Lindsay P. LoBue
Chief Operating Officer at CG
Executive
About Lindsay P. LoBue
Lindsay P. LoBue is Chief Operating Officer (COO) of The Carlyle Group Inc. (CG), based in New York; she became COO on July 1, 2024 after serving as Deputy COO from February–June 2024 and joining Carlyle in October 2023 . She is 50 and sits on Carlyle’s Leadership and Operating Committees, with prior 20+ years at Goldman Sachs (Advisory Director; Partner, Global Markets) and earlier roles at J.P. Morgan; she also founded Greenback Labs; she holds an MBA in Finance and Marketing from NYU and a BS in Marketing and Psychology from Boston College . Firm performance context: Carlyle delivered 28% total shareholder return in 2024, with enhanced pay-for-performance alignment via RSUs/PSUs and updated compensation programs emphasizing equity ownership and stock-price-linked PSUs; FRE margin improved to 46% in 2024 from 37% in 2023, supporting firm-level pay-for-performance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Goldman Sachs | Advisory Director; previously Partner, Global Markets | 20+ years | Led Investment Grade Corporate Bond sales; founded Credit Products Group; grew Structured Products, Relative Value & Solutions, Credit Derivatives . |
| J.P. Morgan | Structured Products Salesperson; CMBS Research Analyst | Not disclosed | Product and research experience in structured credit markets . |
| Greenback Labs | Founder | Not disclosed | Platform to validate business ideas and execute growth strategies . |
External Roles
| Organization | Role | Years |
|---|---|---|
| Enel Finance Americas | Board Member | Not disclosed |
| Boston College | Board of Regents Member | Not disclosed |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $500,000 | $500,000 |
Performance Compensation
| Component | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Performance Bonus (2024) | Firm/individual performance (committee-determined) | Not disclosed | Not disclosed | Not disclosed | $3,000,000 total; $2,405,000 cash + $595,000 RSU deferral | RSU deferral granted Feb 1, 2025; vests 1/3 on Feb 1 of 2026, 2027, 2028 . |
| PSUs (Feb 6, 2024 grant; 125,251 units) | Absolute stock price hurdles (120%, 140%, 160% of $40.04 start) | N/A | $48.05; $56.06; $64.06 | First target achieved Nov 6, 2024 | 41,750 PSUs (1/3) vested Feb 6, 2025 | Remaining 83,501 PSUs eligible upon meeting targets; min service Feb 6 of 2026 and 2027 . |
| PSUs (Feb 6, 2025 grant; 281,796 units) | Absolute stock price hurdles (120%, 140%, 160% of $53.26 start) | N/A | $63.91; $74.56; $85.22 | Not disclosed | Not disclosed | Eligible over three years with minimum service of 1, 2, 3 years from grant . |
| Bonus Deferral Program (2024 bonuses) | Mandatory RSU deferral on graduated basis | N/A | Program applies above $175k bonuses | Applied to LoBue (portion contract-specific) | $595,000 RSU deferral for LoBue | Vests in three equal tranches on Feb 1, 2026/2027/2028 . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 18,775 shares of common stock . |
| Unvested equity at 12/31/2024 | 42,521 units: includes 255 bonus deferral RSUs vesting 2/1/2025; 255 on 2/1/2026; 261 on 2/1/2027; plus 41,750 PSUs earned (first tranche) vested 2/6/2025 . |
| PSUs outstanding (12/31/2024) | 83,501 units (final two tranches of 2024 Stock Price Appreciation PSUs) . |
| 2025 awards | 281,796 PSUs (Stock Price Appreciation program) granted 2/6/2025; start price $53.26; hurdles $63.91/$74.56/$85.22 . |
| 2025 time-vesting RSUs | 79,887 RSUs granted 2/1/2025; vests 40% on 8/1/2026, 30% on 8/1/2027, 30% on 8/1/2028 . |
| Stock ownership guidelines | Other executive officers must own greater of $2.5 million or 3x base salary; count time-based RSUs toward compliance; PSUs/unexercised options do not count . |
| Compliance status | As of 12/31/2024, all covered executive officers in compliance except LoBue, who is in a phase-in period for compliance with executive stock ownership guidelines . |
| Hedging/pledging | Company prohibits hedging and generally pledging absent prior approval; no pledges by LoBue; only co-founder Rubenstein has approved pledged shares; no other executive officers or Board members currently hold pledged Carlyle securities . |
| Shareholder alignment features | Executive ownership guidelines and post-vesting retention requirements; clawback policies (Dodd-Frank and Carlyle Incentive Compensation Clawback) . |
Employment Terms
- Role/tenure: COO effective July 1, 2024; Deputy COO February–June 2024; joined Carlyle October 2023 .
- Severance: Under her 9/28/2023 Employment Agreement, if terminated without “Cause” or resigns for “Good Reason,” cash severance equals 25% of base salary plus, if termination occurs after Oct 16, 2024 and before Oct 16, 2025, her minimum guaranteed 2024 annual performance bonus of $1,000,000 to the extent not yet paid; hypothetical severance on 12/31/2024 would be $1,125,000 .
