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Glenn Youngkin

From EverybodyWiki Bios & Wiki




Glenn Allen Youngkin[1] (born December 9, 1966)[2][3] is an American businessman. 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 firm 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.

Early life and education[edit]

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]

He attended Rice University in Houston, Texas under a basketball scholarship,[7] graduating with a BS in mechanical engineering and a BA in managerial studies in 1990.[8] He earned an MBA from Harvard Business School in 1994.[9]

Career[edit]

Early career[edit]

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[edit]

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, Fleming 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[edit]

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]

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[edit]

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]

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]

Personal life[edit]

Youngkin lives in Great Falls, Virginia with his wife Suzanne and their four children.[45]

References[edit]

  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. ↑ 5.0 5.1 "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. ↑ 8.0 8.1 8.2 8.3 8.4 8.5 "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. ↑ 11.0 11.1 11.2 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. ↑ 13.0 13.1 13.2 "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. ↑ 17.0 17.1 Gottfried, Miriam (October 27, 2017). "Carlyle's Next Generation: A Deal Whiz and a Homegrown Quarterback". Wall Street Journal. Retrieved February 20, 2021.
  18. ↑ 18.0 18.1 18.2 18.3 18.4 Kelly, Jason (2012). The New Tycoons: Inside the Trillion Dollar Private Equity Industry That Owns Everything. John Wiley & Sons. pp. 31–32, 40. Search this book on
  19. ↑ 19.0 19.1 "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. ↑ 21.0 21.1 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. ↑ Perlberg, Heather (July 23, 2020). "Carlyle Co-CEO's Abrupt Exit Caps a Long, Awkward Power Struggle". Bloomberg News. Retrieved February 20, 2021.
  28. ↑ 28.0 28.1 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. ↑ 35.0 35.1 35.2 35.3 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. ↑ "A Conversation with David Rubenstein Moderated by Glenn Youngkin". Harvard Business School Club of Chicago. November 2020. Retrieved February 21, 2021.

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