Carlyle chief executive Kewsong Lee has left the private equity firm amid a dispute over a new pay deal. William Conway, a co-founder and former co-CEO of the firm, will serve as interim chief executive until a permanent successor can be found.

Nathan Urquhart, Carlyle's global head of investor relations, is also leaving at the end of the year to "pursue new professional opportunities". Urquhart is set to join Coatue Management, where he will be part of the hedge fund’s leadership team, as well as oversee investor relations and fundraising efforts for the firm.