Thrift Board chairman to leave June 30
- By Lia Russell
- Jun 23, 2020
Embattled Federal Retirement Thrift Investment Board Chairman Michael Kennedy announced his last day on the job would be June 30.
Kennedy's exit follows a turbulent period in which Labor Secretary Eugene Scalia, after a directive from the White House, ordered the Board to immediately stop plans to shift one of its funds to a global index investing in Chinese firms linked to that nation's military and government.
FRTIB is in charge of the Thrift Savings Plan investments which currently have more than $610 billion in federal employee and retiree funds under management.
At the June 22 monthly Board meeting, Kennedy said that current board member David A. Jones would succeed him as acting chairman until the Senate confirmed the president's nominees to replace him and two of his fellow Board members.
Jones is also set to depart the board, which is being completely remade with President Donald Trump's appointees.
Frank Dunleavy, counselor to the CEO of U.S. International Development Finance Corporation, was nominated to replace Kennedy. Christopher Bancroft Burnham, chairman and CEO of Cambridge Global Capital, was tapped to replace Ronald David McCray. John M. Barger, managing director of Norcross Partners, is poised to take the slot currently occupied by David Jones. Kennedy's resignation was first announced June 5.