Howard Schultz (born July 19, 1953) is an American businessman. He is the chairman and CEO of Starbucks and a former owner of the Seattle SuperSonics. He was a member of the Board of Directors at Square, Inc. In 1998, Schultz co-founded Maveron, an investment group, with Dan Levitan. In 2016, Forbes magazine ranked Schultz as the 595th richest person in the United States, with a net worth of $2.9 Billion as of September 2016.

On December 1, 2016, Schultz announced his resignation as CEO of Starbucks, effective April 2017. He will become executive chairman, with Kevin Johnson to become CEO.

Early life and education

Schultz was born to a Jewish family on July 19, 1953 in Brooklyn, New York, the son of ex-United States Army trooper and then truck driver Fred Schultz, and his wife, Elaine (Lederman). With his younger sister, Ronnie, and brother, Michael, he grew up in the Canarsie Bayview Houses of the New York City Housing Authority. As Schultz's family was poor, he saw an escape in sports such as baseball, football, and basketball, as well as the Boys and Girls Club. He went to Canarsie High School, from which he graduated in 1971. In high school, Schultz excelled at sports and was awarded an athletic scholarship to Northern Michigan University â€" the first person in his family to go to college. A member of Tau Kappa Epsilon, Schultz received his bachelor's degree in Communications in 1975.

Career

After graduating, Schultz worked as a salesperson for Xerox Corporation and was quickly promoted to a full sales representative. In 1979 he became a general manager for Swedish drip coffee maker manufacturer, Hammarplast, where he became responsible for their U.S. operations with a staff of twenty. In 1981, Schultz visited a client of Hammarplast, a fledgling coffee-bean shop called Starbucks Coffee Company in Seattle, curious as to why it ordered so many plastic cone filters. He was impressed with the company's knowledge of coffee and kept in contact over the next year, expressing interest in working with them. A year later, he joined Starbucks as the Director of Marketing. On a buying trip to Milan, Italy, for Starbucks, Schultz noted that coffee bars existed on practically every street. He learned that they not only served excellent espresso, they also served as meeting places or public squares; the 200,000 cafés in the country were an important element of Italian culture and society.

On his return, he tried to persuade the owners (including Jerry Baldwin) to offer traditional espresso beverages in addition to the whole bean coffee, leaf teas and spices they had long offered. After a successful pilot of the cafe concept, the owners refused to roll it out company-wide, saying they did not want to get into the restaurant business. Frustrated, Schultz decided to leave Starbucks in 1985. He needed $400,000 to open the first store and start the business. He simply did not have the money and his wife was pregnant with their first baby. Jerry Baldwin and Gordon Bowker offered to help. Schultz also received $100,000 from a doctor who was impressed by Schultz's energy to "take a gamble". By 1986, he raised all the money he needed to open the first store, "Il Giornale", named after the Milanese newspaper of the same name. The store offered ice cream in addition to coffee, had little seating, and played opera music in the background to portray an Italian e xperience. Two years later, the original Starbucks management decided to focus on Peet's Coffee & Tea and sold its Starbucks retail unit to Schultz and Il Giornale for US$3.8 million.

Schultz renamed Il Giornale with the Starbucks name, and aggressively expanded its reach across the United States. Schultz's keen insight in real estate and his hard-line focus on growth drove him to expand the company rapidly. Schultz did not believe in franchising, and made a point of having Starbucks retain ownership of every domestic outlet. On 26 June 1992, Starbucks had its initial public offering and trading of its common stock under the stock ticker NASDAQ-NMS: SBUX. The offering was done by Alex, Brown & Sons Inc. and Wertheim Schroder & Co. Inc.

Schultz wrote the book Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Time with Dori Jones Yang in 1997. His second book Onward: How Starbucks Fought for Its Life Without Losing Its Soul, co-written with Joanne Gordon, was published in 2011.

On January 8, 2008 Schultz returned as CEO of Starbucks after an eight-year hiatus. At this time, Schultz was earning a total compensation of $9,740,471, which included a base salary of $1,190,000, and options granted of $7,786,105. Schultz is a significant stakeholder in Jamba Juice.

On the first of November 2013, it was announced that Schultz had stepped down from the board of Square, to be replaced by former Goldman Sachs executive David Viniar.

