PBGC Names Schneider Chief Negotiator
FOR IMMEDIATE RELEASE
July 28, 1998
The Pension Benefit Guaranty Corporation (PBGC) today announced the appointment of Andrea E. Schneider as Chief Negotiator for the federal pension insurance corporation. Ms. Schneider was elevated to her new position, reporting directly to Executive Director David M. Strauss, after serving for seven years as Director of PBGC's Corporate Finance and Negotiations Department.
"Because of Andrea's outstanding background and exemplary leadership, PBGC will work effectively with companies in protecting workers' pensions when major business change occurs," said Mr. Strauss.
Ms. Schneider has been acting Chief Negotiator since April 1998, when Ellen A. (Nell) Hennessy, the former Chief Negotiator, resigned from the agency to resume private practice. Ms. Schneider joined the agency as Department Director in 1991 and retains that position.
As head of the Corporate Finance and Negotiations Department, Ms. Schneider directs PBGC's Early Warning Program which identifies corporate transactions that require additional funding contributions or security for underfunded pensions. Under her leadership, the program received a National Performance Review reinvention award in 1995 and the Harvard University John F. Kennedy School of Government's Excellence in Government Award in 1995.
Before joining PBGC, Ms. Schneider was Vice President of the Investment Banking Division of Merrill Lynch & Co. In that role, she advised major corporations on finance and capital markets, including financial restructuring and business valuations, and raising capital on a global basis. Previously Ms. Schneider was a consultant for Bain & Co., a Boston-based management consulting firm.
Ms. Schneider, 40, holds an MBA from Stanford University Graduate School of Business, an M.S. degree in Operations Research from George Washington University and a B.S. degree from Brown University. A native of St. Paul, Minn., she resides in McLean, Va. with her husband William H. Thoms.
PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits earned by some 42 million American workers and retirees participating in about 45,000 private-sector defined benefit pension plans. The agency receives no funds from general tax revenues. Operations are financed largely by insurance premiums paid by companies that sponsor pension plans and investment returns.
— ### —
PBGC No. 98-38