Millard Confirmed as PBGC Director

Millard is the first-ever presidentially appointed, Senate-confirmed Director of the federal pension insurance agency. The requirement of the US Senate’s confirmation of the private pension insurer director post was part of the Pension Protection Act (PPA), reflecting legislative concern about the financial stability of the PBGC.

Millard was appointed as Interim Director of the PBGC in May by President Bush, pending his confirmation by the U.S. Senate (see White House to Nominate New PBGC Director ). He comes to the PBGC after a varied career in both the public and private sectors, including service as a senior cabinet official in the administration of New York City Mayor Rudolph Giuliani and as a Managing Director of Lehman Brothers.

In public life, Millard served as President of the New York City Economic Development Corp. and Chairman of the New York City Industrial Development Agency. In that role, he was responsible for the leases that concluded the redevelopment of 42nd Street, and for a reorganization of the agency that increased revenues and results in numerous measurable ways.

In private life, Millard has served as a Managing Director and Group Head with both Lehman Brothers and Prudential Securities. Immediately prior to joining the PBGC, he was a Managing Director at Broadway Partners, a national real estate investment and management firm in New York. He also served as President of BP Direct Securities, a broker-dealer licensed by the NASD and associated with Broadway Partners. He began his private sector career as an associate attorney with Davis Polk & Wardwell.