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This story is based on conversations with more than a dozen current and former Carlyle executives, who asked not to be identified describing life inside the firm. Privately, the CEO told acquaintances that going faster would risk doing more harm than good at a company that has been strained by leadership strife, said people familiar with the matter.
“In a world where private equity is more challenged, it’s going to be important for Harvey to communicate what are some things they’re doing to drive growth,” said Goldman analyst Alex Blostein, who recommends buying the stock. “The market wants answers.”Schwartz, 60, is no stranger to navigating complicated relationships. Growing up, his mother had bipolar disorder and his father suffered from schizophrenia. One of his coping mechanisms was working out at the gym.
Schwartz changed the format of a periodic call on the investment climate. Instead of having teams present their accomplishments, all partners are now encouraged to talk about market themes, with Rubenstein and Conway chiming in. Schwartz also requested weekly 30-minute calls to update the founders on key decisions, restoring another routine that was lost over the years.
“He has my complete confidence,” Rubenstein said in an interview. As co-chairs of the board, he and Conway would speak up if they disagreed with the CEO. That said, “we’ve never questioned his leadership or strategic priorities for the firm.”The broad-shouldered, 6-foot-4 CEO tries to stand in ways to avoid intimidating people. He doesn’t hunch over the table at meetings. He often tries to break the ice with a joke or a personal anecdote.
He has augmented his inner circle with Goldman alumni. He hired Lindsay LoBue as deputy operating chief, to work for a period under Chris Finn, an internal power broker who has the founders’ ears. He later orchestrated a handover, and is shifting her into the top operations job. Investment bankers have made such a sport out of pitching clients on buying the firm that one senior Wall Street executive calls it the most-shopped company on the block.
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