Banking

Ex-TIAA CEO Roger Ferguson joins the board of fintech Klarna

Less than a month after retiring as president and CEO at TIAA, Roger Ferguson Jr. is adding a new title to his resume: board director at the Swedish fintech Klarna.

Ferguson, a former vice chairman of the Federal Reserve Board, is the latest of several new appointees to the board of the Stockholm-based company, which is enjoying rapid growth in the United States. He will bring experience in economics, finance and policy to the firm’s board, CEO Sebastian Siemiątkowski said in a press release.

“His global perspective and expertise will be of immense value to Klarna at a time when the business is gaining such strong momentum, especially in the United States,” Siemiątkowski said.

Former Fed Vice Chair Roger Ferguson is joining the board of the Swedish fintech Klarna, which has been growing rapidly in the United States.

Bloomberg News

Ferguson’s appointment still needs approval from the Swedish Financial Supervisory Authority. If approved, Ferguson will succeed Andrew Young, a California-based principal at Permira Advisers.

Klarna, which operates a buy now/pay later platform that allows consumers to pay for purchases in interest-free installments, works with several of the top 100 U.S. retailers. During the fourth quarter, it reported gaining more than 1 million U.S. new customers per month.

Earlier this year, Klarna raised $1 billion and saw its valuation skyrocket to $31 billion. In February, it further diversified its business model by launching a bank account in Germany.

Ferguson is the fourth new appointee to the Klarna board in the past five months. Omid Kordestani, the former executive chairman of Twitter, and Sarah Smith, a former chief compliance officer at Goldman Sachs, both joined the board in December.

Also in December, Klarna board member Michael Moritz, a partner at the venture capital firm Sequoia Capital, was appointed chairman. Sequoia Capital is a principal shareholder and early backer of the company.

Ferguson served on the Federal Reserve Board from 1997 to 2006. He left TIAA on May 1 when Thasunda Brown Duckett, the former CEO of consumer banking at JPMorgan Chase, took over as CEO.


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