Former U.S. Treasury secretary Timothy Geithner has agreed to join New York-based private equity firm Warburg Pincus as president, the company announced on Saturday.
Geithner, who supervised government bailouts of some of the largest U.S. companies in the aftermath of the 2008 financial crisis, is set to start in his new role on March 1, 2014. In addition to managing Warburg Pincus' day-to-day operations, he will also oversee the investment of company funds and investor communications. He will work directly with Chip Kaye and Joe Landy, co-CEOs of the firm.
In a company press release, Kaye says that Geithner ‘brings a history of strong leadership, a deep understanding of economies and markets, and a truly global perspective.
‘These attributes will be of tremendous value to our firm in this increasingly interconnected world,’ Kaye adds.
Geithner has more than 25 years of public service experience. Since leaving the Treasury Department in January after four years as secretary, he has been a distinguished fellow at the Council on Foreign Relations. In addition, he has been conducting a series of seminars on financial crises at universities across the country.
Prior to serving as Secretary of the Treasury, Geithner served as president and CEO of the Federal Reserve Bank of New York from 2003 to 2009. In addition, he has held several other prominent policy positions in his career. He first joined the Department of Treasury in 1988 and worked in a variety of positions in three administrations. From 1999 to 2001, he served as undersecretary of the Treasury for International Affairs, under secretaries Robert E. Rubin and Lawrence H. Summers.
In addition, Geithner served as director of the Policy Development and Review Department at the International Monetary Fund from 2001 until 2003. Earlier in his career, he worked for Kissinger Associates, Inc.
Landy adds that Geithner's ‘record of leadership through economic and market complexity will be of critical importance as we continue to build for the future.’
‘Warburg Pincus has an excellent record of performance, a very compelling global strategy and an ethical reputation of the highest regard,’ Geithner says in the release. ‘I look forward to working with my new colleagues and to contributing to the firm's continued growth and success.’
Established in 1966, Warburg Pincus is a global private equity firm with a portfolio of more than 125 companies that cut across a diverse range of industries and verticals, including consumer, industrial, energy, financial services, healthcare, technology, telecommunications and real estate. With offices in the U.S., Europe, Brazil, China and India, the firm currently boasts more than $30 billion in assets. The firm has given birth to 13 private equity funds that together have invested more than $40 billion in over 650 companies in more than 30 countries.
For more, check out this Bloomberg News report.
