Tuesday, 22 July 2014
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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…