Glenn Youngkin is to become one of two co-chief executives of The Carlyle Group and will oversee the real estate, energy and infrastructure businesses of the private equity company.

The move was revealed as Carlyle’s co-founders announced they would step back as co-chief executive officers next year and named a new executive leadership team.

Youngkin and Kewsong Lee will replace David Rubenstein and William Conway Jr, who will become co-executive chairmen of the board and continue to serve on the Carlyle executive group.

Lee will focus on Carlyle’s corporate private equity and global credit businesses, as well as corporate strategy and development, and capital markets.

Youngkin, a 23-year veteran of Carlyle, is president and chief operating officer and serves on the firm’s executive group and management committee.

Prior to becoming president in 2014, Youngkin served in a variety of positions, including interim chief financial officer, global head of the industrial sector investment team, head of buyout activities in the UK and a member of the US buyout team.

Prior to joining Carlyle in 1995, Youngkin was a management consultant with McKinsey & Company and he also previously worked in the investment banking group at CS First Boston.