By Stelios Orphanides
Bank of Cyprus said on Wednesday that its board had accepted the resignation of vice-chairman Wilbur Ross following his appointment as US secretary of commerce and appointed James B. Lockhart III as his replacement..
Lockhart’s appointment is subject to approval by the European Central Bank,” Cyprus’s largest lender said. “Once approved by the ECB, Lockhart will also participate as a member of the nominations and corporate governance committee and the risk committee”.
Lockhart who currently serves as vice chairman at WL Ross & Co. LLC and as a member of its investment committees and the management committee, also served in the past in the US government in other positions.
“In 2008 – 2009 he was the director (chief executive officer) and chairman of the Federal Housing Finance Agency’s (FHFA) oversight board,” and in 2006 to 2007, he was the director of the (FHFA), the bank said. “He also served on the Troubled Asset Relief Program’s (TARP’s) Financial Stability Oversight Board which is chaired by the Federal Reserve chairman. From 2002 to 2006, Lockhart served as the principal deputy commissioner and chief operating officer of the social security administration”.
Lockhart’s experience in the private sector includes senior positions with NetRisk, National RE, Smith Barney, Pension Benefit Guaranty Corporation, Alexander & Alexander Services and Gulf Oil Corporation, Bank of Cyprus said.