May 11, 2005
Richard G. Darman Elected as HHMI Trustee
Richard G. Darman, a financial executive with a distinguished career in public service, has been elected a Trustee of the Howard Hughes Medical Institute, a medical research organization dedicated to the discovery and dissemination of new knowledge in the life sciences.
Darman, 62, is a partner of The Carlyle Group, a global private equity firm, and chairman of the board of AES Corp., an international power company. He will succeed Alexander G. Bearn, M.D., who announced his decision to retire after serving 18 years as an HHMI Trustee.
Throughout his tenure in the federal government, Darman played key roles in the development of tax, spending, and economic policy. 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's service was recognized by 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 1989-93 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 is also a trustee of several publicly traded mutual fund groups. He is vice chairman and chairman-designate 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 has written widely about public policy and politics.
The Howard Hughes Medical Institute is dedicated to discovering and disseminating new knowledge in the basic life sciences. HHMI grounds its research programs on the conviction that scientists of exceptional talent and imagination will make fundamental contributions of lasting scientific value and benefit to mankind when given the resources, time, and freedom to pursue challenging questions. The Institute prizes intellectual daring and seeks to preserve the autonomy of its scientists as they pursue their research.
A nonprofit medical research organization, HHMI was established in 1953 by the aviator-industrialist. The Institute, headquartered in Chevy Chase, Maryland, is one of the largest philanthropies in the world with an endowment of $12.8 billion at the close of its 2004 fiscal year. HHMI spent $573 million in support of biomedical research and $80 million for support of a variety of science education and other grants programs in fiscal 2004.