Subject: Next Steps
From: "Carl W. Stern" <[email-masked]>
To: "R. Hunter Biden" <[email-masked]>
Date: Sat, 4 Oct 2014 09:03:55 -0500

Dear Hunter,

I wanted to let you know that I retired from Goldman Sachs on September 30.  I have established Carl W. Stern Associates LLC, a one-man firm through which I’ll go back to doing what I think I do best – advising CEOs on a wide range of issues.  I hope to spend about half my time doing that and the other half serving on boards of companies with disruptive business models.  I’m guessing those two halves will add up to around 150% (old habits die hard), though I hope to gain some schedule flexibility to travel with Holly and to visit our kids and grandkids.

I feel fortunate that my old partners at BCG Chicago have offered me an office and modest support.  Here’s my new business card: