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Former Carlyle Group Exec Glenn Youngkin Named GOP Candidate For Virginia Governor

Virginia’s Republican Party has nominated former Carlyle Group Inc (NYSE: CG) executive Glenn Youngkin as its nominee for this year’s gubernatorial election.

05/11/2021 12:23

Virginia’s Republican Party has nominated former Carlyle Group Inc (NYSE:CG) executive Glenn Youngkin as its nominee for this year’s gubernatorial election.

What Happened: The party chose Youngkin over another business executive, Disruptor Capital CEO Pete Snyder, during a virtual convention held over the weekend. Youngkin, who was co-CEO at Carlyle Group from 1995 to 2020, had never previously sought elected office.

“I am prepared to lead, excited to serve and profoundly humbled by the trust the people have placed in me,” said Youngkin on Twitter Inc (NYSE:TWTR). “Virginians have made it clear that they are ready for a political outsider with proven business experience to bring real change in Richmond.”

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Why It Matters: Virginia’s governor only serves for a single term, but the position is often seen as a stepping stone for more prominent national office. Over the past 40 years, four governors — Chuck Robb, George Allen, Mark Warner and Tim Kaine — have gone on to the U.S. Senate, with Kaine being tapped in 2016 as the Democratic Party’s nominee for vice president.

Virginia Democrats will select their nominee in a June 8 primary that includes former Gov. Terry McAuliffe and Lt. Gov. Justin Fairfax.

(Photo via Glenn Youngkin for Governor via Wiki Commons)