Nov 5 Goldman Sachs Group Inc named
insurance executive Mark Edward Tucker as an independent
director on Mo nday, expanding its board to a dozen directors,
most of whom are independent.
The appointment of Tucker, 54, is the seventh change
announced to Goldman's board this year as the investment bank
has sought to appease shareholders seeking corporate governance
Tucker, an accountant by training, is the chief executive of
AIA Group Ltd, the Asian insurer that American
International Group Inc spun off in late-2010.
He has been widely credited with getting the company back on
its feet after the struggles AIG and its subsidiaries had during
the financial crisis. Prior to AIA, Tucker was CEO of Prudential
In a statement, Goldman Chairman and CEO Lloyd Blankfein
touted Tucker's experience leading insurance and banking
businesses globally, as well as his risk management skills.
Last month, Goldman said private-equity executive and former
Credit Suisse Group AG investment banker Adebayo
Ogunlesi would also join the board, and in September it said
Chief Financial Officer David Viniar would join the board after
retiring in January.
Earlier in the year, ahead of its annual meeting, Goldman
said it would nominate James Schiro to a newly created title of
lead independent director, replacing John Bryan, who did not
stand for re-election. Lois Jubiler also left the board, while
M. Michele Burns, a longtime executive at the consulting firm
Marsh & McLennan Companies, became chair of the audit committee.
The changes have helped avoid battles with shareholders like
the American Federation of State, County and Municipal Employees
(AFSCME), which have wanted Goldman to split the CEO and
Instead, Goldman has added more independent directors and
introduced more checks and balances. For instance, Schiro must
perform an annual review of the CEO and set the board agenda.
Goldman's board now includes nine directors who have never
been Goldman employees and 10 who are not current employees. It
also includes Blankfein, Chief Operating Officer Gary Cohn, who
is president of the board, and Stephen Friedman, who retired as
senior partner in 1994, a role that was equivalent to CEO while
Goldman was still a private partnership.
Viniar will join the board at the end of January, bringing
the number of directors up to 13.