Kenneth Kencel, president of The Carlyle Group’s private debt unit, Carlyle GMS Finance, has resigned after just two years at the firm according to documents filed with the Securities and Exchange Commission.
Kencel sat on Carlyle GMS Finance’s investment committee and was a managing director at The Carlyle Group. He was also president and director of NF Investment Corp, the group’s business development company (BDC).
Kencel founded Churchill Financial in 2006, acting as its chief executive until the firm’s acquisition by Carlyle in late 2011. Before that, he was head of leveraged finance at RBC Capital Markets between 2001 and 2004.
His resignation took effect on 5 May with regard to his presidency of the BDC, although he agreed to continue serving on the investment committee for Carlyle GMS Finance through to June next year.
Ian Sandler, chief operating officer of Carlyle GMS Finance, is also understood to have resigned from the firm. Two other former Churchill executives left Carlyle earlier this year according to Reuters: managing directors Randy Schwimmer and Hugh Wilder.
Mitch Petrick has taken over as president of the BDC. Petrick is head of Carlyle GMS Finance.