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The GailFosler Group LLC www.gailfosler.com
Attendees CEO Meeting, January 28, 2014
Robert H. Benmosche President and Chief Executive Officer
American International Group, Inc.
Robert H. Benmosche joined American International Group, Inc. as President and Chief Executive Officer
in August 2009, when he was also elected to the AIG Board of Directors. Mr. Benmosche retired as
Chairman and Chief Executive Officer of MetLife, Inc. in 2006 after an eleven-year career during which
he led the transition of MetLife from a mutual to a public company in April 2000. Since then, MetLife has
risen to be the largest life insurer in North America. During Mr. Benmosche's tenure, MetLife acquired
General American and Traveler's Life and Annuity. He joined MetLife as an Executive Vice President in
1995 to direct the merger of New England Mutual with MetLife, and to head MetLife's Individual Sales
force and Retail Product Development. Mr. Benmosche was President and Chief Operating Officer from
1997 until he was named Chairman of the Board, President, and Chief Executive Officer in 1998.
Before joining MetLife, Mr. Benmosche spent more than 13 years at PaineWebber Group Incorporated,
where he served in several capacities. These included Senior Vice President of Marketing, CFO of the
Retail Brokerage Division, and as Executive Vice President from 1989-1995, serving as the head of
Operations and Technology and Director and Sales Manager for over 1,500 retail investment advisors.
He also directed the merger of Kidder Peabody into PaineWebber in 1994. Earlier in his career, Mr.
Benmosche was a Chase Manhattan Bank Vice President and a staff consultant with Arthur D. Little. Mr.
Benmosche received his bachelor's degree from Alfred University and served in Korea as a Lieutenant in
the United States Army Signal Corps. He has previously served on the Boards of Directors of the New
York Philharmonic, Alfred University, and Credit Suisse Group AG. He is a native of Brooklyn, New York.
Luc Bertrand Chairman of the Executive Committee and CEO
Ackermans & van Haaren
Luc Bertrand (°1951, Belgian) is chairman of the executive committee and CEO of Ackermans & van
Haaren. He graduated in 1974 as a commercial engineer (KU Leuven) and began his career at Bankers
Trust, where he held the position of Vice-President and Regional Sales Manager, Northern Europe. He
has been with Ackermans & van Haaren since 1986. He holds various mandates as director within and
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outside the Ackermans & van Haaren group. His mandates include being chairman of the board of
directors of DEME, Dredging International, Finaxis, Sofinim and Leasinvest Real Estate and he is a
director at Sipef, Atenor Group and Groupe Flo. Outside the group, Luc Bertrand holds mandates as
director at Schroeders and ING Belgium. Luc Bertrand is also active at the social level and is, among
other things, chairman of Guberna (the Belgian Governance Institute) and Middelheim Promotors, and
sits on the boards of several other non-profit organizations and public institutions such as KU Leuven, de
Duve Institute, Institute of Tropical Medicine and Museum Mayer van den Bergh. Luc Bertrand was
appointed director at Ackermans& van Haaren in 1985.
Louis R. Chênevert Chairman and Chief Executive Officer
United Technologies Corporation
Louis R. Chênevert is Chairman & Chief Executive Officer of United Technologies Corporation. He was
elected President & Chief Executive Officer in April 2008 and Chairman in January 2010. He held the
position of President & Chief Operating Officer, and served as a Director of United Technologies since
March 2006. Prior to that he served as President, Pratt & Whitney, from April 1999 through March 2006.
Before joining Pratt & Whitney in 1993, Chênevert spent 14 years at General Motors. He served as
Production General Manager of General Motors’ St. Therese operation.
Chênevert is a member of the Executive Committees of the Business Roundtable, where he chairs the
Tax and Fiscal Policy Committee, and The Business Council as well as a member of the US-India CEO
Forum. He also serves on the Board of Directors for Cargill, the Congressional Medal of Honor
Foundation and is Chairman of the Yale Cancer Center’s Advisory Board. In 2005, Chênevert was
inducted as a Fellow of the American Institute of Aeronautics and Astronautics (AIAA).
Chênevert earned a bachelor of commerce degree in production management from the Université de
Montréal, École des hautes études commerciales (HEC). He is Chairman of HEC Montreal’s International
Advisory Board and a founding director and Chairman of the Board of Directors for the Friends of HEC
Montreal.
