New Carlyle CEO Harvey M. Schwartz could earn up to $180 million over a 5-year-period

Carlyle Group’s new chief executive officer Harvey M. Schwartz stands to make more than $180 million over the next 5 years, a package that would make him one of Wall Street’s highest-paid executives. He will also earn a $1 million annual base salary and be eligible for bonuses of up to $6 million annually. However, the package is worth less than the $300 million deal that former Carlyle chief executive Kewsong Lee had been seeking in contract negotiations.

The package includes roughly $108 million in performance-based restricted stock units and $72 million in time-based restricted stock units.

Carlyle Group Inc (NASDAQ:CG) has also agreed to pay Schwartz up to $19.5 million in stock grants he will have to forfeit from his former employer Goldman Sachs. Schwartz will replace former CEO Kewsong Lee, who left Carlyle abruptly in August last year. Schwartz was a former president and co-chief operating officer at Goldman Sachs (GS).

Should Schwartz earn the full amount, his pay would average at least $40 million a year, significantly more than many other Wall Street executives, including David Solomon, the current chief executive of Goldman Sachs. Solomon earned $25 million in 2022, a cut of almost 30% compared with a year earlier.

Harvey M. Schwartz Biography

Harvey M. Schwartz, 58, is the former President and Co-Chief Operating Officer of The Goldman Sachs Group, Inc. He joined Goldman Sachs in 1997 and subsequently held numerous senior leadership positions, including CFO, Global Co-Head of the Securities Division, Head of Securities Division Sales, Head of North American Sales, and Co-Head of the Americas Financing Group.

He additionally served as a member of the firm’s Management Committee and co-headed its Risk Committee, Steering Committee on Regulatory Reform, Capital Committee, and Finance Committee. He established the firm’s Investment Policy Committee on which he also served as a member.

Prior to Goldman Sachs, Schwartz spent a decade working at several financial firms, including at Citicorp, from 1990 through 1997.

As both an investor and advisor, he is currently involved in a range of investment and philanthropic endeavors. These efforts include a focus on mental health and developing future business leaders, including women and young people seeking a career in finance.

He serves as the group chairperson and non-executive director of The Bank of London, a clearing and payments bank with operations in London and New York City. In addition, Mr. Schwartz serves on the board of SoFi Technologies, Inc., a San Francisco-based fintech company, and One Mind, a nonprofit that accelerates collaborative research and advocacy to enable all individuals facing brain health challenges to build healthy, productive lives.

Schwartz earned his BA from Rutgers University, where he is member of the university’s Board of Governors and its Hall of Distinguished Alumni. He received his MBA from Columbia University.

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