BlackRock's Murry Gerber Seeks to Remain as Independent Board Director for Another Year

By Sabela Ojea

BlackRock said longtime lead independent director Murry Gerber has decided not to retire in May, as originally planned.

The world's largest money manager with $10 trillion in assets on Thursday said that Gerber, who has served on the board since 2000 and acted as lead independent director since 2017, will stand for reelection at its upcoming annual general meeting.

Gerber would remain in the position for an additional year during the close and initial integration of BlackRock's acquisition of Global Infrastructure Partners for $12.5 billion in cash and stock, the company said. New York-based GIP owns and operates energy, transportation, and water and waste companies, including a stake in London's Gatwick Airport.

Gerber won't stand for re-election in 2025.

In November, BlackRock said it had started a search to identify Gerber's successor, who was expected to assume the position in May.

BlackRock's 17-member board includes internal names such as co-founder and Chief Executive Larry Fink, and external names including Verizon Communications CEO Hans Vestberg, Estée Lauder CEO Fabrizio Freda, and Cisco Systems CEO Chuck Robbins.

Write to Sabela Ojea at [e-mail]

(END) Dow Jones Newswires

03-28-24 1827ET