkin, saying, "While the NRA backs Donald Trump, they REFUSED to endorse Glenn Youngkin. We can't trust Glenn Youngkin on guns."[58]

He will face the Democratic nominee, former governor Terry McAuliffe, in the general election. On July 12, 2021, Youngkin refused to meet with McAuliffe in the Virginia Bar Association (VBA) debate, citing his objection to the moderator, Judy Woodruff, for a donation she made to the Clinton Bush Haiti Fund in 2010. The VBA had held a gubernatorial debate every election year since 1985. Youngkin has committed to three future debates with McAuliffe.[59] McAuliffe and Youngkin had their first debate on September 16, 2021, hosted by the Appalachian School of Law.[60] Youngkin said he supported the COVID-19 vaccine, but opposed vaccine requirements. In light of the controversial Texas Heartbeat Act, Youngkin criticized the law, stating he instead favors a "pain threshold bill," which occurs around the 20th week of pregnancy.[61][62]

Personal life

File:Glenn Youngkin (50929467593).jpg
Youngkin with his wife Suzanne, 2021

Youngkin lives in Great Falls, Virginia with his wife Suzanne and their four children.[63] As of May 2021, he had an estimated net worth of over $300 million.[1]

Youngkin is a Christian and previously served on the vestry of Holy Trinity Church in McLean, Virginia.[64]

Youngkin stands 6 feet 7 inches (201 cm) tall.[65]

