Professor Brimmer Resigns Business School Post To Establish Consulting Firm in Washington, D.C.

Andrew F. Brimmer, Ford Visiting Professor of Business Administration and one of the nation's top economists, last week submitted his resignation from his Harvard Business School post effective June 30, 1976.

Brimmer, a former member of the Federal Reserve Board and a former director of the Du Pont Company, was appointed to the position in 1974 and was to remain until June 30, 1977. But in a statement issued last week, Brimmer said he was leaving to establish an economic and financial consulting firm in Washington, D.C., as an "outgrowth" of some of his outside activities.

Brimmer could not be reached for comment yesterday.

Brimmer teaches a money and banking course at the Business School, and was a guest lecturer in Economics 10 this year.

Lawrence E. Fouraker, Dean of the Business School, said yesterday that he regretted the loss of Brimmer.

"It was his (Brimmer's) decision. We at the Business School would rejoice if he were to decide to stay on. He is an enormously talented man," Fouraker said.

Otto Eckstein, Warburg Professor of Economics, said of Brimmer yesterday, "It should be no surprise that Brimmer is leaving. There are many places in need of his services. He is a brilliant individual and is really in great demand all over the country."

Barrier

Brimmer had been dealing with the demand for his consulting services on a part-time basis following his resignation from the Federal Reserve Board in August, 1974. Under the Federal Reserve Act, a member of the board who resigns before the expiration of the appointed term must wait two years before he or she can perform consultation duties connected with member banks and other financial institutions.

On September 1 of this year Brimmer will be free of that obligation, and in his statement he said that he would pursue consultation as part of his firm's activities.

The firm will specialize in consultation for financial institutions in addition to serving as a senior management search service and a foreign business counseling center.

Background

After serving in the army during World War II, Brimmer entered the University of Washington intent on a career in journalism, but later found economics more to his liking and switched fields. He won a Fulbright Fellowship to India in 1951, deferring admission to Berkeley and Harvard graduate schools, and on returning to the United States he entered Harvard Business School and received his Ph.D. in 1957.

He proceeded to establish himself as an expert in the field of international finance, and later became the first black man to serve as a member of the Federal Reserve Board.

In his statement Brimmer added that although he was leaving the academic community for now, he would continue to accept invitations to lecture at colleges and universities and perform public service oriented work.