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David B. Dillon Chairman of the Board of Directors
The Kroger Co.
Dave Dillon is Chairman of the Board of Directors for The Kroger Co., based in Cincinnati. The company
employs 343,000 associates who serve customers in more than 3,500 supermarkets, convenience and
jewelry stores under two dozen names. Kroger also operates 37 U.S. food processing plants.
Dave served in a variety of leadership roles after joining the Dillons Company in 1976 with its King
Soopers division in Denver. During his career, he served in various leadership positions with Fry’s Food
Stores and the Dillon Companies before being named president of Dillon Companies in 1986. He was
appointed executive vice president of Kroger in 1990, and he was elected president and chief operating
officer of the company in 1995. Dave was named CEO of Kroger in 2003. He was elected Chairman of the
Board of Directors in 2004. Dave retired as CEO at the end of 2013 and will remain Chairman of the
Board of Directors through the end of 2014.
Dave earned a bachelor’s degree in Business at the University of Kansas and a law degree at Southern
Methodist University.
Dave is a member of the board of directors of DIRECTV. He also serves on the Board of Trustees for the
University of Cincinnati Foundation, the Board of Trustees for the Urban League of Greater Cincinnati,
the Board of Trustees for the University of Kansas Endowment, and the Board of Directors for Catalyst.
Gail D. Fosler President
The GailFosler Group LLC
Gail D. Fosler is President, The GailFosler Group LLC, a strategic advisory service for global business
leaders and public policy makers. The GailFosler Group provides in-depth analysis of economic, financial
and public policy issues and creates new concepts and frameworks for business and government leaders
to support successful decision making. Ms. Fosler is also Senior Advisor to the Business Council, and
leads the organization’s partnership with The Conference Board. Fosler is former President and Trustee
of The Conference Board. During her 20 year career at The Conference Board, Fosler held a number of
leadership roles dedicated to expanding the organization’s intellectual capacity and global expansion.
Until April 2008, she was Executive Vice President and Chief Economist, directing the highly regarded
economics program, and was twice named America's most accurate economic forecaster by The Wall
Street Journal. Prior to The Conference Board, Fosler served as Deputy Staff Director and Chief
Economist of the U.S. Senate Budget Committee. Current Boards: Baxter International; Swiss Re
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America Holdings. University Affiliation: University of Southern California (BA Economics); NYU (MBA).
Spouse: R. Scott Fosler
Donald J. Gogel Chairman and Chief Executive Officer
Clayton, Dubilier & Rice, LLC
Donald J. Gogel is Chairman and Chief Executive Officer of Clayton, Dubilier & Rice, LLC, a private equity
investment firm that currently manages more than $13 billion in capital. The firm’s investors include
university endowments, private and public pension funds and sovereign wealth funds and family offices.
The firm invests in a broad range of industry sectors, and has acquired large divisions from companies
like Ford, Gillette, General Motors, IBM, Ingersoll Rand, Merck, Philip Morris, PPR, Tyco, and Xerox. The
CD&R portfolio today has ownership in 17 companies that collectively employ over 225,000 people and
generate more than $90 billion in revenue.
Earlier in his career, he was a partner at McKinsey & Company, as well as a managing director of Kidder
Peabody & Co., Inc.
Mr. Gogel is a member of the Business Council and the Trilateral Commission. His major charitable
activities include his roles as Chairman of the SeriousFun Children’s Network (a global association 16
camps for children with serious illnesses), Senior Vice Chairman of The Mount Sinai Medical Center,
Trustee of the Rhodes Trust and Chairman of its Development Committee and Trustee of the Cancer
Research Institute where he served as Chairman for over 12 years.
Mr. Gogel received a B.A. from Harvard College (summa cum laude, Phi Beta Kappa) where he majored
in international relations and then studied on a Rhodes Scholarship at Oxford University’s Balliol College
where he received an M.Phil. in Politics. Mr. Gogel also received a J.D., with honors, from Harvard Law
School. He played varsity lacrosse at Harvard as well as playing on the varsity basketball and lacrosse
teams at Oxford University.
Steven A. Kandarian Chairman, President & Chief Executive Officer
MetLife, Inc.
Steven A. Kandarian is chairman of the board, president and chief executive officer of MetLife, Inc.
