Federal Retirement Thrift Investment Board Names New Chair

August 22, 2011 (PLANSPONSOR.com) – The Federal Retirement Thrift Investment Board announced Board member Michael D. Kennedy has been designated by President Barack Obama as the new Chairman of the Board.  

Kennedy replaces former Chairman Andrew M. Saul, who will continue to serve as a Board member until his replacement is confirmed by the United States Senate. The five presidentially-appointed Board members develop and establish the policies governing the Thrift Savings Plan (TSP) for Federal employees. 

Kennedy has been serving as a Board member since being confirmed by the Senate in June 2010. He is a Managing Director in the Atlanta office of Korn/Ferry International and a member of the firm’s global financial services practice, specializing in commercial/investment banking, capital markets, and asset management searches. He also co-leads Korn/Ferry’s Diversity Practice.  

According to the announcement, prior to joining Korn/Ferry, Kennedy founded his own venture capital consulting firm, and was a Vice President at GE Capital Corporation and at Wachovia Corporation in the U.S. corporate group. He started his financial services career with J.P. Morgan’s Investment Management Group in New York. Kennedy is also a member of the Board of Trustees of the Georgia Employees’ Retirement System pension fund.  

He holds a BA with highest honors in history and political science from the University of North Carolina at Chapel Hill and an MBA from the Harvard Business School.