Private equity firm Carlyle Group LP said it appointed Mike Cavanagh, co-head of JPMorgan Chase & Co’s corporate and investment bank, as co-president and co-chief operating officer.
Cavanagh, who will also join Carlyle’s executive board, will share both positions with company veteran Glenn Youngkin, who is currently the sole chief operating officer, Carlyle said in a statement on Tuesday.
Cavanagh, 48, was a member of JPMorgan’s operating committee and was seen as a possible successor to Chief Executive Jamie Dimon.
Daniel Pinto will become the sole CEO of JPMorgan’s corporate and investment bank after Cavanagh’s departure, the bank said in a separate statement.
The appointments highlight the succession planning under way at some of the major private equity firms, which have been run by their founders for decades.
Now in their 60s, Carlyle’s founders also poached veteran dealmaker Kewsong Lee from Warburg Pincus LLC last year and named him deputy chief investment officer for private equity.
Cavanagh and Youngkin will manage Carlyle’s global operations on a day-to-day basis.
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