Lou Gerstner Steps Down as Carlyle Chairman

Lou Gerstner is stepping down as chairman of The Carlyle Group, a post he has held since 2003. He will become a senior advisor. Gerstner is the former CEO of both IBM and RJR Nabisco. No successor has been named.

 

PRESS RELEASE

 

Global private equity firm The Carlyle Group today announced that Louis V. Gerstner, Jr. will retire as Chairman, a post held since January 2003, and become a Senior Advisor to Carlyle's Asia, Europe, Japan and U.S. buyouts funds, effective September 30, 2008. A successor has not been named.

 

Carlyle Co-founder Daniel A. D'Aniello said, “Lou joined Carlyle at a critical time in our global growth and development, helping us to institutionalize and mature key aspects of the firm. As Lou reduces his overall role, we are grateful that he will move into a Senior Advisor position focusing on our major buyout funds. Lou's decades of operational experience at the pinnacle of the corporate world have been critical to our buyout decision making these past five years and thankfully we will continue to benefit from his wisdom and counsel.”

 

Mr. Gerstner said, “Initially, I committed to be Chairman of Carlyle for one year. But year after year I continued to be impressed with Carlyle's value creation model and its efforts to globalize the firm. However, at this point in my life, I have a number of goals and interests yet to fulfill, requiring me to step back at Carlyle. That said, I am pleased to continue my relationship with this remarkable organization in this more focused role advising Carlyle's buyout funds.”

 

Prior to joining Carlyle, Mr. Gerstner was Chairman of IBM from 1993 to December 2002 and Chief Executive Officer of IBM from 1993 until March 2002.

 

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The Carlyle Group is a global private equity firm with $82.7 billion of assets under management committed to 60 funds as of March 31, 2008. 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 $46.3 billion of equity in 802 transactions for a total purchase price of $216 billion. The Carlyle Group employs 950 people in 21 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