Robert Rubin, the former U.S. Treasury Secretary, will leave Harvard University’s governing board next year as new rules limiting the terms for fellows take effect.
Rubin and Robert Reischauer, former president of the Urban Institute and the Harvard Corporation’s senior fellow, will both step down on June 30 after 12 years on the board, the university, based in Cambridge, Massachusetts, said today in a statement. William F. Lee, an intellectual property attorney, will become senior fellow.
Harvard overhauled its governance rules for the corporation, formally known as the President and Fellows of Harvard College, in 2010 after a series of financial miscalculations and losses. Harvard saw its endowment investments plunge 27 percent and it paid almost $1 billion to terminate wrong-way bets it made in interest-rate swaps. Among the changes were adding seats to the corporation for the first time since 1650, which expanded the body from seven to 13, and introducing 12-year term limits for fellows.
Rubin, who was also co-chairman Goldman Sachs & Co., and Reischauer have served on the Harvard board since 2002 and helped oversee the university when it entered into the costly interest-rate swaps.
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