The former chairman and CEO of IBM Corp. joined Carlyle in January 2003 with a commitment to stay for only one year, but soon changed his mind. Carlyle has not named a successor, but Gerstner will remain with the firm as a senior advisor to Carlyle's Asia, Europe, Japan and U.S. buyout funds.
Carlyle is known for bringing in high profile names from industry and government after they retire, such as former president George H. W. Bush and former British prime minister John Major. - George White
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Carlyle Group chairman Louis V. Gerstner Jr. is stepping down on Sept. 30 after steering the private equity powerhouse for five years.
