President Joe Biden has designated Michael F. Gerber chairman of the Federal Retirement Thrift Investment Board, Washington.
Mr. Gerber, senior managing director and chief corporate affairs officer at FS Investments, a multistrategy alternative investment firm, and a co-founder and adviser at Intrinsic Capital Partners, a growth equity firm, was confirmed to the board on June 9 to fill a term expiring later this year and a second term expiring in September 2026. The White House announced his designation as chairman June 28.
He replaces David A. Jones, acting chairman, although Mr. Jones will remain on the five-member board, Kim Weaver, the board's director of external affairs, said in an email. Mr. Jones has served on the board since 2011 and his term expired in 2018, but he can continue to serve until a replacement is confirmed.
Mr. Biden has nominated Javier E. Saade, managing partner at Impact Master Holdings and venture partner at Fenway Summer, to replace Mr. Jones, but his nomination is held up in the Senate. The Senate Homeland Security and Governmental Affairs Committee in March was split on Mr. Saade's nomination in a 7-7 vote. Committee Republicans opposed his nomination due to previous tweets they deemed offensive and critical of Republicans.