Former Treasury Secretary John Snow has been named chairman of Cerberus Capital Management, L.P.
The firm manages $16.5 billion in private equity funds and other, related accounts. Its portfolio companies currently generate roughly $45 billion in annual revenues.
Snow has extensive experience in private industry. Before becoming treasury secretary in February 2003, he was chairman and chief executive officer of CSX Corp.
“It’s an honor to have a person of Secretary Snow’s stature join the Cerberus team,” said Stephen Feinberg, CEO of Cerberus Capital, in a statement. “We will benefit enormously from his vast experience in business operations as well as his keen insights to economic trends and forces.”
Snow served as chairman of the Business Roundtable, composed of 250 large-company CEOs. He has also served on various corporate and nonprofit boards, including Johnson & Johnson, USX, Verizon, the University of Virginia Darden School, and Johns Hopkins University.
He also held several high-ranking positions in the Department of Transportation during the Ford administration.
Snow resigned as treasury secretary in May, and President Bush tapped Henry Paulson, former Goldman Sachs CEO, to replace him.