NEW YORK, Oct. 19 /PRNewswire-FirstCall/ -- John W. Snow, the 73rd
Secretary of the Treasury of the United States of America, has been
appointed Chairman of Cerberus Capital Management, L.P. Prior to becoming
Secretary of the Treasury in February 2003, Secretary Snow was Chairman and
Chief Executive Officer of CSX Corporation.
"It's an honor to have a person of Secretary Snow's stature join the
Cerberus team," said Stephen Feinberg, CEO of Cerberus Capital. "Secretary
Snow has worked tirelessly, traveling the globe, to build a consensus on
global economic issues. We will benefit enormously from his vast experience
in business operations as well as his keen insights to economic trends and
Mr. Snow also held several high-ranking positions in the Department of
Transportation during the Ford Administration. Additionally, Mr. Snow
served as Chairman of the Business Roundtable, comprised of 250 CEO's of
the nation's largest companies. He has served on various corporate and
non-profit boards, including Johnson & Johnson, USX, Verizon, the
University of Virginia Darden School, and Johns Hopkins University.
Mr. Snow holds a Master's Degree from Johns Hopkins University and a
Ph.D. in Economics from the University of Virginia, a J.D. from George
Washington University, a B.A. from the University of Toledo and numerous
honorary degrees. He has also served on the faculty of several academic
Established in 1992, Cerberus Capital Management, L.P. is one of the
world's leading private investment firms with $16.5 billion under
management in funds and accounts. Through its team of more than 275
investment and operations professionals, Cerberus specializes in providing
both financial resources and operational expertise to help transform
undervalued companies into industry leaders for long-term success and value
creation. Cerberus is headquartered in New York City, with offices in
Chicago, Los Angeles, and Atlanta, as well as advisory offices in London,
Baarn, Frankfurt, Tokyo, Osaka and Taipei. More information on Cerberus can
be found at www.cerberuscapital.com.
SOURCE Cerberus Capital Management, L.P.