Bloomberg News

Goldman Names Ogunlesi Lead Director as Schiro Retires

July 24, 2014

Goldman Sachs Group Inc. (GS:US) named Adebayo O. Ogunlesi as lead director of its board after James Schiro retired to undergo treatment for multiple myeloma.

Ogunlesi, chairman of Global Infrastructure Partners who joined Goldman Sachs’s board in 2012, also will lead the corporate governance, nominating and public responsibilities committee, the New York-based company said today in a statement. Ogunlesi, 60, was previously head of the risk committee, a role that will be filled by Michele Burns.

Goldman Sachs gave expanded responsibilities to its lead independent director last year, including setting the board’s agenda and writing a letter to shareholders in the annual proxy statement, as part of an agreement with an investor to drop a proposal that called for an independent board chairman. Chief Executive Officer Lloyd C. Blankfein also serves as chairman.

“Jim Schiro defined what an effective lead director is through a strong model of corporate governance, and I intend to follow his extraordinary example,” Ogunlesi said in the statement.

Multiple myeloma is a cancer in white blood cells that disproportionately affects older people. About 100,000 people in the U.S. are diagnosed each year with blood cancers, including leukemia and lymphoma, according to the U.S. Centers for Disease Control and Prevention in Atlanta.

Schiro, 68, a former CEO of PricewaterhouseCoopers LLP and Zurich Financial Services AG, joined Goldman Sachs’s board in 2009. He also resigned today from the board of PepsiCo Inc.

Infrastructure Investments

Ogunlesi, who was born in Nigeria, previously was head of global investment banking at Credit Suisse Group AG before his current role at Global Infrastructure Partners, a private-equity firm. GIP manages about $18.7 billion and has led an acquisition of Gatwick Airport Ltd. in the U.K. and had a stake in Australia’s Port of Brisbane.

Burns, formerly the chief financial officer of Delta Air Lines Inc. and CEO of the Retirement Policy Center, has served on the board of directors since 2011. She was head of the board’s audit committee, and will be replaced in that role by Apple Inc. CFO Peter Oppenheimer, who joined the board in March.

Goldman Sachs’s board of directors now has 12 members, nine of which are designated as independent. The lead director is elected by the independent members.

To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net

To contact the editors responsible for this story: Peter Eichenbaum at peichenbaum@bloomberg.net David Scheer, Dan Reichl


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Companies Mentioned

  • GS
    (Goldman Sachs Group Inc/The)
    • $185.33 USD
    • 2.02
    • 1.09%
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