How did a former private equity chief come to hate the word "equity"? Virginia Governor Glenn Youngkin was once a diversity loving executive at The Carlyle Group, a politically connected private equity underwriter (PEU).
Carlyle supported CEOAction in June 2017. Youngkin was named co-CEO in October of that year.
...more than two out of three employees are currently uncomfortable discussing race relations, and 29 percent feel it is never acceptable at their company to speak about experiences of race-based bias.
In 2018 Carlyle hired a Chief Diversity Officer. Their press release stated:
Carlyle Co-CEOs Kewsong Lee and Glenn Youngkin said, “A diverse and inclusive culture is a competitive advantage that enables us to attract strong talent across geographies, strategies and functions. Kara’s impressive track record leading diversity efforts within a range of industries will enable us to build on the solid foundation we have created, advancing our culture of inclusion and generating a new level of diverse thought.”
Carlyle’s Approach to Diversity
- Carlyle seeks diversity of experience, thought, culture, race, ethnicity, gender, sexual orientation and generations
- Carlyle takes a proactive approach to increasing diversity and inclusion; in 2013 Carlyle established a Diversity & Inclusion Council to drive policy and action
Select Achievements
- 100% score on the Human Rights Campaign Corporate Equality Index (CEI)
- Carlyle Board Members Janet Hill and Anthony Welters named to the “2017 Most Influential Black Corporate Directors list”
Diversity Statistics
- U.S. Corporate Private Equity 2-Year Associate diversity (gender & race) has been more than 50% each of the last five years, with the 2019 class at 63%
- U.S. Corporate Private Equity Senior Associate gender diversity is at 100% for the incoming post-MBA 2018 class (4 females hired)
- Funds and Departments are required to have a diverse slate of candidates for every position
- Stats:
- 23% - women in Senior Positions (Principal - Partner) in US (20% globally)
- 17% - female MDs/Partners in US and globally
- 45% - overall hiring diversity (gender & race) in 2017 Analyst - Partner levels in U.S.
- 40% - overall population diversity (gender & race) Analyst - Partner levels in U.S.
Carlyle's Diversity and Inclusion Council ensured at least half of the firm’s incoming classes have been diverse since 2013.
Candidate Youngkin used public education to separate himself from his opponent. School superintendents recently reacted to the Governor's "divisive concepts" hotline and stripping equity efforts from public schools.
The Virginia Association of School Superintendents said the recent report made “gross assumptions” about public education in Virginia and failed to solicit input from local school administrators. Members of the association, which represents the state’s 133 local school divisions, first read the report after it was picked by the media.
Carlyle seeks to profit from HireVue, an affiliate that facilitates diverse and inclusive hiring.
CEOAction's booklist, once endorsed by PEU Youngkin, might have questionable titles for the Governor Glenn version.
PwC Talks "Being Color Brave" suggests leaders need to be open, empathetic, courageous, and at times apologetic, but it doesn't mean avoidig the conversation entirely.
..the school superintendents association considers the governor’s tipline “highly offensive” and still disagreed with many of the statements made by state leaders. Youngkin’s administration has refused to release details about messages sent to the email account associated initiative.
“I don’t think it’s a surprise to anyone, but the use of ‘divisive content’ and how that applies to teaching history — there are many individuals, especially minority superintendents, who consider that to be racist rhetoric,” Kiser said.
“So, you could imagine how our African American superintendents, who are terrific leaders, are trying to ascertain what the new administration means and what their overall intent is,” he added.
PEU boys are used to framing the world to their advantage and garnering nearly all the spoils. Hearing and sharing are not their strengths.
Update: Youngkin swam in performance based compensation at Carlyle. "Attempts to implement meritocracy leads to just the kinds of inequalities that it aims to eliminate. They suggest that this ‘paradox of meritocracy’ occurs because explicitly adopting meritocracy as a value convinces subjects of their own moral bona fides. Satisfied that they are just, they become less inclined to examine their own behavior for signs of prejudice."
"Despite the moral assurance and personal flattery that meritocracy offers to the successful, it ought to be abandoned both as a belief about how the world works and as a general social ideal. It’s false, and believing in it encourages selfishness, discrimination and indifference to the plight of the unfortunate."
Update 3-24-22: Youngkin's office refused to release hundreds of documents relative to public information requests. Exceptional Glenn's office exercised "exemptions." PEU boys are used to operating in secret whilst advantaging themselves. That makes it easier to ignore a plea from the state association of school superintendents to get rid of his "rat phone line" for divisive concepts.
Update 6-17-22: WaPo found Youngkin's diversity roots. Apparently they were just shallow roots for his PEU image.
Youngkin was recognized for diversity practices when he was co-chief executive of the Carlyle Group private equity firm, but has adopted a far more hard-line stance since running for office last year.
Update 11-19-22: Youngkin's ability to rewrite history as Carlyle Co-CEO has expressed in Virginia education standards for history. A draft rewrite failed to include the word racism. Youngkin whitewashed greed. He knows history has been written by the winners and Youngkin won.
Update 1-14-23: It seems independent voters aren't buying Youngkin's brand of politics.
