On Sunday, the private equity company Carlyle Group Inc. announced that 

Kawsong Lee, 56, had resigned as chief executive with immediate effect.

The news occurs a few months before his five-year contract is supposed to expire.

On Monday morning, shares of Carlyle Group Inc. CG, -5.41 percent plummeted 3.8 percent.

when the business declared that CEO Kaewesong Lee had been fired.

The decision was made late on Sunday, ahead of Lee's five-year job contract's expiration at the end of 2022.

"Mr. Lee and the Company's Board of Directors unanimously decided, during their conversations

The moment to begin looking is at that point. As the new CEO, Carlyle must advance to the following phase of development.

The business claimed. William Conway, a co-founder of Carlyle, is appointed interim CEO by a private equity company.

said that a search group for a permanent CEO had been established.

The S&P 500 SPX rose 0.9 percent in line with advances in the broader market, 

although the Carlyle stock dipped -0.04 percent in early trade.