Peter W. May And Oscar L. Tang Elected Co-Chairs Of The NY Philharmonic Board Of Directors

Peter W. May and Oscar L. Tang were elected Co-Chairs of the Board of Directors of the Philharmonic-Symphony Society of New York, Inc., at the March 27, 2019, meeting of the organization's Board of Directors. Each will hold the title of Co-Chair Designate until they become Co-Chairs in September, succeeding Oscar S. Schafer, who has held the post of Chairman since 2015. As Co-Chairs, Mr. May and Mr. Tang will serve as the Society's chief volunteer officers. Mr. Schafer - who, with his wife, Didi, has presented the New York Philharmonic Concerts in the Parks since 2007 - will continue to serve as a member of the Philharmonic's Board as Chairman Emeritus and the Orchestra will honor him and Mrs. Schafer at the Fall Gala, on October 7, 2019.

Peter May has served on the Philharmonic Board since 2008, and Oscar Tang since 2013. Mr. May and his wife, Leni, have co-chaired multiple Spring Galas and an Opening Gala, and endowed the position of Program Annotator; he was named Vice Chairman in 2015. Mr. Tang and his wife, Agnes Hsu-Tang, have co-chaired the annual Lunar New Year Gala since its inception as well as two Opening Galas.

"The New York Philharmonic is an American cultural treasure," said Peter W. May. "The range of this Orchestra's talent is inspiring, allowing it to serve as conservator of the symphonic tradition while engaging with new audiences through projects as diverse as Broadway musicals and innovative new-music series. It is an honor to be charged with helping chart out the organization's future, and I look forward to working with Oscar Tang, Jaap van Zweden, Deborah Borda, and the entire Board, Orchestra, and Staff on creating a strong and vibrant future for the Philharmonic."

"This Orchestra does more than give wonderful performances for New Yorkers throughout the year," said Oscar Tang. "The New York Philharmonic acts as an artistic ambassador, presenting America's best to audiences around the world, and bringing culture from other countries through performances here in David Geffen Hall. I am grateful to Oscar Schafer for the work he has done in creating a sound foundation for the future, and am eager to build on what has been accomplished so far to make possible a future of even greater achievement."

"The word 'honor' doesn't adequately express my feelings about being part of the New York Philharmonic at this pivotal time," said Oscar S. Schafer. "Having witnessed the vitality of the Orchestra's performances and the creative planning since Deborah Borda and Jaap van Zweden arrived, I am confident in the Philharmonic's next chapter. The musicians and their music-making will be in the best possible hands with Peter May and Oscar Tang as Co-Chairs, and I look forward to supporting them as Chairman Emeritus. Whether in New York City's Parks, next season's Fall Gala, or countless concerts in the hall, I look forward to many thrilling performances."

"The New York Philharmonic is at the threshold of a new era," said Deborah Borda. "Thanks to Oscar Schafer's enthusiasm and foresight, we now have the brilliant Jaap van Zweden as Music Director, and have set out on a path to security and greatness. But a truly great orchestra deserves a magnificent home, and much work lies ahead to achieve all we hope for in a renovated David Geffen Hall. The Philharmonic now needs the leadership team of two visionary and dedicated philanthropists, both committed to a sound grounding and imaginative problem solving. In Peter May and Oscar Tang we have such a team, whose love of New York is matched by their determination to help the Philharmonic to heighten our connection with our audiences, our community, and the world."

Peter W. May has been president and a founding partner of Trian Partners Investment Management Firm since November 2005. He currently serves as non-executive vice chairman of The Wendy's Company. From April 1993 to June 2007, Mr. May served as president and chief operating officer and a director of Triarc Companies, Inc. (now known as The Wendy's Company). From its formation in January 1989 to April 1993, Mr. May was president and chief operating officer of Trian Group, Limited Partnership. He was president and chief operating officer and a director of Triangle Companies, Inc. from 1983 until December 1988. Mr. May was a director of Tiffany & Co. Currently a director of Mondelez International, Inc.

