Carlyle, a private equity firm announced on Sunday that Kewsong Lee, the firms Chief Executive stepped down months before the end of his five-year contract. 

Carlyle released a statement in regard to Lee's departure where they said they mutually agreed to end the contract, but gave no reasoning for the early ending. Lee also stepped down as a board member of the firm. 

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While the firm is looking for a new CEO, co-founder Bill Conway will be holding the role as interim CEO. 

Lee joined Caryle in 2013 and served as deputy chief investment officer for corporate private equity and become the co-CEO in 2017. He held the position on his own in 2020. 

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Before he had the roles with Caryle, Lee worked for 21 years with rival firm Warburg Pincus.