Ownership of the Seattle SuperSonics

Schultz is the former owner of the NBA's Seattle SuperSonics. During his tenure as team owner, he was criticized for his naïveté and propensity to run the franchise as a business rather than a sports team. Schultz feuded with player Gary Payton, feeling that Payton disrespected him and the team by not showing up to the first day of training camp in 2002. On July 18, 2006, Schultz sold the team to Clay Bennett, chairman of the Professional Basketball Club LLC, an Oklahoma City ownership group, for $350 million, after having failed to convince the city of Seattle to provide public funding to build a new arena in the Greater Seattle area to replace KeyArena. At the time of the team's sale, it was speculated that the new owners would move the team to their city some time after the 2006â€"2007 NBA season. On July 2, 2008, the city of Seattle reached a settlement with the new ownership group and the SuperSonics moved to Oklahoma City and became the Thunder for the 2008â€"09 NBA seaso n. The sale to the out-of-state owners considerably damaged Schultz's popularity in Seattle. In a local newspaper poll, Schultz was judged "most responsible" for the team leaving the city. Before the city of Seattle settled with the Oklahoma City ownership group, Schultz filed a lawsuit against Bennett â€" in April 2008 â€" to rescind the July 2006 sale based on what Schultz claimed was fraud and intentional misrepresentation. However, Schultz dropped the lawsuit in August 2008. When Bennett purchased the SuperSonics and its sister franchise in the WNBA, the Seattle Storm, for $350 million, he agreed to a stipulation that he would make a "good-faith best effort" for one year to keep both teams in Seattle. The sincerity of the good-faith effort was widely disputed by the way Bennett acted and by direct quotes from his partner Aubrey McClendon. On January 8, 2008, Bennett sold the Storm to Force 10 Hoops, LLC, an ownership group of four Seattle women, which kept the team in Seattle.< /p>

Comments about the United Kingdom

Speaking to CNBC in February 2009 about his concerns over the global economic crisis, Schultz said that "the place that concerns us the most is western Europe, and specifically the UK. The UK is in a spiral", expressing concern with the levels of unemployment and consumer confidence in the United Kingdom.

Peter Mandelson, then-British Business Secretary, responded saying that the United Kingdom was "not spiralling, although I've noticed Starbucks is in a great deal of trouble", and suggesting that Schultz was projecting his own company's trouble in the United Kingdom onto the wider national economy. Mandelson was later overheard at a drinks reception, saying: "Why should I have this guy running down the country? Who the fuck is he? How the hell are [Starbucks] doing?"

An official comment from Starbucks read that "It is a difficult economic situation in the US and around the world. Please be assured that Starbucks has no intention of criticising the economic situation in the UK. We are all in this together and as a global business we are committed to each and every market we serve."

Awards

In 1998, Schultz was awarded the "Israel 50th Anniversary Tribute Award" from the Jerusalem Fund of Aish Ha-Torah for "playing a key role in promoting a close alliance between the United States and Israel".

In 1999, Schultz was awarded the "National Leadership Award" for philanthropic and educational efforts to battle AIDS.

The recipient of the 2004 International Distinguished Entrepreneur Award, presented to him from the University of Manitoba for his outstanding success and commendable conduct of Starbucks.

In 2007 he received the FIRST Responsible Capitalism Award.

On March 29, 2007, Schultz accepted the Rev. Theodore M. Hesburgh, C.S.C., Award for Ethics in Business at the Mendoza College of Business at the University of Notre Dame. The same night, he delivered the Frank Cahill Lecture in Business Ethics.

Schultz became Fortune magazine's "2011 Businessperson of the Year" for his initiatives in the economy and job market.

Personal life

In 1982, Schultz married Sheri Kersch; they have two children: Eliahu Jordan (born 1986), and daughter Addison Kersch (born 1990). Their son Eliahu Jordan Schultz is a sportswriter for The Huffington Post. Eliahu married Breanna Lind Hawes in September 2011; their civil ceremony was followed the same day by a Jewish religious ceremony. Schultz endorses same-sex marriage.

In 1996, Howard and Sheri Schultz co-founded the Schultz Family Foundation, which currently supports two national initiatives. Onward Youth is aimed at promoting employment for young people between the ages of 16 and 24 who are not in school and not working. Onward Veterans aims to support post-9/11 military to successfully transition to civilian life.

References

Further reading

• Schultz, Howard; Yang, Dori Jones (1997). Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Time. Hyperion. 
• Schultz, Howard; Gordon, Joanne (2011). Onward: How Starbucks Fought for Its Life without Losing Its Soul. Rodale. 

External links

• Schultz Family Foundation
• Coffee Maker Choose

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James "Jamie" Dimon (/ˈdaɪmən/; born March 13, 1956) is a Greek American business executive. He is chairman, president and chief executive officer of JPMorgan Chase, largest of the Big Four American banks, and previously served on the Board of Directors of the Federal Reserve Bank of New York. Dimon was named to Time magazine's 2006, 2008, 2009, and 2011 lists of the world's 100 most influential people. He was also named to Institutiona l Investor's Best CEOs list in the All-America Executive Team Survey from 2008 through 2011.

