Joshua Gotbaum, who resigned Sept. 2 as director of the Pension Benefit Guaranty Corp., counts building a strong management team and more interaction with constituents among his success stories during his four-year tenure.
As Mr. Gotbaum was preparing to step down, he reflected during an interview with Pensions & Investments on his accomplishments, and the challenges awaiting his successor.
Mr. Gotbaum pointed to several success stories that resulted in the preservation of pension funds. But having served during a tumultuous post-recession period that hit defined benefit plans and the agency's own finances, Mr. Gotbaum remains worried about the future of retirement security.
Mr. Gotbaum, whose tenure was the longest in the agency's history, brought to the PBGC an insider's understanding of how pension funds can put pressure on companies' bottom lines, particularly those in financial stress. In addition to overseeing the reorganization of Hawaiian Airlines Inc., Honolulu, as the Chapter 11 trustee from 2003 to 2005, which included keeping the defined benefit plan, he was involved in numerous mergers and corporate restructurings as an investment banker with Lazard and an operating partner at Blue Wolf Capital Partners LLC.