Why America’s Top CEOs Are Sitting on University Boards

The most influential figures at America’s largest corporations don’t just gather in company boardrooms; many also sit at university trustee tables, where Fortune 500 CEOs and Wall Street financiers help govern some of the country’s most prestigious academic institutions. These leaders, including Microsoft CEO Satya Nadella at the University of Chicago, General Motors CEO Mary Barra at Duke and financier Jim Coulter at Stanford, serve without direct compensation. They help lead fundraising, offer strategic advice and even shape universities’ long-term visions.

“This type of participation stands at the intersection of legitimacy enhancement, corporate social responsibility and old-fashioned ego-boosting,” Ethan Ris, chair of the Department of Educational Studies at the University of Nevada, Reno, told Observer. “When a corporation can brag that its leaders serve on university boards, that labels it as both brains-adjacent and service-oriented, since most universities are nonprofits and trustees don’t get paid.”

University board memberships benefit elite interests on both sides. “The businesses get legitimacy, and the universities get direct access to rich people and rich companies that can steer big gifts and contracts,” Ris added. For many companies, universities also often serve as pipelines for talent.

Most corporate leaders, however, do not join university boards solely to generate business opportunities, according to Corey Feinstein, a higher-education consultant. They have personal motivations, too, like a university’s mission, “or because it somehow shaped their own lives,” Feinstein, a former U.S. diplomat and external advisor to multiple University of California presidents, told Observer.

Here are notable Fortune 500 leaders and major investors serving on university boards.

Satya Nadella, CEO of Microsoft: University of Chicago

Years served: 8
Alma mater: Manipal Institute of Technology in India; University of Wisconsin-Milwaukee (Master’s); University of Chicago (MBA)

Satya Nadella began his initial five-year term on the University of Chicago’s board of trustees in 2018. He was reelected to a second term set to end in 2028. Nadella previously served as chairman of The Business Council, a Washington, D.C.-based association of Fortune 500 CEOs.

Nadella became Microsoft’s CEO in 2014 after joining the company in 1992. Before taking the top job, he helped lead Microsoft’s shift toward cloud computing, increasing cloud-services revenue from $16.6 billion when he assumed leadership of the division in 2011 to $20.3 billion by 2013.

Jim Coulter, co-founder of TPG: Stanford University

Years served: 5
Alma mater: Dartmouth College; Stanford University (MBA)

Jim Coulter was elected to a five-year term on Stanford’s board of trustees in 2021 and faces reelection later this year. Coulter previously served as a Dartmouth College trustee from 2011 to 2019.

Coulter founded TPG in 1992. He served as co-CEO alongside Jon Winkelried from 2014 to 2021, before transitioning to executive chair and leading TPG’s climate investing efforts.

Mary Barra, CEO of GM: Duke University

Years served: 6
Alma mater: Kettering University (formerly the General Motors Institute); Stanford University (MBA)

Mary Barra began a six-year term on Duke University’s board of trustees in 2020. She currently serves as board vice chair and as a member of the executive committee. Barra was reelected this year, and her current term runs through 2032.

Barra previously chaired the Duke Parents Committee from 2018 to 2020 alongside her husband, Tony Barra. Their children, Rachel Barra and Nicholas Barra, both graduated from Duke.

Barra, 64, has worked at GM for her entire 46-year career, beginning as a working student at the Pontiac Motor Division in 1980. She became CEO in 2014, after serving as executive vice president of global product development.

Tim Cook, CEO of Apple: Duke University

Years served: 11
Alma mater: Auburn University; Duke University (MBA)

Tim Cook joined Duke University’s board of trustees in 2015. The board initially elected him to a six-year term, and he has since been reelected to serve through at least 2027.

In 2018, Cook delivered Duke’s commencement address. When he earned his MBA from Duke in 1988, he was named a Fuqua Scholar, an honor recognizing top academic achievement at the Fuqua School of Business.

José Feliciano, co-founder of Clearlake Capital: Stanford University

Years served: 5
Alma mater: Princeton University; Stanford University (MBA)

Billionaire investor José Feliciano joined Stanford University’s board of trustees in 2021 for a five-year term. Feliciano graduated from Stanford in 1999 and co-founded private equity firm Clearlake Capital in 2006.

Clearlake manages more than $90 billion in assets. In 2022, Feliciano and billionaire investor Todd Boehly bought English soccer club Chelsea FC for $2.15 billion.

Feliciano has also contributed matching donations during Stanford’s Day of Giving campaigns, helping drive collective fundraising totals into the millions.

Bennett Golub, co-founder of BlackRock: MIT

Years served: 2
Alma mater: MIT

Bennett Golub joined the MIT Corporation, MIT’s governing body, in 2024 for a seven-year term. Golub earned his bachelor’s, master’s and doctorate degrees all from MIT.

Before shifting to a part-time advisory role in 2022, Golub served as BlackRock’s chief risk officer and a founding partner. In 2016, he made a substantial, undisclosed donation to support the MIT Center for Finance and Policy, which was later renamed the Bennett W. Golub Center for Finance and Policy.

Joseph Bae, co-CEO of KKR: Harvard University

Years served: 2
Alma mater: Harvard University

Joseph Bae began his 12-year tenure on Harvard Corporation, Harvard University’s governing body, in 2024. Bae earned his undergraduate degree from Harvard College in 1994 and joined KKR in 1996. In 2021, he became co-CEO of the private equity giant, which manages $796 billion in assets.

At the start of his Harvard Corporation term, Bae and his wife, fellow Harvard alum and author Janice Y.K. Lee, donated $20 million to the university’s humanities department and financial aid efforts.

Other notable university trustees from corporate America

Beyond these seven industry leaders, several other prominent executives and investors serve as university trustees:

• Eddy Cue, Apple’s senior vice president of services, serves as vice chair of Duke University’s board of trustees, his alma mater.
• Sarah Friar, OpenAI’s chief financial officer, serves on Stanford University’s board of trustees. Friar earned her MBA from Stanford.
• Bob Sternfels, McKinsey & Company’s global managing partner (the consulting firm’s top role), serves on Stanford’s board of trustees, where he earned his undergraduate degree.
• Kenneth Chenault, a managing director at General Catalyst and former CEO of American Express, is a member of Harvard Corporation. He earned his J.D. from Harvard.
• Josh Silverman, Etsy’s executive chairman and former CEO, serves on Stanford’s board of trustees, where he earned his MBA.