A senior fellow at both the Harvard Business School and the Harvard Kennedy School’s Mossavar-Rahmani Center for Business and Government and fall 2013 resident fellow at the Institute of Politics, Mills served as the administrator for the U.S. Small Business Administration from 2009 to 2013 in the aftermath of the recession, and as a member of the president’s National Economic Council, she managed a loan guarantee portfolio of nearly $100 billion and enabled nearly a quarter of U.S. government prime contracts to be awarded to small businesses.

“Harvard is again fortunate to be able to turn to two such accomplished and dedicated graduates to help guide the University’s affairs and help all of us envision and embrace the possibilities ahead,” Reischauer and University President Drew G. Faust said in the press release.

In 2010, the Corporation announced reforms to its structure, increasing membership from seven to 13 and enacting term limits to emulate the organization of other peer universities’ governing bodies. The election and addition of James W. Breyer in July 2013 marked the completion of the expansion.

Reischauer and Rubin announced they would retire from the governing board in October. Corporation member William F. Lee ’72 will succeed Reischauer as the body’s senior fellow.

—Staff writer Amna H. Hashmi can be reached at amnahashmi@college.harvard.edu. Follow her on Twitter @amna_hashmi.