(NYSE: MET), a leading global provider of insurance, annuities and employee benefit programs to 90
million customers. He became president and CEO on May 1, 2011 and chairman of the board on January
1, 2012.
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Kandarian joined MetLife in April 2005 as executive vice president and chief investment officer. He
oversaw MetLife’s $450 billion general account portfolio and a number of initiatives that strengthened
the portfolio, enhanced the company’s focus on effective risk management and contributed to the
bottom line. Since 2007, he has also overseen MetLife’s enterprise-wide strategy.
Prior to joining MetLife, Kandarian was the executive director of the Pension Benefit Guaranty
Corporation from 2001 to 2004. Previously, he had a 20-year career in private equity and investment
banking.
Kandarian is a board member of the Damon Runyon Cancer Research Foundation and Lincoln Center for
the Performing Arts, as well as a member of the Financial Services Forum, The Business Council, The
Business Roundtable and the Partnership for New York City. He received a B.A. from Clark University, a
J.D. from Georgetown University Law Center, and a M.B.A. from Harvard Business School.
Elizabeth L. Littlefield President and CEO
Overseas Private Investment Corporation
Elizabeth L. Littlefield was appointed by President Obama as the President and CEO of OPIC, the US
Government’s Development Finance Institution. Operating in 105 countries, OPIC manages a $16 bn
portfolio of financing and insurance to support private investment in sustainable economic
development, especially in the world’s poorest countries. Under Littlefield’s leadership, OPIC’s annual
commitments to renewable resources projects grew ten-fold in three years to $1.5 bn, while generating
increasing income for the federal budget. She has also instituted major reforms of the agency’s policies,
systems and processes and introduced new financial innovations to augment the agency’s development
impact.
From 2000 until 2010 Ms. Littlefield was Chief Executive Officer of CGAP (Consultative Group to Assist
the Poor), a policy and research center dedicated to advancing poor people’s access to financial services.
Housed at the World Bank, CGAP develops innovative solutions, promotes industry standards, provides
market intelligence and data, and advises governments, financial institutions and investors. During that
time Ms. Littlefield also served as a Director for the World Bank’s Financial & Private Sector division.
Prior to joining CGAP in 1999, Ms. Littlefield was JP Morgan’s Managing Director in charge of capital
markets and financing in emerging Europe, Middle East and Africa. Her responsibilities encompassed
public and private financings for governments, corporations and banks, and related advisory work. In
that role, she led the inaugural bond issues for the majority of the countries that tapped the markets for
the first time in the 1990s. Prior to that she set up JP Morgan’s emerging markets debt trading
department in London and was JPM’s Head Debt Trader for Africa, Eastern Europe and Asia. She also
served as a Director in JP Morgan’s Paris office, among other positions.
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Ms. Littlefield has served on the Boards and Executive Committees of the MasterCard Foundation,
Calvert Foundation and Women’s World Banking, among others. She was a founder of the Emerging
Markets Charity in the UK. She currently serves on the President’s Export Cabinet, is the Chairperson of
the World Economic Forum’s Global Agenda Council on Social Innovation and a member of the Council
on Foreign Relations.
Ms. Littlefield also spent 1989 – 1990 in West and Central Africa providing banking consultancy to
several start-up microfinance institutions.
Ms Littlefield taught Financial Sector Development as an Adjunct Professor in the Masters Program at
the School of Advanced International Studies (S.A.I.S.). She is a graduate of Brown University and also
attended Ecole Nationale de Sciences Politiques in Paris.
Rakesh Mohan Executive Director
International Monetary Fund
Dr. Rakesh Mohan is Executive Director at the International Monetary Fund, Washington, D.C., USA
representing India, Sri Lanka, Bangladesh and Bhutan since 1st November, 2012. From September 9,
2002 to October 31, 2004 and July 2, 2005 to June 10, 2009, he held the position of Deputy Governor of
the Reserve Bank of India.
Dr Rakesh Mohan is also Chairman, National Transport Development Policy Committee, Government of
India, in the rank of a Minister of State. In addition, he is Vice-Chairman, Indian Institute of Human
Settlements, proposed to be India´s first independently funded and managed inter-disciplinary National
University for Research and Innovation that is committed to the equitable, sustainable and efficient
transformation of Indian settlements. He is also Non Resident Senior Research Fellow of Stanford Centre
for International Development, Stanford University Stanford.
