Business

Very Busy Wilbur Ross Resigning From Several Boards

Billionaire Wilbur Ross has used his private equity firm to buy up and turnaround dozens of companies, especially in the steel and manufacturing industries. Ross is famous for his high energy and hands-on approach to deals and management of his target firms, and he serves as a director or chairman on almost 20 corporate and charitable boards.

Wilbur Ross

Ross leaving some bank boards after becoming director at Bank of Cyprus

Late last year, Wilbur Ross joined the new Bank of Cyprus board to help the bank complete a turnaround after the country was hammered in the Greek debt crisis. Of note, his firm WL Ross & Co. LLC has a 19% stake in BOC.

Ross said then that because of new European rules that limit the number of directorships of bank officers that he had decided ot resign from the BoDs of firms including Assured Guaranty Ltd., International Automotive Components Group, International Textile Group Inc., NBNK Ltd., Navigator Holdings Ltd., Talmer Bancorp Inc. and troubled Ocwen Financial Corp.

Wilbur Ross sitting on 17 boards

That said, based on data from research firm BoardEx, Ross is still a member of at least five public company boards: ArcelorMittal SA, the world largest steel company, the Bank of Cyprus, Exco Resources Inc., Sun National Bank and a special purpose acquisition company for WL Ross Holding Corp.

Moreover, he also is executive director/supervisory director at private Diamond Shipping Co. Ltd., a tanker firm where he is a major stakeholder and the non-executive chairman.

Wilbur Ross is also a member of the investment committee for activist investor The Taiyo Fund LP, a joint venture between WL Ross, the California Public Employees’ Retirement System and Japanese investors. BoardEx also notes he is a trustee at the Brookings Institution, the Palm Beach Civic Association, and the board of the Yale School of Management (his alma mater) as well as a number of other other non-profit organizations. In total, Ross is currently serving on 17 boards, committees and clubs. Of note, that figure is down by at least a third from a few years ago.