Joshua Gotbaum will be nominated by President Barack Obama as director of the PBGC, according to a statement from the White House.
Pending Senate confirmation, he will succeed Charles E.F. Millard, who stepped down on Jan. 20. Vince Snowbarger, PBGC deputy director for operations, is the agency's acting director.
Mr. Gotbaum is an operating partner at private equity firm Blue Wolf Capital Management with longtime ties to Washington. In the Clinton administration he was executive associate director and controller in the Office of Management and Budget, assistant secretary of treasury for economic policy and assistant secretary of defense for economic security, according to the statement and government documents. In the Carter administration he was associate director for economics on the White House staff, according to another government document.
Mr. Gotbaum also worked as an investment banker with Lazard Freres from 1981 to 1994, according to a government document.
“He advised businesses, unions and governments on a diverse range of mergers, acquisitions and restructurings, in steel, transportation and many other industries,” the White House news release said.