Mr. May is chairman of the board of trustees of The Mount Sinai Health System in New York, where he led the turnaround of this major academic health center from serious financial difficulties to what is today one of the most profitable and fastest growing academic medical centers in the United States. In addition, Mr. May is a trustee of The University of Chicago and a life member of the Advisory Council of The University of Chicago Booth School of Business. In addition, he is the Vice Chairman of the New York Philharmonic, a director of Lincoln Center for the Performing Arts, a partner of the Partnership for New York City, past chairman of the UJA Federation's "Operation Exodus" campaign, and an honorary member of the Board of Trustees of 92nd Street Y. He is chairman of the board of the Leni and Peter May Family Foundation. Mr. May is a graduate of The University of Chicago, A.B., The University of Chicago School of Business, M.B.A., and is a certified public accountant (inactive). Mr. May also holds an honorary doctorate in Humane Letters from The Mount Sinai School of Medicine of New York University.

Oscar L. Tang has supported institutions that promote excellence in education, arts and culture, athletics, and the advancement of social justice for 30 years. He was appointed to the President's Committee on the Arts and Humanities from 1990 to 1993 and the New York State Council on the Arts from 2002 to 2004. Mr. Tang was elected a Fellow of the American Academy of Arts and Sciences in 2005.

Mr. Tang has been a trustee of The Metropolitan Museum of Art for 25 years and serves on the boards of the New York Philharmonic, Asia Society, Gordon Parks Foundation, and the United States Bobsled and Skeleton Foundation. In 1989, Mr. Tang, with Yo-Yo Ma, I.M. Pei, and others, formed the Committee of 100, a leadership organization "to encourage rapport and understanding of the United States and China and to promote the full participation of all Chinese Americans in American society."

Mr. Tang is a graduate of Phillips Academy Andover and has been a charter trustee since 1995. Under his leadership as board president from 2004 to 2012, Andover became the first American boarding school to go "need blind." Mr. Tang attended Yale and graduated from Harvard Business School. He has founded institutes and centers of excellence at Andover, Princeton, Columbia, and Berkeley.

Mr. Tang has been a private investor since 1993, when he retired from Reich & Tang, an asset management firm that he co-founded and served as president and chief executive officer for 20 years. In 1987, Reich & Tang L.P. became the first publicly traded investment management limited partnership when it listed on the New York Stock Exchange. In 1993, New England Investment Companies merged into Reich & Tang to form Nvest, L.P., which managed over $130 billion of client assets when it was acquired in 2000 by Caisse des Depots et Consignations.

Oscar Straus Schafer is the chairman of Rivulet Capital, LLC, a private investment partnership, which he seeded in 2012. Prior to Rivulet, Mr. Schafer founded O.S.S. Capital Management in 2001, having been a member of Cumberland Associates from 1982 to 2001, and a general partner at Steinhardt, Fine, Berkowitz & Co. from 1970 to 1982. He began his investment career in 1964 with positions at Kuhn, Loeb & Co., Havenfield Corp., and Boxwood Associates. He has been a member of the Barron's Roundtable for more than 30 years. He earned a B.A., magna cum laude, at Harvard College in 1961 and an M.B.A. at Harvard Business School in 1964.

Elected Chairman of the New York Philharmonic in December 2014, Mr. Schafer joined the Orchestra's Board of Directors in 2007 and has also served as chair of the Nominating and Governance Committee. He has also been on the board of trustees at New York Presbyterian Hospital since 2007, and is a director of Lincoln Center for the Performing Arts. Mr. Schafer was on the visiting committee for the Department of Music at Harvard and funded the Oscar Straus Schafer Fellowship at Harvard for teachers of its introductory music course. He has also served as president of the Daniel and Florence Guggenheim Foundation, as well as on the boards of the Harvard Club of New York City, the University Club, and Central Park Community Fund.