Michael D. Kennedy on Tuesday was designated as chairman of the Federal Retirement Thrift Investment Board by President Barack Obama.
The five-member board, appointed by the president, sets the policies governing the Thrift Savings Plan, Washington, for federal employees, spokesman Tom Trabucco said in an interview.
Mr. Kennedy has been a member of the FRTIB since June 2010. Outgoing chairman Andrew M. Saul, who joined the board in 2002, will stay on as a board member until his replacement, Ron McCray, is confirmed by the Senate.
Mr. Kennedy is a managing director in Korn/Ferry International's Atlanta office with its global financial services practice, specializing in commercial/investment banking, capital markets and asset management searches. His resume includes founding his own venture capital consulting firm, plus stints at GE Capital, Wachovia and J.P. Morgan's Investment Management Group. He is a trustee of the $13.7 billion Employees' Retirement System of Georgia, Atlanta.
As of July 1, TSP assets were roughly $287 billion, according to Mr. Trabucco.