References

  1. ^ a b Schneider, Gregory S.; Vozzella, Laura (May 12, 2021). "Virginia, Meet Glenn Youngkin – The Republican Nominee for Governor Who Both Parties Are Racing to Define". The Washington Post.
  2. ^ Nisen, Max (October 24, 2013). "11 Rockstar Executives Who Earn More Than Their CEOs". Business Insider. 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. ^ "Carroll Wayne Youngkin". Dignity Memorial. Retrieved May 21, 2021.
  6. ^ a b "Millionaire investor joins Virginia governor contest". Associated Press. January 27, 2021. Retrieved February 20, 2021.
  7. ^ "Glenn Youngkin '85 Helps Create Nonprofit Aimed At Supporting Unemployed Workers". Norfolk Academy News. Norfolk Academy. June 30, 2020. Retrieved February 20, 2021.
  8. ^ Vozzella, Laura (January 27, 2021). "Former Carlyle executive Glenn Youngkin joins race for Virginia governor". The Washington Post. Retrieved February 20, 2021.
  9. ^ "Glenn Youngkin". Sports Reference. Retrieved May 25, 2021.
  10. ^ a b c d e f "The 2006-07 Rice Owls Basketball Media Guide" (PDF). Rice Owls. p. 3. Retrieved February 20, 2021.
  11. ^ "Two HBS Alumni To Lead Carlyle Group". Harvard Business School. October 27, 2017. Retrieved February 20, 2021.
  12. ^ "QinetiQ Group plc Notice of AGM". Investegate. June 27, 2006. Retrieved February 20, 2021.
  13. ^ a b c Kelly, Jason; Perlberg, Heather (June 4, 2018). "Meet Private Equity's Next Generation". Bloomberg. Retrieved February 20, 2021.
  14. ^ a b "Memorandum submitted by the Carlyle Group". Parliament of the United Kingdom. January 15, 2003. Retrieved February 20, 2021.
  15. ^ a b "Glenn Youngkin Named Head of the Global Industrial Team". The Carlyle Group. September 1, 2005. Retrieved February 20, 2021.
  16. ^ "Form 8-K". The Carlyle Group. U.S. Securities and Exchange Commission. October 23, 2017. Retrieved February 20, 2021.
  17. ^ "Carlyle's World, Glenn Youngkin's Mandate". PRLog. Privcap. February 11, 2013. Retrieved February 20, 2021.
  18. ^ 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.
  19. ^ 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.
  20. ^ a b c d Kelly, Jason (2012). The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything. John Wiley & Sons. pp. 31–32, 40.
  21. ^ a b "Carlyle 2009 Annual Report" (PDF). EastCountyMagazine.org. The Carlyle Group. 2010. Retrieved February 20, 2021.
  22. ^ "Generation Next". Private Equity International. May 28, 2010. Retrieved February 20, 2021.
  23. ^ a b Alesci, Cristina (December 13, 2010). "Carlyle Finance Chief Peter Nachtwey Leaves Firm". Bloomberg News. Retrieved February 20, 2021.
  24. ^ Gottlieb, Jenna (February 15, 2011). "Carlyle names new CFO". Private Equity International. Retrieved February 20, 2021.
  25. ^ "Carlyle 2010 Annual Report" (PDF). PEDaily.cn. The Carlyle Group. 2011. Retrieved February 20, 2021.
  26. ^ "Form 8-K". U.S. Securities and Exchange Commission. The Carlyle Group. October 23, 2017. Retrieved February 20, 2021.
  27. ^ Sender, Henny; Espinoza, Javier (October 25, 2017). "Carlyle profiles: closer look at founders and new management". Financial Times. Retrieved February 20, 2021.
  28. ^ Sender, Henny (December 12, 2010). "Carlyle faces setback for listing plans". Financial Times. Retrieved February 20, 2021.
  29. ^ 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.
  30. ^ a b Banerjee, Devin (October 25, 2017). "Carlyle's Billionaire Founders Hand Reins to New Leaders". Bloomberg News. Retrieved February 20, 2021.
  31. ^ Heath, Thomas L. (March 25, 2014). "Carlyle Group names Cavanagh and Youngkin as co-presidents". The Washington Post. Retrieved February 20, 2021.
  32. ^ Dezember, Ryan (February 26, 2015). "Carlyle Founders Took In $800 Million in 2014". Wall Street Journal. Retrieved February 20, 2021.
  33. ^ "Carlyle poaches Dimon protege". The Australian. Dow Jones Newswires. March 26, 2014. Retrieved February 20, 2021.
  34. ^ Roumeliotis, Greg (May 11, 2015). "Comcast names Carlyle Group's Michael Cavanagh as CFO". Reuters. Retrieved February 20, 2021.
  35. ^ Bray, Chad (October 26, 2017). "Private equity Carlyle Group names Kewsong Lee, Glenn Youngkin as new leaders". Australian Financial Review. Retrieved February 20, 2021.
  36. ^ Espinoza, Javier; Massoudi, Arash (October 25, 2017). "Carlyle names executives to succeed its co-founders". Financial Times. Retrieved February 20, 2021.
  37. ^ a b Lewis, Adam (July 21, 2020). "Carlyle co-CEO Glenn Youngkin to retire, leaving reins to Kewsong Lee". PitchBook. Retrieved February 21, 2021.
  38. ^ Gottfried, Miriam (July 31, 2019). "Carlyle to Abandon Partnership Structure and Dual-Class Shares". Wall Street Journal. Retrieved February 21, 2021.
  39. ^ Louch, William (July 21, 2020). "Carlyle Co-CEO Glenn Youngkin to Step Down". Wall Street Journal. Retrieved February 20, 2021.
  40. ^ Wiggi, Kaye; Vandevelde, Mark (July 21, 2020). "Carlyle co-chief Glenn Youngkin to step down". Financial Times. Retrieved February 21, 2021.
  41. ^ "Reskilling for a changing economy: A discussion with Glenn Youngkin". McKinsey & Company. September 1, 2020. Retrieved February 21, 2021.
  42. ^ Georgescu, Peter (January 21, 2021). "A Scalable System To Lower Unemployment". Forbes. Retrieved February 21, 2021.
  43. ^ 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.
  44. ^ "Glenn Youngkin announces run for Virginia governor". WAVY. January 27, 2021. Retrieved February 21, 2021.
  45. ^ Vozzella, Laura (January 11, 2021). "Political newcomer with ability to self-fund to enter race for Virginia governor". The Washington Post. Retrieved February 21, 2021.
  46. ^ Gabriel, Trip (May 11, 2021). "In Virginia, a Fight Over the Suburbs in the Governor's Race". The New York Times.
  47. ^ a b Karson, Kendall; Scanlan, Quinn (May 7, 2021). "'Trumpy, Trumpier and Trumpiest': Virginia GOP to vote on nominee for governor in post-Trump era". ABC News.
  48. ^ a b 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.
  49. ^ a b Barakay, Matthew (May 15, 2021). "Virginia GOP nominee's independence from Trump up for debate". Associated Press.
  50. ^ Cain, Andrew (September 23, 2021). "Trump warns Youngkin that he has to fully embrace 'MAGA movement' to win". Richmond Times-Dispatch. Retrieved September 24, 2021.
  51. ^ Vozzella, Laura (September 23, 2021). "Trump says Youngkin risks losing Virginia governor's race". The Washington Post. Retrieved September 24, 2021.
  52. ^ Oliver, Ned (May 12, 2021). "After months of refusing to say Biden won legitimately, Youngkin says, 'Of course.'". Virginia Mercury.
  53. ^ Fiske, Warren (May 19, 2021). "Youngkin shifts position on the legitimacy of Biden's election". PolitiFact.
  54. ^ a b c Vozzella, Laura (May 25, 2021). "Glenn Youngkin, GOP nominee for Virginia governor, goes mum on guns and abortion". The Washington Post.
  55. ^ Pope, Michael (July 8, 2021). "A Hot Mic Could Have Lasting Impacts on the Gubernatorial Race". wvtf.org. WVTF. Retrieved July 14, 2021.
  56. ^ "Video shows Glenn Youngkin saying he can't fully discuss abortion or risk losing independent Virginia voters". Washington Post. ISSN 0190-8286. Retrieved September 19, 2021.
  57. ^ Leonor, Mel (July 22, 2021). "NRA skips Youngkin endorsement, backs other GOP statewide candidates". Richmond Times-Dispatch. Retrieved September 25, 2021.
  58. ^ Markay, Lachlan (September 28, 2021). "Dems' sneaky sabotage". Axios. Retrieved September 28, 2021.
  59. ^ Vozzella, Laura. "Youngkin to skip marquee debate over moderator's donation to Clinton Bush Haiti Fund". The Washington Post. ISSN 0190-8286. Retrieved July 14, 2021.
  60. ^ Leonor, Mel. "McAuliffe and Youngkin split on COVID mandates, abortion and energy policy in first debate". Richmond Times-Dispatch. Retrieved September 19, 2021.
  61. ^ Rankin, Sarah; Helber, Steve (September 17, 2021). "McAuliffe, Youngkin Clash Over Abortion, COVID in 1st Debate". US News. Retrieved September 19, 2021.
  62. ^ Fiske, Warren (September 17, 2021). "Fact-checking the first McAuliffe-Youngkin debate". PolitiFact. Retrieved September 19, 2021.
  63. ^ "A Conversation with David Rubenstein Moderated by Glenn Youngkin". Harvard Business School Club of Chicago. November 2020. Retrieved February 21, 2021.
  64. ^ "HTC Vestry's Statement on Racial Unity".
  65. ^ "Glenn Youngkin". Sports Reference. Retrieved May 21, 2021.
Party political offices
Preceded by Republican nominee for Governor of Virginia
2021 		Most recent
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