Yale Bulletin and Calendar

March 21, 2008|Volume 36, Number 22


Paul L. Joskow	Douglas A. (“Sandy”) Warner III

Two alumni appointed as successor trustees

President Richard C. Levin has announced the appointment of two new successor trustees to the Yale Corporation, the University’s governing board.

The new trustees are Paul L. Joskow ’72 Ph.D., president of the Alfred P. Sloan Foundation and a renowned economist and educator, and Douglas A. (“Sandy”) Warner III ’68 B.A., retired chair of J.P. Morgan Chase & Co. and a leader in both business and non-profit organizations.

“These two outstanding alumni have already devoted years of service to Yale. Paul Joskow was president of the University Council for a dozen years and Sandy Warner has served as a member of both the Yale Corporation’s Investments and Medical School Ad Hoc Committees. I am pleased that they have agreed to add their expertise and wisdom to that of the remarkable group of individuals who comprise the Yale Corporation,” said Levin.

Joskow and Warner, who begin their terms on July 1, succeed retiring Corporation members Charles Ellis, founder of Greenwich Associates, and Gerhard Casper, former president of Stanford University.

Profiles of the new trustees follow:

Paul Joskow

Joskow became president of the Alfred P. Sloan Foundation on Jan. 2 of this year, ?after serving for over 35 years as a faculty member at the Massachusetts Institute of Technology (MIT).

As head of the non-profit, philanthropic organization, Joskow oversees the Sloan Foundation’s over $1.8 billion in assets and directs its diverse grant-giving programs supporting research and education in science and technology, economic performance, the quality of American life and other important national issues.

At MIT Joskow was the Elizabeth and James Killian Professor of Economics and Management and director of the MIT Center for Energy and Environmental Policy Research. His research and teaching focused on the areas of industrial organization, energy and environmental economics, competition policy, and government regulation of industry. He is the author of six books and over 120 papers.

Joskow, who also holds a B.A. from Cornell University (1968), has maintained strong ties to Yale. He has served since 1991 on the University Council, which advises the president and officers about selected academic and administrative issues, and was its president from 1994-2006. For this and other service to his alma mater, he was awarded the Yale Medal in 2005, which is the highest award presented by the Association of Yale Alumni, conferred solely to honor outstanding individual service to the University. Joskow’s daughter Suzanne graduated from Yale College in 2005.

In addition, Joskow is a member of the board of overseers of the Boston Symphony Orchestra and of the scientific advisory board of the Institut d’Economie Industrielle in Toulouse, France. He served on the U.S. Environmental Protection Agency’s Acid Rain Advisory Committee and is past president of the International Society for Institutional Economics. He has been elected as a fellow of the Econometric Society, the American Academy of Arts and Sciences, and the Industrial Organization Society. He is also director of Exelon Corporation and TransCanada Corporation and a trustee of the Putnam Mutual Funds.

“Paul Joskow brings to the Corporation first-hand knowledge of the important issues now facing institutions of higher education,” said Levin. “His expertise in the area of energy and environmental economics in particular will also prove invaluable as we continue to expand Yale’s efforts to become a ‘greener’ campus.”

Douglas A. Warner III

During his 33-year career in banking and financial services, Warner rose to be chair of J.P. Morgan Chase & Co., one of the largest financial services institutions in the country. Since 1998 he has been chair of the board of Memorial Sloan-Kettering Cancer Center, which is one of the world’s leading centers for cancer research and patient care impacting cancer treatment and the biomedical research agenda around the world.

Warner joined J.P. Morgan directly after graduating from Yale. He started as an officer’s assistant and quickly advanced through the ranks. He was transferred to London in 1983 as a senior vice president. After returning to New York as an executive vice president in 1987, he became head of corporate finance for the Americas and, shortly thereafter, worldwide corporate finance. In 1990, he was named president and a director; five years later, he became the youngest chief executive officer (CEO) in J.P. Morgan’s history. He served as chair and CEO until Dec. 31, 2000, when J.P. Morgan merged with Chase Manhattan. He was elected chair of the board of the combined enterprise until his retirement in 2001.

At Yale, he has been a non-trustee member of two Yale Corporation Committees — serving on the Investments Committee since 2001 and on the Medical School Ad Hoc Committee from 2001-2007.

He has provided leadership to a number of other organizations focused on business and finance policy. He served as president of the International Monetary Conference and of the Federal Reserve Board’s Federal Advisory Council. He is a director of Motorola, Anheuser-Busch and General Electric, where he chairs the Audit Committee. He serves on the Board of Counselors of the Bechtel Group and is a senior adviser at Carlyle Group L.P.

“Sandy Warner will bring the valuable perspective of the world of banking and finance to the Corporation,” said Levin. “His experience from his active chairmanship at Sloan-Kettering also will be an asset as the University moves forward on initiatives involving the Yale School of Medicine.”

The Yale Corporation is the senior policy-making body for Yale University. The Corporation has 19 members: the president of the University; 10 successor trustees, who elect their own successors for up to two six-year terms; six alumni fellows, who are elected by the alumni for staggered six-year terms; and the governor and lieutenant governor of the State of Connecticut, who are ex officio members.

As the successor to outgoing Yale trustees Charles Ellis and Gerhard Casper, the new trustees will join a Yale Corporation "team" that includes (top row, from left) G. Leonard Baker Jr., Edward Bass, Roland Betts, Jeffrey Bewkes, Donna Dubinsky, Mimi Gardner Gates, Jeffrey Koplan, (bottom row, from left) Maya Lin, Margaret Marshall, William Miller, Indra Nooyi, Barrington Parker, Margaret Warner and Fareed Zakaria.

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