Billionaire Wilbur Ross has been forced to cut back on his extra-curricular board activities.
The 77-year-old Ross joined the new Bank of Cyprus board in late 2014 to help the bank navigate the Greek debt crisis, reports ValueWalk. Needless to say, it’s kept Ross pretty busy.
Ross’s private equity firm WL Ross & Co. has bought and turned around dozens of companies, leaving Ross to serve as director or chairman on a number of boards. Because new European rules are limited the number of directorships bank officers can hold, Ross has announced he’ll be stepping down from at least seven of the 17 boards he currently sits on. He’ll likely remain a member of at least five private company boards, including the Bank of Cyprus and WL Ross Holding’s special purpose acquisition company.
Ross already whittled down his positions across boards, committees, and clubs by a third from a few years ago. Being a septuagenarian must be slowing him down.
Photo: Invesco.