Former US Treasury secretary Geithner joins Warburg Pincus

Kasmira Jefford
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FORMER US Treasury secretary Timothy Geithner is joining Warburg Pincus as president and managing director, the private-equity giant said this weekend.

Geithner, who played a major role in the US response to the global financial crisis, stepped down as US Treasury secretary in January after four years in the role.

He will work closely with Warburg Pincus’ top executives on “overall firm strategy and management, investing and portfolio management, organisational and funding structure, and investor relations,” the firm said in a statement.

His move follows a stream of high-level government officials joining private equity firms. Among the latest was David Petraeus, retired four-star general and former director of the Central Intelligence Agency, who joined Kohlberg Kravis Roberts & Co in May.

Warburg Pincus has $35bn assets under management and owns a majority stake UK bargain retailer Poundland as well as a stake in Hovis bread-owner Premier Foods.