Charles E.F. Millard Sworn In as Director of Pension Benefit Guaranty Corporation

Mr. Millard comes to the PBGC after a varied career in both the public and private sectors, including service as a senior cabinet official in the administration of New York City Mayor Rudolph Giuliani and as a Managing Director of Lehman Brothers.

In public life, Mr. Millard served as President of the New York City Economic Development Corp. and Chairman of the New York City Industrial Development Agency. In that role, he was responsible for the leases that concluded the redevelopment of 42nd Street, and for a reorganization of the agency that increased revenues and results in numerous measurable ways.

In private life, Mr. Millard has served as a Managing Director and Group Head with both Lehman Brothers and Prudential Securities. Immediately prior to joining the PBGC, Mr. Millard was a Managing Director at Broadway Partners, a national real estate investment and management firm in New York. He also served as President of BP Direct Securities, a broker-dealer licensed by the NASD and associated with Broadway Partners. He began his private sector career as an associate attorney with Davis Polk & Wardwell, where his activities included precedent-setting pro bono work.

Mr. Millard was also twice elected to the New York City Council. As a Councilman, he drafted the original legislation that created the framework for Mayor Giuliani's initiative to eliminate pornography sales from many New York neighborhoods. This legislation required the balancing of numerous First Amendment and other constitutional concerns and has been upheld in Federal Court.

In 1979-80, he worked as VISTA volunteer in Crown Heights, Brooklyn, and in 1982-83, he served as Legislative Assistant for Foreign Affairs for Congresswoman Millicent Fenwick.

Mr. Millard holds a B.A. Honors Degree, cum laude and Phi Beta Kappa from Holy Cross College and a J.D. from Columbia Law School, where each year he was ranked a Harlan Fiske Stone Scholar.

Shown below: Associate Justice Clarence Thomas administers the oath of office to PBGC Director Charles E.F. Millard at a Dec. 20 ceremony at PBGC headquarters in Washington, D.C. The Pension Protection Act of 2006 elevated the PBGC leadership post to a presidentially appointed, Senate-confirmed position. Appointed by President Bush in May and confirmed by unanimous consent of the Senate on Dec. 14, Millard is the first individual to hold the title Director of the PBGC. Holding the Bible for their father's oath are four of Millard's nine children, Egan, Christine, Mary and Connor. Looking on at right is Secretary of Labor Elaine L. Chao, who serves as chairman of the PBGC Board of Directors.