Steven Rattner, managing principal of the private equity firm he co-founded nine years ago, Quadrangle Group LLC, will leave the firm to join the Treasury Department as counselor to Secretary Timothy Geithner.
Last week, President Obama decided to
pick a panel of elite advisers to oversee the
restructuring of General Motors Corp. and Chrysler LLC rather than appoint a single "car czar," which Rattner was considered to be a front-runner for. He was even
speculated to take the Treasury secretary job. Now Rattner will join Geithner, who leads the panel alongside National Economic Council Director Lawrence Summers.
Continue reading below
Rattner was a deputy chairman and deputy CEO at Lazard from 1989 to
2000 and founded Lazard's media and communications group. Prior to
that, he was a managing director at Morgan Stanley and founded the
communications group there as well.
DealBook noted Rattner started his career as a financial reporter for The New York Times and has been active in New York's Democratic Party.
At
Quadrangle, Michael Huber and Joshua Steiner were named co-presidents.
They will remain as managing principals and also serve as co-chairs of
the investment committee of Quadrangle Capital Partners,
Quadrangle's media- and communications-focused private equity business.
Prior
to joining Quadrangle at its inception, Huber was a member of the media
and telecommunications investment banking groups at Lazard and
Donaldson, Lufkin & Jenrette Inc. Prior to co-founding Quadrangle
in March 2000, Steiner was a managing director at Lazard in the media
and communications group. -
Baz Hiralal
See story from The New York Times