Prior to his current position at the IMF, Dr Mohan was Professor in the Practice of International
Economics of Finance, School of Management, and Senior Fellow, Jackson Institute of Global Affairs,
Yale University from July 2010. He taught every Fall Semester there.
Dr Mohan, who holds a B.Sc in Electrical Engineering from Imperial College, University of London, a B.A.
from Yale University and a Ph. D in Economics from Princeton. During the period 31 October 2004 to 2nd
July, 2005, he was Secretary, Department of Economic Affairs, Ministry of Finance, Government of India.
He has held several positions in Government of India and was Chief Economic Advisor, Ministry of
Finance, Government of India in 2001-02.
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He has been Member of the Economic Advisory Council to the Prime Minister; Member of the Telecom
Regulatory Authority of India; Member of the National Security Advisory Board; Member of the Tariff
Authority of Major Ports; and Member of the Securities and Exchange Board of India. Among research
institutions he has been Member of the Board of Governors of Institute of Economic Growth; National
Institute of Public Finance and Policy; National Council of Applied Economic Research; Madras School of
Economics; National Institute of Urban Affairs; Indian Council for Research in International Economic
Relations; Centre for Policy Research; Indira Gandhi Institute of Development Research.
Dr. Rakesh Mohan has researched extensively in the areas of economic reforms and liberalisation,
industrial economics, urban economics, infrastructure studies, economic regulation, monetary policy
and the financial sector. He is the author of three books on urban economics and urban development,
co-author of one and editor of another on Indian economic policy reforms, and author of two books on
monetary policy and central banking and of numerous articles.
Hutham Olayan, President and CEO
Olayan America
Hutham S. Olayan is a principal, director and senior executive of The Olayan Group.
Ms. Olayan has headed the Group’s US presence since 1985, currently as president and CEO of Olayan
America and other US-based affiliates of the Group. She is responsible for all of the Group’s investment
activity in the Americas.
Ms. Olayan is a director of Morgan Stanley and a former director of Thermo Electron Corporation. She is
a member of the International Advisory Board of The Blackstone Group and Executive Advisory Board of
General Atlantic.
In the non-profit sector, Ms. Olayan serves on the boards of several organizations: American University
of Beirut, where she is co-chairman; Georgetown University; the Peter G. Peterson Institute for
International Economics; Memorial Sloan-Kettering Cancer Center; and The MasterCard Foundation.
Ms. Olayan is a member of international advisory bodies affiliated with The Brookings Institution,
Carnegie Middle East Center and the Belfer Center for Science and International Affairs at Harvard
University. She is a member of the Council on Foreign Relations and The Economic Club of New York.
She is a founding member of the Arab Bankers Association of North America.
Ms. Olayan holds a BA from the American University of Beirut and an MBA from Indiana University.
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Denise L. Ramos Chief Executive Officer and President
ITT Corporation
Denise Ramos is chief executive officer and president at ITT. She previously served as senior vice
president and chief financial officer, and was responsible for all aspects of financial management and
reporting for the global multi-industry company, as well as communication to the investment
community.
Denise brings a unique background to her role as CEO that combines more than two decades in the oil
and gas industry with significant retail and customer-centric experience.
She began her career at Atlantic Richfield Company (ARCO) of Los Angeles, Calif., where she spent 21
years in a number of increasingly responsible finance positions, including corporate general auditor and
assistant treasurer, the position she held when the company was acquired in 2000 by British Petroleum.
Denise then joined Yum! Brands Inc. in Louisville, Ky., where she was senior vice president and corporate
treasurer. She also served as chief financial officer for the U.S. division of KFC Corporation. Prior to
joining ITT in 2007, she served as chief financial officer for Furniture Brands International.
Ramos is a member of the Business Roundtable and The Business Council. She serves on the Board of
Trustees for the Manufacturers Alliance for Productivity and Innovation (MAPI) and was recently
included in the Top 100 Women Leaders in Science, Technology, Engineering and Math publication by
STEMconnector™.
Ramos holds an M.B.A. in Finance from the University of Chicago.
Nancy C. Southern Chair, President & Chief Executive Officer
ATCO Ltd. & Canadian Utilities Limited
Nancy Southern is Chair, President & Chief Executive Officer of ATCO Ltd. and Canadian Utilities Limited,
an ATCO company. Reporting to the Boards of Directors, she has full responsibility for executing
strategic direction and ongoing operations for both companies.
