Carlyle Group shares fall on CEO departure

Carlyle Group Inc. shares fell 3.8% on Monday morning after the company announced Kewsong Lee stepped down from the company as CEO. The move late Sunday came ahead of Lee's five-year employment agreement coming to a close at the end of 2022. "Both the company's board of directors and Mr. Lee mutually agreed as part of their discussions that the timing is right to initiate a search for a new CEO to lead Carlyle forward in its next phase of growth," the company said. The private equity firm named Carlyle co-founder William Conway as interim CEO and said it formed a search committee for a permanent CEO. Carlyle's stock fell into the red even as the broad market rose, with the S&P 500 up 0.9% in morning trades.

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