Carlyle Group is elevating two executives to top leadership roles at the private equity firm, as co-founders David Rubenstein and William Conway step back from day-to-day operations, The Wall Street Journal reports.

Kewsong Lee and Glenn Youngkin will become co-chief executives and join Carlyle’s board, the Washington firm announced Wednesday. Lee will focus on Carlyle’s corporate private equity, global-credit and capital-markets businesses, in addition to corporate strategy. Youngkin will oversee the firm’s real estate, energy and infrastructure businesses.