After joining the ATCO Board of Directors in 1989, Ms. Southern served as Co-Chair of ATCO for 16 years
prior to being elected Chair in December 2012. Ms. Southern has been President & CEO of both ATCO
Ltd. and Canadian Utilities Limited since 2003. She serves on the Boards of all the ATCO Group subsidiary
companies.
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Ms. Southern also serves as Executive Vice President of Spruce Meadows. She is a Director of AKITA
Drilling Ltd., Sentgraf Enterprises Limited, and is an Honorary Director of the BMO Financial Group.
Ms. Southern is an honorary Chief of the Kainai (Blood Tribe of Alberta) and was given the name
Aksistoowa’paakii, or Brave Woman, in 2012.
Ms. Southern is a member of The U.S. Business Council, the Canadian Council of Chief Executives, the
American Society of Corporate Executives, the C.D. Howe Institute and a Canadian Member of the
Trilateral Commission. Additionally, she was appointed by the Hon. Jim Flaherty, Minister of Finance, as
a member of his Economic Advisory Council and is a member of a committee led by Status of Women
Minister, Kellie Leitch, to offer advice to the federal government on how to encourage more women on
Canada’s corporate boards.
In 2013, Ms. Southern received the T. Patrick Boyle Founder’s Award from the Fraser Institute for her
entrepreneurial achievements and recognized accomplishments in the promotion of freedom and free
markets. She was also included in Fortune’s list of the “50 Most Powerful Women In Business: The
Global 50” and named as one of “The 50 Most Important People in Canada” in Maclean’s. In 2012,
Canada’s Public Policy Forum awarded Ms. Southern the Peter Lougheed Award for Leadership in Public
Policy. In 2011, Ms. Southern was selected as Business Person of the Year by Alberta Venture Magazine
and in 2005, she was selected Business Woman of the Year by the Consumer’s Choice Awards.
Born and raised in Calgary, Alberta, she has studied Economics and Commerce at the University of
Calgary.
Al Stroucken Chairman and Chief Executive Officer
Owens-Illinois, Inc.
As chairman and chief executive officer since December 2006, Al Stroucken has initiated and successfully
led Owens-Illinois, Inc. (NYSE:OI) through dramatic change. Within the first two years of his tenure, the
company shifted its emphasis from driving volumes to enhancing margins, focused solely on glass by
divesting its remaining plastics operations and began restructuring its footprint to better leverage
capital and enhance free cash flow.
O-I has significantly strengthened its financial stability as a result, increasing earnings and reducing debt.
From this position of financial strength, Stroucken is working to create the structural and process change
needed to reposition O-I – and glass packaging – as the preferred and most sustainable packaging
choice.
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Under his leadership, O-I has expanded its global market for glass through acquisitions in Brazil, China
and Argentina, and through investments in R&D, marketing and innovation. Stroucken also has
established aggressive sustainability targets to dramatically reduce O-I’s energy usage and emissions,
while increasing use of recycled glass and creating an accident-free work environment.
Prior to being named CEO, Stroucken served on O-I’s board of directors, a position he had held since
August 2005.
Stroucken previously served as chief executive officer and chairman of H.B. Fuller Company, a $1.5
billion global manufacturer of adhesives, sealants, coatings, paints and other specialty chemical
products. During his nine-year tenure, Stroucken led efforts to streamline operations and cut costs,
significantly strengthening the company’s balance sheet.
Before joining H.B. Fuller, Stroucken spent nearly 30 years with Bayer AG, a diversified international
chemical and pharmaceutical company based in Leverkusen, Germany, in various leadership positions.
Stroucken serves on the board of directors for Baxter International Inc., a global medical products and
services company. He is also a passionate advocate for early childhood education and has a long-
standing commitment to the United Way. Under his leadership, O-I employees were honored with the
United Way of Greater Toledo’s Pinnacle Award in 2011 for their record-breaking fundraising and
volunteer efforts.
