Carlyle Initiates Search For New Chief As Kewsong Lee Abruptly Departs; Acquires This Advanced Irrigation Systems Manufacturer

The Carlyle Group Inc CG board and CEO Kewsong Lee mutually agreed to part ways as an executive and director effective August 8. Lee's five-year employment agreement expired at the end of 2022,

CG appointed William Conway, Co-Founder, Co-Chair, and former Co-CEO, as Interim CEO. The board formed a committee to drive the search for a permanent successor. 

Separately, CG agreed to acquire a controlling stake in Ocmis Group, a leading manufacturer of advanced irrigation systems for the agricultural market, collaborating with historical shareholders, including the Montorsi family and the management team. The financial terms of the transaction remain undisclosed.

Ocmis designs manufactures, and sells a comprehensive range of technologically advanced sprinkling irrigation solutions and related accessories for use in the agricultural sector. Its product offering includes hose reels, pivot systems, and motor pump units through four different brands: Ocmis, Irtec, Marani, and Scova. 

In 2021, Ocmis achieved a total turnover of €85 million, with an operating margin well above 20%. As of June 30, CG's total Assets Under Management were $376 billion, of which $260 billion was fee earning, and available capital for future investment was $81 billion.

Price Action: CG shares traded lower by 2.53% at $37. in the premarket on the last check Monday.