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Goldman Announces Board Changes

April 3, 2012
Goldman Sachs made changes to its Board of Directors, responding to shareholders who  demanded that the board be given more power, in large part to offset Lloyd Blankfein who serves as both Chairman and Chief Executive.  The changes include: Goldman appointed a new lead director, naming James Schiro, as the new lead director and head of the board's corporate governance and nominating committee.  Mr. Schiro is the former CEO of Zurich Financial Services and PricewaterhouseCoopers, and has served on the board since 2009. He replaces John Bryan, the former CEO of Sara Lee, who has been a director since 1999.  Mr. Bryan will set down as lead director in May as a result of Goldman's retirement policy. Lois Juliber, a former senior executive at Colgate-Palmolive, will not stand for re-election "as a result of increasing time commitments associated with her other activities."  She has served as a director since March 2004. Goldman had recently bolstered its female presence on its board.  After Brown University President Ruth Simmons stepped down last year, Goldman named as directors Michele Burns, former CEO of the consulting firm Mercer, and Debra Spar, president of Barnard College. Goldman is still feeling the aftershocks of the accusations against one its former directors, Rajat Gupta, who was charged with leaking secret boardroom discussions to former hedge fund manager, Raj Rajaratnam.  Mr. Gupta's trial begins next month. Click to access referenced story:  [Dealbook, 4/2/12].