Saturday, 27 August 2016
Last updated 6 hours ago
Jun 30 2014 | 6:28am ET
Private-equity honcho Glenn Hutchins is joining the board of AT&T—and he didn’t even have to buy the company.
The telecommunications giant said on Friday that the Silver Lake Partners co-founder would succeed James Blanchard on the 14-member board, following Blanchard’s retirement in April. Hutchins’ appointment comes as AT&T is seeking approval for its $48.5 billion takeover of DirecTV.
Silver Lake is one of the biggest investors in technology companies, most recently sealing a deal for computer-maker Dell Inc. He also has ties to Washington, having served as a special adviser to President Bill Clinton, that could come in handy as AT&T tries to win regulatory sanction for its DirecTV deal.
“Glenn is one of the world’s preeminent technology investors and will be a terrific addition to our board,” AT&T CEO Randall Stephenson said. “His deep expertise in technology and finance, combined with his public policy acumen, will be incredibly valuable to AT&T.”
Hutchins will serve on the board’s corporate development and finance committee.
The Silver Lake chief already serves on a number of other boards, including those of the Nasdaq OMX Group and the Federal Reserve Bank of New York.