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Suzanne Rich Folsom is General Counsel, Chief Compliance Officer & Senior Vice President - Government Affairs at U.S. Steel. Since joining the company in 2014, Folsom has played a key leadership role in U. S. Steel’s commitment to achieving significantly reinvigorated business growth, due largely to a long-established record for transformative action throughout her career. In addition, Folsom is focused on ensuring the company’s transformation efforts are informed by comprehensive oversight mechanisms to ensure legal, regulatory, compliance, and corporate governance accountability.
Folsom is a trusted business advisor because of her legal acumen, and her proven business savvy. She leads labor negotiations, oversees the corporate secretary function, environmental affairs and corporate security, manages joint ventures worldwide, and advises on cyber issues, including coordinating the company’s follow-on actions post a major cyber breach. Folsom’s efforts last year resulted in the first business-friendly change to trade enforcement legislation in thirty years. Moreover, as the executive responsible for the business performance of U.S. Steel’s real estate division, Folsom achieved positive 2015 results.
Her business experience encompasses diverse industries: financial services, defense contracting, real estate, manufacturing, and others. Prior to U.S. Steel, Folsom was EVP, General Counsel and CCO at ACADEMI, a private paramilitary security firm and successor to the company known as Blackwater. Working with the newly constituted Board, Folsom was able to spearhead a massive compliance overhaul that led to the successful completion of an independent monitorship and regained the government’s trust.
Folsom previously led AIG’s regulatory and compliance team in helping to remedy the company's material weaknesses during the financial crisis. As Deputy GC and Chief Regulatory and Compliance Officer, she worked with the Board and C-Suite, to install a new regulatory/compliance program for the company and its 3,000-plus subsidiaries. As a result of these efforts, not one single asset in 145 countries was seized. Folsom established an operating department and controls; dealt with hundreds of regulatory bodies around the world; and was an interlocutor with key government officials.
In addition, Folsom served as a key participant in AIG’s transformation efforts, including negotiations with the Federal Reserve that led to the “bailout” of AIG, and then the repayment of the debt to the federal government. In particular, she was a critical member of the transformation team that led the complex restructuring of AIG’s two major foreign life insurance entities into special purpose vehicles which led to an IPO and an asset divestiture.
Prior to AIG, Folsom led the anti-corruption and governance initiatives at the World Bank, where she served as Counselor to its President and Director of the Department of Institutional Integrity.
Folsom has also served as Chief of Staff to Her Majesty Queen Noor of Jordan; First Family Liaison to the U.S. Presidential Inaugural Committee; Special Assistant to Mrs. Barbara Bush; and Chief of Staff to the Republican National Committee Co-Chair. She practiced law with two major law firms.
Folsom has served on numerous non-profit boards. She has been honored by multiple professional publications and organizations for her work on issues critically relevant to Boards, including cyber-security, crisis management, governance, and regulatory and compliance. Folsom has published widely in the area of governance and is a frequent media commentator on corporate ethics and governance.