LANSING, Mich. - The Financial Advisory Board (FAB), required under the Financial Stability Agreement between the state and the city of Detroit, has begun to take shape. Gov. Rick Snyder, state Treasurer Andy Dillon and Detroit Mayor Dave Bing today named the first three appointees to the FAB.
Former state Treasurer Robert Bowman, currently president and CEO of Major League Baseball Advanced Media LP, is the joint appointee of Snyder and Bing. Darrell Burks, currently a senior partner at PricewaterhouseCoopers, will be one of three individuals appointed by Gov. Snyder, and Ken Whipple, chairman of the board of Korn/Ferry International, is Treasurer Dillon's appointee to the FAB.
"I am pleased that we have been able to call on such uniquely talented individuals in making these initial appointments," said Snyder. "The Financial Advisory Board will play a critical role in guiding the reinvention of Detroit. Each of these appointees is committed to the future of the city and our state, and I thank each of them for their willingness to step forward and serve."
"These are important appointments which set the tone for the caliber of people and the type of collaboration that is essential to the transformation of Detroit," said Mayor Bing. "My administration looks forward to working closely with these talented executives and the other members who will be appointed to the advisory board."
Bowman served as State Treasurer from 1983-1990. In that role, he oversaw State pension funds, which nearly tripled in value, and the state's credit rating which was upgraded five times during his tenure. Since 2003, he has served as President of the Michigan Education Trust, the nation's first prepaid college tuition program. Bowman joined Major League Baseball Advanced Media LP, the internet and technology arm of MLB in 2000, as president and CEO, a position he holds today. Bowman and his wife, Lisa, spend summers and vote in Harbor Springs, where they have owned a home since 1989. Bowman graduated from Harvard in 1977 and received his Master's in Business Administration from The Wharton School in 1979. The joint appointment will be submitted to City Council for confirmation.
Burks, of Franklin, joined PricewaterhouseCoopers in 1978 and transferred to its Detroit offices in 1986. Burks became a partner with PwC in 1992 and has delivered a full range of audit and business advisory services to clients in various business sectors, including government. Burks, a Certified Public Accountant, is a specialist in business risk and internal control matters. Burks holds a bachelor's degree from the Indiana University.
Whipple, of Bloomfield Hills, is chairman of the board of Korn/Ferry International, the world's largest executive search firm. Before joining Korn/Ferry, Whipple was chairman of the board for CMS Energy after having served as CEO of CMS and Consumers Energy. Whipple retired from Ford Motor Co. in 1999 following a 40-year career with the automaker. Whipple holds a bachelor's degree from the Massachusetts Institute of Technology.
"Given the roles and responsibilities of the Financial Advisory Board, as outlined in the agreement, it is important to have financial and program expertise from a variety of business sectors," said Dillon. "Bob Bowman, Darrell Burks, and Ken Whipple provide an exceptional base for the eventual makeup of the advisory board."
The Financial Stability Agreement requires FAB members to have at least 10 years of experience with sophisticated municipal financial transactions, complex, multidimensional governmental restructurings, governmental labor relations, health care benefits or pension matters, or local government management. Appointees have also had their qualifications confirmed by the Michigan Association of Certified Public Accountants or the Michigan Government Finance Officers Association.
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