Alphabet Puts Former Federal Reserve Member on its Boardby
Ferguson was vice chairman of the Federal Reserve for 7 years
Appointment is Alphabet’s latest from the finance sector
Alphabet Inc. added former Federal Reserve member Roger Ferguson to its board, the latest Wall Street-friendly move by the internet giant.
Ferguson was appointed as a director June 24 and will join Alphabet’s audit committee, helping oversee accounting and finance, the company said Wednesday in a statement.
Ferguson was vice chairman of the Board of Governors of the Federal Reserve from 1999 to 2006 and a voting member of the Federal Open Market Committee, which sets interest rates in the U.S. He has been chief executive officer of financial services company TIAA since 2008. He has served on the boards of several companies, including General Mills Inc. and hedge fund giant Brevan Howard Asset Management LLP.
Ferguson’s appointment is the latest example of Alphabet taking a more investor-focused approach. The company hired former Morgan Stanley executive Ruth Porat as chief financial officer last year. It also started buying back shares, controlling costs more and communicating more with analysts. Before 2015, the technology company mostly shunned Wall Street.
Ferguson "deeply understands how technology can improve the lives of people around the world," said Eric Schmidt, Alphabet’s executive chairman.
Alphabet awarded Ferguson a $1 million grant in its stock.