Former HHS Secretary Sylvia Burwell, Blackstone CFO Michael Chae to Join Harvard Corporation

Former U.S. Secretary of Health and Human Services Sylvia M. Burwell ’87 and Blackstone chief financial officer Michael S. Chae ’90 will join the Harvard Corporation this year, the University announced Tuesday.

Burwell and Chae will replace current Corporation members Kenneth I. Chenault and Karen Gordon Mills, whose terms expire at the end of June. The appointments, made Monday following a vote of the Corporation and the approval of the Board of Overseers, carry six-year terms with the possibility of renewal on the 13-member governing body.

Both will begin their service on July 1, filling two of three vacancies created by Chenault and Mills’ departures and the earlier exit of former member Biddy Martin.

Burwell, who currently serves as president of the Board of Overseers, will step down from that role when her tenure ends in May, leaving three years remaining on her elected Overseer term.

Harvard President Alan M. Garber ’76 and Corporation Senior Fellow Penny S. Pritzker ’81 praised both appointees’ leadership and experience in a Tuesday press release.

“Sylvia is known for her integrity, thoughtfulness, and data-informed decision-making, as well as her ability to engage constructively with stakeholders across political and ideological lines,” they wrote.

They pointed to Chae’s extensive background in finance and governance, adding that he is “an expert in the management of complex financial institutions with deep knowledge of corporate governance” who is “widely respected for his collegiality, humility, and rigor.”

Burwell brings a broad record of leadership across government, higher education, and philanthropy. In addition to serving as HHS Secretary from 2014 to 2017, she led the Office of Management and Budget and most recently served as president of American University — the first woman to hold the role — where she also oversaw a University-wide strategic plan and guided the institution through the Covid-19 pandemic.

A Harvard College graduate and Rhodes Scholar, Burwell has also held senior roles at the Bill & Melinda Gates Foundation and the Walmart Foundation.

“I humbly look forward to working with my colleagues to support President Garber, the faculty, and the staff in delivering on that core mission with excellence and with the values of free inquiry, viewpoint diversity, academic exploration, and respect and belonging for all members of our community,” Burwell said in the Tuesday release.

Chae, vice chairman and chief financial officer at Blackstone, has spent nearly three decades at the firm, helping guide its expansion into the world’s largest alternative asset manager. He previously held senior leadership roles in Blackstone’s private equity business, including overseeing international and Asia-Pacific investments.

A Harvard College graduate, Chae also earned degrees from Cambridge University and Yale Law School. He currently serves on the board of the Harvard Management Company and has supported financial aid and academic initiatives across Harvard.

“I am honored to serve an institution that means so much to me, at a time when it faces both historic challenges and opportunities,” Chae wrote. “Harvard’s mission of excellence in learning and research has never been more vital, as is the importance of fostering and protecting a culture of academic freedom and intellectual diversity.”

Chae also serves on several public-interest boards, including the Robin Hood Foundation, a New York-based anti-poverty organization, and as a member of the Council on Foreign Relations. With his wife, Chae founded the Chae Initiative in Private Sector Leadership at Yale Law School.

—Staff writer Hugo C. Chiasson can be reached at [email protected] or on Signal at hcc.35. Follow him on X @HugoChiassonn.