- Change-of-control treatment:
- Stock Price Appreciation PSUs: On a qualifying change in control, performance is measured against consideration value; earned tranches remain subject to service; if terminated without Cause within two years post-CoC (or after signing definitive sale docs but pre-close), remaining outstanding PSUs vest; hypothetical measurement at 12/31/2024 would have deemed partial earn due to price being between first and second hurdles .
- Time-vesting RSUs: For awards granted post-1/1/2022, unvested RSUs automatically vest if termination without Cause occurs within 12 months following a change in control .
- Restrictive covenants: 6-month advance notice of intent to resign/retire; 12-month non-compete and 12-month non-solicit (employees and investors; participation in active deals) post-termination; confidentiality and other covenants apply .
- Clawbacks: Incentive Compensation Clawback Policy for restatements or inaccurate info and detrimental activity; Dodd-Frank Clawback Policy mandates recoupment of excess incentive-based compensation after restatements .
Compensation Structure Analysis
- Equity-heavy, performance-linked pay: 2024 total compensation $6,205,559 including $3,300,559 stock awards and $3,000,000 bonus, with a mandatory RSU deferral; base salary remained $500,000 in 2024 .
- Stock-price PSUs create alignment: 2024 PSUs require absolute stock price hurdles over a 3-year period (120%/140%/160% of starting price), with first hurdle achieved and one-third (41,750) vesting in Feb 2025; 2025 PSUs add new, higher hurdles tied to $53.26 start price .
- Ownership guidelines phase-in: LoBue is still in the phase-in window for reaching ownership requirements, with time-based RSUs counting toward compliance; continued equity grants support progress to guidelines .
- Governance features: Strong clawbacks, prohibitions on hedging/pledging (no pledging by LoBue), and post-vesting retention strengthen shareholder alignment .
Equity Vesting Schedules and Insider Selling Pressure
- Near-term events:
- Bonus deferral RSUs from 2024 bonus vest 1/3 on Feb 1 of 2026, 2027, 2028 .
- 2024 Stock Price Appreciation PSU service anniversaries on Feb 6 of 2026 and 2027 for tranches 2 and 3, contingent on $56.06 and $64.06 30-day average price hurdles; tranche 1 vested Feb 6, 2025 (41,750 PSUs) .
- 2025 PSUs carry 1-, 2-, 3-year service milestones from Feb 6, 2025 and hurdles at $63.91/$74.56/$85.22 .
- 2025 annual RSUs vest on Aug 1, 2026/2027/2028 (40%/30%/30%) .
- Implication: Watch trading windows around February and August vest dates for potential incremental selling related to net-share tax settlements; Carlyle paid $257.8 million of taxes for net share settlements firmwide in 9M 2025, indicating material award activity that can influence short-term supply .
Performance & Track Record
- 2024 achievements considered in her bonus: Led global operations and efficiency initiatives; chaired Operating Committee; advanced client service and digital investor experience; drove automation and enterprise AI deployment to improve productivity, risk management, and investment execution .
- Firm performance backdrop: 2024 TSR of 28%; shareholder support for say-on-pay rose to 81% in 2024; compensation program realigned to emphasize equity ownership and PSUs tied to stock price .
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay support: 81% of votes cast in favor; program adjustments included Stock Price Appreciation PSU Award Program and expanded RSU Bonus Deferral Program based on shareholder input .
Risk Indicators & Red Flags
- Pledging/hedging: No pledging by LoBue; company prohibits hedging and generally prohibits pledging without approval; only co-founder has approved pledged shares with Board oversight, representing ~1.9% of outstanding shares, considered manageable per Audit Committee guidelines .
- Clawbacks: Dual clawback frameworks (Carlyle and Dodd-Frank) mitigate pay risk tied to restatements and misconduct .
- Severance economics: Targeted and modest severance relative to peer practices (e.g., $1.125M hypothetical at 12/31/2024), reducing “golden parachute” exposure vs. broad industry norms .
Compensation Peer Group (Program context)
- Compensation Committee uses reference companies including Apollo, Ares, Blackstone, Blue Owl, KKR, TPG (among others) to benchmark NEO compensation and alignment features .
Equity Compensation Plan Information (Program capacity)
- As of 12/31/2024, 26.15 million RSUs outstanding under equity plans; 30.09 million shares remaining available for future issuance under plans, indicating ongoing capacity for equity-based alignment .
Investment Implications
- Alignment and retention: LoBue’s compensation is highly equity-oriented with stringent, multi-year stock-price hurdles; the first PSU tranche vested, but remaining tranches require substantial price appreciation, aligning her incentives with long-term TSR and FRE expansion while supporting retention via staged service milestones .
- Ownership guidelines phase-in: She is working toward executive ownership requirements; continued time-based RSUs and PSU accretion should move her to full compliance, improving “skin-in-the-game” optics over the next 1–3 years .
- Trading signals: Monitor February and August vesting dates for potential net-share settlement activity; firmwide tax payments tied to net settlements suggest recurring supply events that may modestly affect short-term liquidity and pricing around vesting windows .
- Governance quality: Strong clawbacks, hedging/pledging prohibitions, and shareholder-supported pay design (81% say-on-pay) reduce governance risk; severance terms are controlled, with double-trigger and measured acceleration mechanics for change-in-control on PSUs/RSUs, reducing parachute concerns .
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