According to Bloomberg, Cavanagh “was seen internally as a potential successor to Dimon,” who has reportedly told people he wants to remain CEO for another five years, the news service said, citing “a person with direct knowledge of the matter.”

Youngkin is a 19-year Carlyle veteran and currently chief operating officer at the firm. The appointments are effective from this summer. The president role is a newly-created one and will involve Cavanagh and Youngkin helping to develop and implement Carlyle’s strategic growth initiatives and manage the firm’s global operations on a day-to-day basis.

Cavanagh will also join Carlyle’s executive group, whose members are: chairman Daniel D’Aniello; co-CEOs William Conway and David Rubenstein; COO Glenn Youngkin; chief financial officer Adena Friedman; and general counsel Jeffrey Ferguson.

The Carlyle Group is New York-listed and has approximately $189 billion of assets under management across 118 funds and 106 fund-of-funds vehicles as of December 31, 2013.

The firm invests across four segments – corporate private equity, real assets, global market strategies and solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America.