This may be a miscalculation.
Carlyle announced that Michael J. Cavanagh, one of the co-leaders of JPMorgan Chase’s huge investment bank, would leave to become its co-president. In the newly created role, Mr. Cavanagh, 48, will share responsibilities with Glenn A. Youngkin, 47, an insider who has spent nearly two decades at Carlyle.
Mr. Cavanagh’s departure will ripple through JPMorgan, where he was a top lieutenant to the chief executive, Jamie Dimon.
For Carlyle, the implications are equally profound. With Mr. Cavanagh joining the highest ranks of the private equity firm, an outsider is now in line to possibly take over one day from the firm’s three founders, who are well into their 60s.
The founders, David M. Rubenstein, William E. Conway Jr. and Daniel E. D’Aniello, are not planning on stepping down any time soon. And certainly, other Wall Street titans like Carl C. Icahn and Warren E. Buffett are still going strong in their 70s and 80s.