Sandra Horbach, one of Wall Street’s most prominent women, is ceding day-to-day leadership atop a major Carlyle (Nasdaq: CG) private equity arm.

She’ll step away as co-head of Americas corporate private equity and become chair of that arm instead, the firm said in a statement, Bloomberg reported. The alternative investing giant is elevating Stephen Wise, the firm’s head of healthcare, to become co-head of the business alongside Carlyle veteran Brian Bernasek. Horbach had been considering shifting out of the co-head role for some time, and decided it was the right moment with the firm’s latest corporate private equity fund now more than half invested. As chair, she’ll work on initiatives such as expanding Carlyle’s retail presence.