This one is interesting - the ratings firms got this one right (for a change), and three board members just resigned and were replaced by two new board members. I'm sure the retiring board members are hoping that they got out before the news hit, but fortunately I do a little more research than just look at the corporate web site.
The newly retired board members are:
Gary Butler
( as per Forbes - Mr. Butler became president and chief executive officer of Automatic Data Processing on August 31, 2006. He was president and chief operating officer of Automatic Data Processing from April 1998 to August 31, 2006 )
Jim McDonald
Mr. McDonald, age 56, has served as a director of NYSE Euronext and its predecessors since November 2003 and continues to serve on the NYSE Group board. Since 2001, Mr. McDonald has been the president and chief executive officer of Rockefeller & Co., a United States firm that provides investment management, financial counseling and other services.
Tim Ring
Timothy M. Ring Chairman and Chief Executive Officer of C. R. Bard since August 2003, having been Group President from April 1997 to August 2003, Group Vice President from December 1993 to April 1997 and Corporate Vice President-Human Resources from June 1992 to December 1993; age 51. Mr. Ring has been a director of C. R. Bard since August 2003 and is a member of the Executive Committee.
The rest of the board, excluding the new members (who can't be held responsible for this mess)
JEFFREY M.PEEK
Jeffrey M. Peek is Chief Executive Officer and Chairman of the Board of Directors of CIT Group Inc. In 2003, Mr. Peek joined CIT as President and Chief Operating Officer. Previously, Mr. Peek was Vice Chairman of Credit Suisse First Boston LLC (“CSFB”) and was responsible for the firm's Financial Services Division, including Credit Suisse Asset Management, Pershing and Private Client Services.
(added from Forbes web site - Prior to joining CSFB in 2002, Mr. Peek was with Merrill Lynch since 1983, where he rose to the level of Executive Vice President of Merrill Lynch & Co., Inc. and was President of Merrill Lynch Investment Managers. He also served on the Executive Management Committee of Merrill Lynch & Co.)
WILLIAM M. FREEMAN
Mr. Freeman has served as Chairman of the Board of Arbinet-thexchange, Inc. since June 2008. He also served as President, Chief Executive Officer and a member of the Board of Directors of Arbinet from November 2007 until September 2008 at which time the offices of Chairman and President/Chief Executive Officer were separated.
(added from the Forbes web site - Mr. Freeman has served as Chairman of the Board of TerreStar Corporation since March 2007 and has served on the Board of Directors since February 2007. From May 2004 to February 2005, Mr. Freeman was the Chief Executive Officer of Leap Wireless International, Inc. From January 1994 to January 2004, Mr. Freeman was a senior executive, most recently President'Public Communications Group, at Verizon.)
SUSAN LYNE
Ms. Lyne has served as Chief Executive Officer of Gilt Group Inc. since September 2008. Previously, Ms. Lyne was President and Chief Executive Officer of Martha Stewart Living Omnimedia, Inc. from November 2004 until July 2008.
( http://www.forbes.com/2008/09/15/lyne-gilt-stewart-face-markets-cx_ls_0915autofacescan02.html
Note the wonderful performance as CEO of Martha Stewart )
MARIANNE MILLER PARRS
Ms. Parrs retired at the end of 2007 from International Paper Company where she had served as Executive Vice President and Chief Financial Officer since November 2005 and as interim Chief Financial Officer since May 2005.
( Also a director of the Stanley Works since 2008)
VICE ADMIRAL JOHN RYAN
Mr. Ryan has served as President and Chief Executive Officer of the Center for Creative Leadership since May 2007. He is the former Commander of the Fleet Air Mediterranean and Commander of the Patrol Wings for the U.S. Pacific Fleet.
SEYMOUR STERNBERG
Mr. Sternberg has served as Chairman of the Board of New York Life Insurance Company since April 1, 1997. He joined New York Life in 1989 as Senior Vice President and held positions of increasing responsibility, including Executive Vice President, Vice Chairman, President, Chief Operating Officer and Chief Executive Officer.
( also on the board of Express Scripts)
PETER J. TOBIN
Mr. Tobin served as special assistant to the President of St. John's University from September 2003 until his retirement on May 31, 2005.
(
also on the board of Alliance Bernstein and AXA Financial
Supported President Bush in his elections in 2000 and 2004, and John McCain in 2008. That's not going to help with President Obama. )
LOIS M. VAN DEUSEN
Ms. Van Deusen is the Managing Member and 100% owner of LVD Consulting, LLC, formed in 2008. She is also Of Counsel and a former Managing Partner of McCarter & English, LLP, a regional law firm based in Newark, New Jersey. Ms. Van Deusen joined McCarter & English in 1977, was named partner in 1986, and retired from the partnership in 2007.
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