Ex-New Jersey Gov. Corzine Joins MF Global, J.C. Flowers

Mar 24 2010 | 11:47am ET

Having been unceremoniously dismissed from his last job, former New Jersey Gov. Jon Corzine is returning to a familiar place: Wall Street.

The former Goldman Sachs chief has taken two jobs two months after handing over the reins in Trenton. He was named chairman and CEO of MF Global Holdings, the futures brokerage spun off from the Man Group three years ago, and will become and operating partner of private equity firm J.C. Flowers.

J.C. Flowers controls two seats on MF Global’s board, and recommended Corzine for the job. Corzine himself is an investor with J.C. Flowers.

Corzine was denied a second term as governor by the voters last year. Before taking that office, he represented the Garden State in the U.S. Senate for five years.

“A lot of the strategic possibilities with MF Global are really exciting and this gets to my desire to paly in a more entrepreneurial environment,” Corzine told reporters. But he added, “I don’t think anyone here is happy with the returns profile."

Under the former governor, MF Global will seek to become a primary dealer in government securities, Corzine said. He succeeds Bernard Dan, who cited personal reasons for his departure from the firm. He will remain at MF Global until May 16 to assist the transition.

Corzine received a $1.5 million signing bonus for joining the firm, and will be paid an initial salary of $1.5 million and a target bonus of $3 million. He also received options for 2.5 million shares of the company.

If the two new finance jobs weren’t enough, Corzine also got a third yesterday: He was named a visiting professor at Princeton University’s Woodrow Wilson School of Public and International Affairs. The post was endowed by his old company, Goldman Sachs.


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