Warburg Pincus has hired former US treasury secretary Tim Geithner as president and managing director, according to a statement from the firm.
Geithner will work on overall firm strategy and management, investing and portfolio management, organizational and funding structure, and investor relations, the statement said. He begins in March 2014.
He previously served as president and chief executive officer of the Federal Reserve Bank of New York, leaving in 2009 to become US treasury secretary. Geithner helped design the US response to the Lehman-sparked global financial crisis.
“Warburg Pincus has an excellent record of performance, a very compelling global strategy and an ethical reputation of the highest regard,” Geithner said in the statement. “I look forward to working with my new colleagues and to contributing to the firm’s continued growth and success.”
Geithner joins the increasing number of former top public officials who have been hired at private equity firms. Earlier this year, Kohlberg Kravis Roberts hired former CIA director and top military commander General David Petraeus. Ex-US vice president Dan Quayle and former treasury secretary John Snow are chairmen at Cerebrus Capital Management.
In China, by comparison, US regulators are investigating JPMorgan for hiring employees who are well-connected amid allegations the individuals could provide the bank with an unfair competitive advantage.