Both Cerberus Capital Management and D.E. Shaw & Co. snagged high-profile directors.
Cerberus' catch was clearly the bigger of the two. The buyout firm signed former Treasury Secretary John Snow as chairman of the firm. Before becoming Treasury Secretary in 2003 during the current Bush administration, he was the CEO of railroad operator CSX Corp. Snow stepped down at the beginning of the year. Interestingly, while treasury secretary, Snow spent time with another dealmaker, Elevation Partners founder Bono, helping the rockstar-turned-philanthropist-turned-dealmaker promote third-world debt forgiveness.
D.E. Shaw also snagged a former Treasury Secretary to join the firm, Lawrence Summers, who resigned as Harvard University's president this year after clashing with faculty over comments he made about female researchers. However, his role may be more limited than Snow's at Cerberus because Summers will join the New York hedge fund as a part-time managing director only responsible for strategic initiatives. Summers served as Treasury Secretary in 1999 during the twilight of the Clinton administration before returning to Harvard, where he had taught economics.—Matthew Wurtzel
See story from Bloomberg
See story about Summers from The Boston Globe
For more personnel changes see Movers & Shakers
Continue reading below
