Duke joins Carlyle as an Operating Executive

The Carlyle Group said Thursday that Mike Duke has joined as an Operating Executive in the Global Consumer & Retail group. Duke is the former President and CEO of Wal-Mart Stores.

PRESS RELEASE

Washington, DC – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announced that Mike Duke, former President and CEO of Wal-Mart Stores, has joined the firm as an Operating Executive in the Global Consumer & Retail group. He began his duties in mid-April.

As an Operating Executive, Mr. Duke will provide strategic guidance to Carlyle professionals throughout the investment process and will advise portfolio company executives on management, operational, branding and growth strategies. He joins a group of more than 25 senior business executives – with an average of 40 years of experience – who help Carlyle invest wisely and create value across a range of industries. Mr. Duke will also continue to devote time to various roles outside of the firm.

Sandra Horbach, Carlyle Managing Director and Head of the Global Consumer & Retail group, said, “We are thrilled to welcome Mike to the Carlyle team following more than 40 years in the retail industry, including 20 years in increasingly senior roles at Wal-Mart. Mike will be an invaluable addition to our team, helping drive value creation within our existing portfolio and adding a new dimension as we research new investments.”

Mr. Duke said, “I am excited to partner with Sandra and her team and look forward to leveraging my experiences as an operator to build on Carlyle’s impressive Consumer & Retail investment track record.”

Since inception, Carlyle has invested approximately $12 billion of equity in 70 transactions in the consumer and retail space, including Dunkin’ Brands, philosophy, CVC, NBTY, Beats, Vogue and Acosta.

Mr. Duke joined Wal-Mart Stores in 1995, where he served as President and CEO from 2009 to 2014. From 2005 to 2009, he served as Vice Chairman with responsibility for Walmart International; previously, he led the logistics, distribution and administration divisions, as well as Walmart U.S. He continues to serve as a member of the Wal-Mart Board of Directors. Previously, he served on the Board of Advisors for the University of Arkansas and the Advisory Board of the Tsinghua University School of Economics and Management in Beijing. He is also a member of the National Academy of Engineering.

Mr. Duke earned his BS in Industrial Engineering from the Georgia Institute of Technology.

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About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $194 billion of assets under management across 128 funds and 142 fund of funds vehicles as of December 31, 2014. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,650 people in 40 offices across six continents.