Harvard University has tapped two high-profile business magnates to join the ranks of its governing board, the Harvard Corporation, as reported by the Harvard Gazette. Kenneth C. Frazier, the former CEO of pharmaceutical powerhouse Merck & Co., and Joseph Y. Bae, the co-CEO of global investment behemoth KKR, are set to bring their extensive experience to one of the most prestigious educational institutions in the world.
Fulfilling an existing vacancy, Frazier is scheduled to start his tenure on February 7. In a University announcement, Frazier expressed his commitment to the university’s mission, stating, “Academic excellence and academic freedom lie at the heart of Harvard’s essential mission of teaching, learning, and scholarship. So does creating a climate for honest, good-faith, respectful discourse on difficult issues, in a spirit of open-mindedness, empathy, and understanding,” He is renowned for his advocacy for economic inclusion and opportunity, as well as a notable leader in the legal arena. Besides his industrial accomplishments, Frazier is also credited with co-founding OneTen, a non-profit coalition aimed at increasing employment prospects for Black Americans without four-year degrees.
Bae is set to assume his new position on July 1, succeeding the outgoing Paul J. Finnegan. Bae, a Harvard alumnus who has wielded significant influence in Harvard's alumni circles, brings to the table an extensive background in finance, institutional governance, and cultural affairs. He has been instrumental in KKR's expansion in Asia and has held positions on the boards of esteemed institutions such as the Lincoln Center for the Performing Arts and The Asian American Foundation.
Alan M. Garber, Harvard's Interim President, and Penny Pritzker, Senior Fellow, jointly welcomed the appointments. In their message to the Harvard community, they conveyed their enthusiasm, stating, “Our work is sure to benefit from their leadership qualities, their wide-ranging expertise and experience, and their devotion to higher education and Harvard.”
The Harvard Corporation, also known as the President and Fellows of Harvard College, was established in 1650 and stands as the oldest corporation in the Western Hemisphere. It operates alongside the Board of Overseers, its sister governing board, to steer the university's course on a multitude of fronts, from financial strategies to academic endeavors.
