Gregory Summe has joined The Carlyle Group as vice chairman of the firm’s global buyouts practice. He previously was a senior advisor to Goldman Sachs Capital Partners and, before that, spent 11 years as chairman and CEO of PerkinElmer.
Global private equity firm The Carlyle Group today announced that Gregory L. Summe will join the firm as Vice Chairman of Global Buyout, a new position, reporting to Global Head of Buyout Daniel F. Akerson. Mr. Summe, a seasoned corporate executive with 18 years of experience leading businesses, comes to Carlyle from Goldman Sachs Capital Partners, where he is a Senior Advisor. Mr. Summe begins his new duties in early October and will be based in Washington, DC.
Mr. Akerson said, “We are pleased to welcome Greg to Carlyle. An important lesson of the financial crisis is that operational expertise is critical to both preserving and creating value in a portfolio company. As a former CEO and leader of multiple businesses, Greg has a track record of business transformation and value creation that will benefit our global buyout portfolio.”
Mr. Summe said, “This is a wonderful opportunity to be a part of a storied buyout operation within a premier global private equity firm. The geographic and sectorial reach of the more than 85 companies in Carlyle’s buyout portfolio is remarkable and I look forward to working closely with the portfolio companies.”
Prior to joining Goldman Sachs Capital Partners, Mr. Summe was the Chairman and Chief Executive Officer of PerkinElmer, Inc., a company he led for eleven years from 1998 to 2009. He joined PerkinElmer in January 1998 in the role of President and Chief Operating Officer and in 1999 was elected Chief Executive Officer and Chairman of the Board.
During his tenure at PerkinElmer, Mr. Summe transformed the company from a diversified defense contractor (EG&G) to a global technology leader in Health Sciences. The cumulative returns to shareholders through his tenure as President and Chief Executive Officer were approximately double the S&P 500 Index.
Before PerkinElmer, Mr. Summe was with AlliedSignal, now Honeywell International, serving successively as the President of General Aviation Avionics, President of the Aerospace Engines Group and President of the Automotive Products Group. Prior to joining AlliedSignal, he was the General Manager of Commercial Motors at General Electric and was a Partner with the consulting firm of McKinsey & Co., Inc.
Mr. Summe serves as a Director of Automatic Data Processing Inc. (ADP) and as the Lead Director of the State Street Corporation (STT).
Mr. Summe, 52, earned his B.S. and M.S. degrees in electrical engineering from the University of Kentucky and the University of Cincinnati and his M.B.A. with distinction from the Wharton School at the University of Pennsylvania.
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The Carlyle Group is a global private equity firm with $86.1 billion of assets under management committed to 64 funds as of June 30, 2009. Carlyle invests in buyouts, growth capital, real estate and leveraged finance in Africa, Asia, Australia, Europe, North America and South America focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, financial services, healthcare, industrial, infrastructure, technology & business services and telecommunications & media. Since 1987, the firm has invested $56.3 billion of equity in 920 transactions for a total purchase price of approximately $229.1 billion. The Carlyle Group employs more than 875 people in 20 countries. In the aggregate, Carlyle portfolio companies have more than $109 billion in revenue and employ more than 415,000 people around the world. www.carlyle.com