Josh Tom Economic Analyst
The GailFosler Group LLC
Josh Tom is an Economic Analyst for The GailFosler Group. Prior to joining The GailFosler Group, he
spent over a year in China, working in communications for the American Chamber of Commerce,
teaching English to Chinese elementary students, and preparing high school students for U.S. university
applications and exams. Josh also taught business English to company executives in Barcelona, Spain,
conducted research for the Center for the National Interest (formerly the Nixon Center) and interned for
U.S. Senator Jack Reed, D-RI. Josh was a Presidential Scholar at the University of Southern California,
where he graduated cum laude with a Bachelor of Arts Degree in International Relations and minor
degrees in Economics and Spanish.
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Jean-Claude Trichet Honorary Chairman, Banque de France, and
Chairman, Group of 30
Jean-Claude Trichet is presently chairman of the Group of Thirty (Washington), chairman of the Board of
Directors of Bruegel Institute and a member of the « Institut de France » (Académie des Sciences
Morales et Politiques).
Born in Lyon, Jean-Claude Trichet is an honorary Inspecteur général des Finances and Ingénieur civil des
Mines. He is a graduate of the Ecole nationale supérieure des Mines de Nancy, of the Institut d’études
politiques de Paris, of the Université de Paris (in economics) and of the Ecole nationale d’administration.
He worked in the competitive sector from 1966 to 1968. He was appointed to the Inspection générale
des Finances in 1971.
Jean-Claude Trichet was made an adviser to the President of the French Republic in 1978. In 1986 he
directed the Private Office of the Minister of Economic Affairs, Finance and Privatisation. In 1987 he
became Director of the Treasury. He was Chairman of the European Monetary Committee from 1992
until his appointment as Governor of the Banque de France in 1993.
Jean-Claude Trichet was elected Chairman of the Group of Ten (G10) Governors on 29 June 2003. He
was elected President of the “Global economy meeting” of Central Bank governors and President of the
Group of Governors and heads of supervision (GHOS) in Basel (until October 2011). He was appointed
President of the European Central Bank on 16 October 2003 by common accord of the Governments of
the Member States that have adopted the euro at the level of Heads of State or Government for a term
of office of eight years starting on 1 November 2003 and ending on 31 October 2011. Since late 2010
and until end of October 2011, Mr Trichet has also been Chairman of the European Systemic Risk Board
(ESRB).
He was named “Person of the Year” by the Financial Times (2007), “Policymaker of the Year” by The
International Economy magazine (1991 and 2007), and has received a number of awards, including the
2011 International Charlemagne Prize of Aachen for his contribution to European unity and also
received the 2011 Global Economy Prize from the Kiel Institute for the World Economy. He has been
awarded honorary doctorates by several universities (Stirling, Montreal, Liege, Tel Aviv, Bologne and
Sofia).
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Jeroen van der Veer
Chairman Supervisory Board
Koninklijke Philips Electronics N.V. and ING Groep N.V.
Born October 27, 1947. A Dutch national, Chairman of the Supervisory Boards of Koninklijke Philips
Electronics N.V. and of ING Group N.V.
Jeroen was appointed as Non-executive Director of Shell Company from July 2009 until May 2013.
Previously, he was Chief Executive since October 2004. He was appointed President of Royal Dutch
Petroleum Company in 2000, having been a Managing Director since 1997. He was a Director of Shell
Canada Limited from 2003 until 2005. He was named Chief Executive in 2004 and led Shell through
major change, simplifying governance and organization, while clarifying accountabilities.
In 2009-2010 Jeroen was Vice-Chairman of a group of experts who advised for a new Strategic Concept
for NATO. He was World President of the Society of Chemical Industry from 2002 to 2004. From 2000-
2004 he served as a supervisory board member of The Dutch Central Bank. He is Advisor to Oman since
2009. He chaired ‘Platform Beta Techniek’, a governmental institute promoting education in science and
technology from 2009 – 2011. He was Vice-Chairman and Senior Independent Director of Unilever
(which includes Unilever N.V. and Unilever plc) to May 2011. In October 2012 he became Chairman of
the Rotterdam Climate Initiative. As of July 1st 2013 Jeroen became Chairman of the Supervisory Council
of the Technical University of Delft (Raad van Toezicht TU Delft).
Jeroen also has various roles in several foundations and charities.
