Friedman, who will be an MD, will also become a member of Carlyle’s operating committee. She will be based in Washington D.C. and report to Carlyle’s founders. She begins her duties in on March 28, Carlyle said in a statement. Friedman replaces Glenn Youngkin, a Carlyle MD, who became acting CFO when Peter H. Nachtwey quit in December.
Nachtwey, then Carlyle’s CFO, left in late 2010, to become Legg Mason’s CFO. His departure garnered considerable attention since it came as Carlyle was reportedly gearing up for its long-awaited IPO. The IPO is still expected sometime next year.
With the addition of Friedman, Youngkin will continue his duties as chairman of the firm’s operating committee, says Chris Ullman, a Carlyle spokesman.
Friedman hails from the NASDAQ OMX Group, where she is the CFO and executive VP for corporate strategy. She spent more than 18 years at the NASDAQ and will officially leave on March 4. “Adena is a great strategic hire for Carlyle,” said Daniel D’Aniello, a Carlyle co-founder and MD, in a statement. “Through her dynamic leadership and creativity, Adena will enable Carlyle to have a robust and innovative finance function that meets the growing demands of our investors for more and better quality financial reporting.
Washington D.C.-based Carlyle isn’t shy about hiring women. According to a December story in Dealbook, Carlyle has made efforts to close the gender gap. In fact, about 44% of the PE firm’s more than 900 employees are women, the story said.
Friedman, 41, will become one of the first female CFO’s of a large buyout shop. Including Friedman, Carlyle will now have eight female partners (94 all together). “Carlyle’s diverse workforce is a great strength,” Ullman says. “We believe Adena’s addition will be good for the firm and good for our investors.”