John Koskinen has been appointed to serve as non-executive chairman of Freddie Mac. Koskinen is a current director of American Capital, and the former CEO of The Palmieri Co.
American Capital, Ltd. (Nasdaq: ACAS) announced today that its Director John A. Koskinen has been appointed to serve as the non-executive Chairman of Freddie Mac, the mortgage finance firm recently placed into conservatorship by the federal government. Mr. Koskinen intends to remain on American Capital’s Board, which he joined in 2007.
“Freddie Mac stands to benefit from John’s outstanding experience in complex management environments,” said Malon Wilkus, Chairman and CEO, American Capital. “I wish John great success in his new role and am very appreciative that he will continue with American Capital.”
Mr. Koskinen, former Chairman of the Board of Trustees of Duke University, was also Chief Executive of The Palmieri Company, which restructured large, troubled operating companies. During Mr. Koskinen’s 21 years with Palmieri, he helped reorganize the Penn Central Transportation Co.; Levitt and Sons, Inc.; the Teamsters Pension Fund and Mutual Benefit Life Insurance Co. Following Palmieri, Mr. Koskinen served on the White House staff and in the District of Columbia government. Mr. Koskinen recently stepped down as President of the United States Soccer Foundation but continues to serve as a Director of the AES Corporation, one of the world’s largest global power companies, since 2004.
While Mr. Koskinen will remain on the American Capital Board, he will not participate in any American Capital investments involving Freddie Mac securities, including its affiliate American Capital Agency Corp. (Nasdaq: AGNC).
ABOUT AMERICAN CAPITAL
American Capital, with $20 billion in capital resources under management(1), is the only private equity fund and the largest alternative asset management company in the S&P 500. American Capital, both directly and through its global asset management business, originates, underwrites and manages investments in private equity, leveraged finance, real estate and structured products. American Capital and its affiliates invest from $5 million to $800 million per company in North America and euro 5 million to euro 500 million per company in Europe. American Capital was founded in 1986 and currently has 12 offices in the U.S. and Europe.
As of August 31, 2008, American Capital shareholders have enjoyed a total return of 292% since the Company’s IPO — an annualized return of 13%, assuming reinvestment of dividends. American Capital has paid a total of $2.5 billion in dividends and paid or declared $29.25 dividends per share since going public in August 1997 at $15 per share.
Companies interested in learning more about American Capital’s flexible financing should contact Mark Opel, Senior Vice President, Business Development, at (800) 248-9340, or visit http://www.AmericanCapital.com or http://www.EuropeanCapital.com.