Tom Krause (business executive)
{{Short description|US Fiscal Assistant Secretary of the Treasury and CEO}}
{{Use mdy dates|date=February 2025}}
{{Infobox officeholder
| name = Tom Krause
| office = Fiscal Assistant Secretary of the Treasury
| status = Acting
| president = Donald Trump
| term_start = February 7, 2025
| term_end =
| predecessor = Matthew Garber (acting)
| successor =
| birth_date =
| birth_place =
| death_date =
| death_place =
| party =
| education = Princeton University (BA)
}}
Tom Krause is an American business executive who is both Fiscal Assistant Secretary of the Treasury and chief executive officer of the Cloud Software Group. Krause's dual positions have raised ethics concerns, as his company has contracts with the federal government worth millions.
He was briefly a member of the Department of Government Efficiency.{{cn|date=April 2025|reason=there's no evidence he left DOGE}}
Education
Krause earned a B.A. in economics from Princeton University.
Career
Krause began his career as an investment banking analyst at Robertson Stephens.{{Cite news |last=Haranas |first=Mark |date=February 3, 2025 |title=Citrix Parent CSG CEO Helping Elon Musk’s DOGE At Treasury Department |url=https://www.crn.com/news/cloud/2025/citrix-parent-csg-ceo-helping-elon-musk-s-doge-group-at-treasury-department |access-date=February 7, 2025 |website=The Channel Company}}{{cite web |title=Thomas Krause Biography and Net Worth |url=https://www.insidertrades.com/broadcom-inc-stock/thomas-h-krause/ |website=www.insidertrades.com |access-date=February 9, 2025}} He later worked at venture capital firm Technology Crossover Ventures for two years before serving as vice president of business development at Techwell for six years. He then founded Krause Consulting Group, where he advised public and private technology companies on financial strategy.
In 2016, Krause joined Avago Technologies as vice president of corporate development. Following Avago's merger with Broadcom, he became Broadcom Inc.'s chief financial officer, overseeing financial functions, mergers and acquisitions, human resources, and investor relations. This included the acquisition of Symantec's enterprise security business in 2019.{{cite news|last=Schwartz|first=Jeffrey|title=Broadcom Software President Krause to Leave Amid Pending VMWare Acquisition|url=https://www.channelfutures.com/people-on-the-move/broadcom-software-president-krause-to-leave-amid-pending-vmware-acquisition|date=11 July 2022|website=Channel Futures}} In 2020, he was appointed president of Broadcom's software group, overseeing six software divisions.{{Cite news |last=Chen |first=Shiyin |date=July 11, 2022 |title=Broadcom’s Krause Exits After Helping Lead VMWare Deal Talks |url=https://www.bloomberg.com/news/articles/2022-07-11/broadcom-president-tom-krause-leaves-chipmaker-for-another-role |access-date=February 7, 2025 |work=Bloomberg}} He participated in negotiations for Broadcom's $61 billion acquisition of VMware and was involved in assessing VMware's research and development expenditures.
In July 2022, Krause resigned from Broadcom and became chief executive officer of the Cloud Software Group, which owns Citrix Systems, Tibco, Spotfire, and Jaspersoft. The company provides cloud and information technology services to a global customer base. After Krause joined Cloud Software group it laid off 15 percent of its employees.{{cite news |last1=Gonsalves |first1=Antone |title=Thousands of Citrix, Tibco employees laid off following merger |url=https://www.techtarget.com/searchenterprisedesktop/news/252529104/Thousands-of-Citrix-Tibco-employees-laid-off-following-merger |access-date=February 9, 2025 |work=TechTarget |date=January 11, 2023}} A year later it laid off an additional 12 percent.{{cite news |last1=Alemany |first1=Jaqueline |last2=Stein |first2=Jeff |last3=Torbati |first3=Yeganeh |title=DOGE deputy to oversee powerful Treasury system as Musk demands cuts |url=https://www.msn.com/en-us/news/politics/treasury-installs-ally-of-musk-s-doge-as-head-of-payment-system/ar-AA1yBq1K |access-date=February 9, 2025 |work=Washington Post |date=February 7, 2025}}
In January 2025, Krause became involved with the U.S. Treasury Department as part of the Department of Government Efficiency (DOGE). He was assigned as a special government employee to review the federal payment system and was granted limited access as a liaison between the Treasury and DOGE.{{Cite news |last=Stratford |first=Michael |date=February 7, 2025 |title=Treasury elevates Musk ally to lead government payment system |url=https://www.politico.com/news/2025/02/07/treasury-musk-krause-doge-00203132 |access-date=February 7, 2025 |website=POLITICO |language=en}}{{cite web |title=Treasury Department Letter to Members of Congress Regarding Payment Systems |url=https://home.treasury.gov/news/press-releases/sb0009 |publisher=U.S Department of the Treasury |access-date=February 9, 2025}} On February 7, 2025, he was appointed as the Fiscal Assistant Secretary of the Treasury, succeeding Matthew Garber who had been acting in the role since David Lebryk's resignation. Krause continued to work at Cloud Software Group despite his employment by DOGE, this has been cited as a potential conflict of interest.{{cite web |title=Elon Musk's man in the Treasury Is Still Holding Down His Day Job as Software CEO |url=https://www.wired.com/story/musk-krause-treasury-bfs-conflict-of-interest/ |website=wired.com |publisher=Wired |access-date=February 14, 2025}}{{Cite news |last=Dave |first=Paresh |date=2025 |title=DOGE Put Him in the Treasury Department. His Company Has Federal Contracts Worth Millions |url=https://www.wired.com/story/krause-doge-cloud-software-treasury/ |work=Wired |language=en-US |issn=1059-1028}}
See also
References
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Category:Date of birth missing (living people)
Category:Place of birth missing (living people)
Category:American investment bankers
Category:American chief executives
Category:American chief financial officers
Category:21st-century American businesspeople
Category:Department of Government Efficiency people
Category:United States Assistant Secretaries of the Treasury