Darman was a partner of The Carlyle Group, a global private equity firm, and chairman of the board of AES Corp., an international power company. He became an HHMI Trustee in 2005, served as chairman of the Institute's Audit and Compensation Committee, and was also a member of its Finance Committee.

Throughout his tenure in the federal government, Darman played key roles in the development of tax, spending, and economic policies. He served four presidents, holding positions in the White House, the Office of Management and Budget (OMB), and six cabinet departments.

As deputy treasury secretary during the Reagan Administration, Darman was recognized with the Treasury's highest award, the Alexander Hamilton medal, for his contributions to the 1986 Tax Reform Act and two international monetary policy accords. Darman subsequently served as director of OMB in the administration of President George H.W. Bush from 1989 to 1993 and was the principal executive branch negotiator for the 1990 budget agreement.

Darman joined The Carlyle Group in 1993. He became a member of the AES board in 2002 and was elected chairman in 2003. Darman was also a trustee of several publicly traded mutual fund groups and was the current chairman of the board of the Smithsonian National Museum of American History.

Darman graduated with honors from Harvard College in 1964 and from the Harvard Business School in 1967. A former fellow of the Woodrow Wilson International Center for Scholars, he wrote widely about public policy and politics. He is survived by his wife, Kathleen Emmet, and three sons, William T.E. Darman, Jonathan W.E. Darman, and C.T. Emmet Darman.