Paul A. Volcker Former Chairman of the Board of Governors
U.S. Federal Reserve
In the course of his career, Mr. Volcker worked in the United States Federal Government for almost 30
years, culminating in two terms as Chairman of the Board of Governors of the Federal Reserve System
from 1979-1987, a critical period in bringing a high level of inflation to an end. In earlier stages of his
career, Mr. Volcker served as Undersecretary of the Treasury for Monetary Affairs during the early
1970’s, a period of historic change in international monetary arrangements. He was subsequently
President of the Federal Reserve Bank of New York, and in earlier years was an official of The Chase
Manhattan Bank.
Mr. Volcker retired as Chairman of Wolfensohn & Co. upon the merger of that firm with Bankers Trust.
From 1996-1999, Mr. Volcker headed The Independent Committee of Eminent Persons, formed by
Swiss and Jewish organizations to investigate deposit accounts and other assets in Swiss banks of victims
of Nazi persecution and to arrange for their disposition. From 2000 – 2005 Mr. Volcker served as
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Chairman of the Board of Trustees of the newly formed International Accounting Standards Committee
overseeing a renewed effort to develop consistent, high-quality accounting standards acceptable in all
countries. Upon leaving public service in 1987, and again in 2003, he headed private, non-partisan
Commissions on the Public Service, each recommending a sweeping overhaul of the organization and
personnel practices of the United States Federal Government.
In 2004, Mr. Volcker was asked by UN Secretary General Kofi Annan to chair the Independent Inquiry
into the United Nations Oil-for-Food Program, resulting in identification of substantial corruption and
malfeasance. In 2007, Mr. Volcker was asked by the President of the World Bank to chair a panel of
experts to review the operations of the Department of Institutional Integrity. That effort has culminated
in broad reform of the Bank’s anti-corruption effort. In November 2008, President Elect Obama chose
Mr. Volcker to head the President’s Economic Recovery Advisory Board which ended in Feb. 2011.
In 2013, Mr. Volcker launched the Volcker Alliance to address the challenge of effective execution of
public policies and to help rebuild trust in government. As a nonpartisan, non-profit organization based
in New York City, the Volcker Alliance aims to catalyze new thinking and action with respect to federal,
state, and local government in the U.S. and abroad.
Educated at Princeton, Harvard and the London School of Economics, Mr. Volcker is a recipient of
honorary doctorates from each of his “alma maters”, as well as a number of other American and foreign
universities.
Jaime Augusto Zobel de Ayala II Chairman and Chief Executive Officer
Ayala Corporation
Mr. Jaime Augusto Zobel de Ayala is the Chairman and CEO of Ayala Corporation, the oldest business
house in the Philippines. It was founded in 1834 and was listed in the Philippine Stock Exchange in 1976.
It regularly ranks among the top Philippine companies in terms of market capitalization. Through its
subsidiaries and affiliates, Ayala maintains a leading presence in real estate development, banking and
financial services, telecommunications, water distribution, electronics and information technology,
automotive dealerships, and business process outsourcing. Ayala has also recently expanded into power
generation and transport infrastructure investments.
Apart from his responsibilities on the boards of the Ayala Group companies, Mr. Zobel is a member of
various international and local business and socio-civic organizations, including the JP Morgan
International Council and the Mitsubishi Corporation International Advisory Committee. He is also
Chairman of the Harvard Business School Asia-Pacific Advisory Board, a trustee of the Harvard Business
School Social Enterprise Initiative, a member of the Harvard University Asia Center Advisory Committee,
member of the Harvard Global Advisory Council, Chairman of the Asia Business Council, former
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Chairman of the Board of Trustees of the Ramon Magsaysay Awards Foundation; the Chairman of the
World Wildlife Fund Philippine Advisory Council and a member of the International Business Council of
the World Economic Forum. He is also the Philippine Representative to the APEC Business Advisory
Council.
In 2007, he received the Harvard Business School Alumni Achievement Award, the school’s highest
recognition. Mr. Zobel is a recipient of the Presidential Medal of Merit in 2009, and was awarded the
Philippine Legion of Honor (with rank of Grand Commander) in 2010. Both were awarded by the
President of the Republic of the Philippines to recognize outstanding public service that has benefited
the Republic, particularly in the preservation of the honor of the country and in nation building.
Mr. Zobel studied at Harvard University where he earned his BA in Economics (with honors) in 1981 and
his MBA in 1987. He is married to Ms. Elizabeth Eder Zobel de Ayala and has four children. He enjoys
adventure motorcycling in his spare time.
