Ex-Clinton Official Joins Lloyd's Management

Ex-Clinton Official Joins Lloyd's Management

NU Online News Service, March 8, 10:09 a.m. EST?Philip Lader, former U.S. ambassador to the United Kingdom, will join Lloyd's of London's governing council, Lloyd's announced.[@@]

Mr. Lader, who served as Clinton Administration U.S. ambassador to the U.K. from 1997 to 2001, is currently non-executive chairman of global advertising/communications services firm WPP Group plc. He also serves on the boards of several other global enterprises, including Marathon Oil, RAND and AES corporations. He is a senior advisor to Morgan Stanley.

Mr. Lader also was a member of President Clinton's cabinet as administrator of the U.S. Small Business Administration and previously was White House deputy chief of staff and assistant to the president.

As deputy director for management of the Office of Management and Budget, he focused on major financial management and procurement reforms and significant reductions in the government workforce.

Lloyd's chairman, Lord Peter Levene, said Mr. Lader's "track record in shaping the strategic development of successful global enterprises will be invaluable to Lloyd's as we move forward both domestically and in key international markets.

"Ambassador Lader's intimate knowledge of U.S. Government affairs and geo-politics will be of particular value to Lloyd's, given that 38 percent of our income derives from the U.S. and that we are actively pursuing a number of policy issues in the U.S. and elsewhere. I very much look forward to working with him."

Mr. Lader joins the Council of Lloyd's as a nominated member. Under Lloyd's Act 1982, the Council has responsibility for the management and superintendence of the affairs of the Society and the power to regulate and direct the business of insurance of Lloyd's. All appointments to the Council are subject to Financial Services Authority approval.

The Council has six working, six external and six nominated members. The appointment of nominated members, including that of the chief executive officer, is confirmed by the governor of the Bank of England. The working and external members are elected by Lloyd's members. The chairman and deputy chairmen are elected annually by the Council from among the working members of the Council.

Before entering government service, Mr. Lader was executive vice president at the late Sir James Goldsmith's U.S. holding company and president of the Sea Pines Company community developer.