Former Carlyle Group executive Glenn Youngkin runs for Virginia governor
Race is wide open since Virginia Gov. Ralph Northam is unable to run for reelection
Former Carlyle Group co-CEO Glenn Youngkin announced Wednesday he's running for governor of Virginia.
Youngkin described himself as the "outsider" candidate in his launch video.
"As a homegrown Virginian, I can no longer sit on the sidelines and watch career politicians and insiders in Richmond turn our Commonwealth into California or New York – a place where the cost of living for families is too high and the opportunities for all Virginians to get ahead are too few," Youngkin said in a statement.
FORMER CITI EXEC RAY MCGUIRE HITS UP HOLLYWOOD AND WALL STREET FOR NYC MAYORAL RUN
"I spent the last 30 years building business, creating jobs, and bringing people together to succeed," he continued. "Guided by my faith, I will bring that same dedication to serving Virginians."
Youngkin will be able to self fund thanks to his roughly $250 million fortune, The Washington Post pointed out. FEC records show that Youngkin has donated thousands to Republican candidates, including former Georgia Sens. David Perdue and Kelly Loeffler.
Glenn Youngkin, co-chief executive officer of the Carlyle Group LP, reacts during a Bloomberg Television interview on day two of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 22, 2020. (Simon Dawson/Bloomberg via Getty Imag
Youngkin has lived in Northern Virginia for the past 26 years with his wife, Suzanne, and their four kids. The Youngkins started a nonprofit called the Virginia Ready Initiative to help unemployed Virginians get job training during the coronavirus pandemic.
The race is wide open since Virginia Gov. Ralph Northam, a Democrat, is unable to run for reelection due to the state's prohibition on governors serving consecutive terms.
Virginia hasn't had a Republican governor since 2014. Former Virginia Gov. Terry McAuliffe appears to lead the pack of Democratic candidates, which includes state lawmakers Lee Carter and Jennifer McClellan, former state lawmaker Jennifer Foy and Lt. Gov. Justin Fairfax, according to Ballotpedia.
Youngkin will be competing against fellow Republican state lawmaker Amanda Chase, former Virginia House Speaker Kirk Cox, former Department of Defense official Sergio de la Pena and tech entrepreneur Pete Snyder for the party nomination.
CLICK HERE TO READ MORE ON FOX BUSINESS
"What we need isn't a politician. ... It's going to take a conservative to stand up to bring a new day to Virginia," Youngkin said in his launch video.
He discussed his family's financial struggles growing up in Virginia and the Rice University basketball scholarship that enabled him to get an education in the video.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
"I'm not a politician, and I certainly don’t have the 120 years of combined political baggage that my opponents have. They talk a lot about solving problems, but I've actually done it," Youngkin said in a statement.