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M&T nominates Harvard business professor to board of directors

M&T Bank is preparing to add a Harvard Business School professor to its board of directors.

David S. Scharfstein, 56, who is also chairman of doctoral programs at Harvard Business School, is one of 14 board members up for election at the bank's annual shareholders meeting on April 18. The other 13 nominees are all incumbents.

David S. Scharfstein (Harvard Business School)

Three members of the bank's board of directors died in the past several months: Richard G. King, Patrick W.E. Hodgson and Mark J. Czarnecki. The board has set its size at 14 directors.

Scharfstein joined the Harvard Business School faculty in 2003. He is also president of the American Finance Association and a research associate at the National Bureau of Economic Research.

From 1987 to 2003, Scharfstein was a finance professor at the Massachusetts Institute of Technology Sloan School of Management. He also served as senior adviser to the U.S. Treasury Secretary from September 2009 to June 2010, and was a member of the Financial Advisory Roundtable of the Federal Reserve Bank of New York

M&T said Scharfstein "has substantial knowledge and expertise in corporate finance and banking and provides diversity of viewpoint by virtue of his academic record, which is expected to add value in the areas of finance, risk management and capital management."

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