Jefferies Financial Group unveils Board changes

Jefferies Financial Group Inc (NYSE:JEF) has unveiled changes to its Board of Directors.

The company announces the appointment of Thomas W. Jones to its Board of Directors effective March 28, 2022.

Mr Jones is the Founder and Senior Partner of venture capital investment firm TWJ Capital LLC since 2005. He previously was Chief Executive Officer of Global Investment Management at Citigroup from 1997 to 2005.

Prior to Citigroup, Mr. Jones was Vice Chairman, President and Chief Operating Officer at TIAA-CREF from 1993 to 1997, and Executive Vice President and Chief Financial Officer at TIAA-CREF from 1989 to 1993. From 1982 to 1989, Mr. Jones was Senior Vice President and Treasurer, and held other senior positions, at John Hancock Life Insurance Company.

Mr Jones began his career in management consulting at Arthur Young & Company (predecessor firm to Ernst & Young) in 1973.

Mr Jones commented on his appointment:

“I am excited to join the Jefferies Board. I have studied Jefferies and am impressed not only with its growth story over the past twenty years but also with the way it has performed recently as the Board’s and management’s shared strategy have resulted in back-to-back record years. I was honored to be asked to join the Board and eagerly accepted the opportunity. I’m very much looking forward to working with my fellow Board members and Rich and Brian.”

Jefferies also announced that, after almost nine years as a member of the Jefferies Board of Directors, including the last two as its Lead Director and the Chairperson of Jefferies’ Nominating and Corporate Governance Committee, as well as being a member of the Audit and ESG/DEI Committees, Frank Borges has announced that he will not be standing for re-election to the Board. In mid-2021, Ares Management Corporation (“Ares”) acquired Landmark Partners, of which Mr. Borges was the Managing Partner, and Mr. Borges has decided that, given his responsibilities as Co-Head of Secondaries at Ares, it is prudent to step down as a Director, effective March 28, 2022.

Mr. Borges stated:

“I have gained much during my time on the Jefferies Board. Working with my esteemed fellow directors and with Rich, Brian and the rest of the Jefferies team has been both an honor and a pleasure. While I am sorry that my other obligations are leading me in a different direction, I could not be more pleased with where Jefferies is as I depart in terms of its performance and in terms of the impressive strides Jefferies has made on governance and on diversity and inclusion. I am very optimistic about Jefferies’ future and look forward to great things for the company.”

In addition, Jefferies announced that, effective March 28, 2022, Linda Adamany will become the Lead Independent Director of the Board. Ms. Adamany has served on the Board since 2014 and is currently the Chairperson of the Board’s Risk and Liquidity Oversight Committee and a member of the Audit, Nominating and Corporate Governance, and ESG/DEI Committees.

Ms. Adamany said:

“I am honored and humbled to be asked to succeed Frank, who has done a spectacular job as Jefferies’ Lead Director. I am eager to take on that role and to work with Rich and Brian and my fellow Board members as we move into 2022.”