May 28 (Bloomberg) -- Harvard University named Paul Finnegan, a board member and co-chairman of the school’s drive to raise $6.5 billion by 2018, as treasurer.
Finnegan has been a member of the Harvard Corporation, the university’s governing body, since 2012, and is co-chief executive officer of investment firm Madison Dearborn Partners, Cambridge, Massachusetts-based Harvard said today in a statement. He will replace James Rothenberg, who has served as treasurer since 2004, on July 1. Rothenberg, chairman of Capital Group Cos., will stay on as a member of the governing board.
Harvard President Drew Faust has been restructuring the board, bringing in new expertise and increasing membership to 13 from seven, since the school’s endowment suffered losses in the financial crisis that began 2008. While Finnegan will take on greater responsibility for the school’s finances, he will continue to serve on the board of Harvard Management Co., which oversees the endowment, according to the statement.
Both Finnegan and Rothenberg “have played vital parts in Harvard’s governance in recent years, through a period of exceptional change, and we are fortunate to have them carrying forward on the Corporation in these essential roles,” Faust and Robert D. Reischauer, the Corporation’s senior fellow, said in the statement.
Finnegan, a 1975 graduate of Harvard College who received a MBA from Harvard Business School in 1982, serves on the national board of directors of Teach for America. He’s served on various boards, councils and committees in the Faculty of Arts and Sciences, which includes most of the undergraduate professors, Harvard Business School, the Harvard Kennedy School of Government, and Harvard School of Public Health, according to the statement.
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