Dimon is one of the few bank chief executives to become a billionaire, thanks in part to a $485 million USD stake in JPMorgan Chase. He received a $23 million pay package for fiscal year 2011, more than any other bank CEO in the United States. Dimon received $20 million in compensation for his work in fiscal year 2013.

Early life and education

Dimon was born in New York City, to Theodore and Themis (née Kalos) Dimon, one of three sons. He is of Greek descent and attended The Browning School. His paternal grandfather was a Greek immigrant who changed the family name from Papademetriou to Dimon to make it sound more French, and worked as a banker in Athens. He has an older brother, Peter, and a fraternal twin brother, Ted. Dimon's father and grandfather were both stockbrokers at Shearson.

He majored in psychology and economics at Tufts University. During one summer's break from Tufts, he worked at Shearson. After graduating, he worked in management consulting for two years before enrolling at Harvard Business School, along with classmates Jeffrey Immelt, Steve Burke, Stephen Mandel and Seth Klarman. During the summer at Harvard, he worked at Goldman Sachs. He graduated in 1982, earning a Master of Business Administration degree as a Baker Scholar.

After graduation, Sandy Weill convinced him to turn down offers from Goldman Sachs, Morgan Stanley, and Lehman Brothers to join him as an assistant at American Express. Although Weill could not offer the same amount of money as the investment banks, Weill promised Dimon that he would have "fun". Dimon's father, Theodore Dimon, was an executive vice president at American Express. The younger Dimon came to Weill's attention when Theodore passed along an essay that Jamie had written.

Career

American Express

Weill left American Express in 1985 and Dimon followed him. The two then took over Commercial Credit, a consumer finance company, from Control Data. Dimon served as the chief financial officer, helping to turn the company around. Dimon left Citigroup in November 1998, after being asked to resign by Weill during a weekend executive retreat. It was rumored at the time that he and Weill argued in 1997 over Dimon's not promoting Weill's daughter, Jessica M. Bibliowicz, although that happened over a year before Dimon's departure. At least one other account cites a request by Dimon to be treated as an equal as the real reason. In his 2005 University of Chicago Graduate School of Business Fireside Chat and 2006 Kellogg School of Management interviews, Dimon confirmed that Weill fired him.

Move to J.P. Morgan

In March 2000, Dimon became CEO of Bank One, the nation's fifth largest bank. When JPMorgan Chase purchased Bank One in July 2004, Dimon became president and chief operating officer of the combined company.

On December 31, 2005, he was named chief executive officer of JPMorgan Chase and on December 31, 2006, he was named chairman of the board. In March 2008 he was a Class A board member of the Federal Reserve Bank of New York. Under Dimon's leadership, with the acquisitions during his tenure, JPMorgan Chase has become the leading U.S. bank in domestic assets under management, market capitalization value, and publicly traded stock value. JPMorgan Chase is also the No. 1 credit card provider in the U.S. In 2009, Dimon was considered one of "The TopGun CEOs" by Brendan Wood International, an advisory agency.

On September 26, 2011, Dimon was involved in a high-profile heated exchange with Mark Carney, the governor of the Bank of Canada, in which Dimon said provisions of the Basel III international financial regulations discriminate against U.S. banks and are "anti-American". On May 10, 2012, JPMorgan Chase initiated an emergency conference call to report a loss of at least $2 billion in trades that Dimon said were "designed to hedge the bank's overall credit risks". The strategy was, in Dimon's words, "flawed, complex, poorly reviewed, poorly executed, and poorly monitored". The episode is being investigated by the Federal Reserve, the SEC, and the FBI.

Dimon commented on the Volcker Rule in January 2012, "Part of the Volcker Rule I agreed with, which is no prop trading. But market making is an essential function. And the public should recognize that we have the widest, the deepest, the most transparent capital markets in the world. And part of that is because we have enormous market making. If the rules were written as they originally came out; I suspect they'll be changed, it would really make it hard to be a market maker in the United States.” He served as Chairman of the Executive Committee of The Business Council for 2011 and 2012.

On January 24, 2014 it was announced that Dimon would receive $20 million for his work in 2013, a year of record profits and stock price under Dimon's reign, despite significant losses that year due to scandals and payments of fines. The award was a 74% raise, which included over $18 million in restricted stock. Forbes reported that, in a statement following news of Dimon’s compensation, the bank said, “Under Mr. Dimon’s stewardship, the Company has fortified its control infrastructure and processes and strengthened each of its key businesses while continuing to focus on strengthening the Company’s leadership capabilities across all levels.”

Federal TARP funds

As head of JPMorgan Chase, Dimon oversaw the transfer of $25 billion in funds from the U.S. Treasury Department to the bank on October 28, 2008, under the Troubled Asset Relief Program (TARP). This was the fifth largest amount transferred under Section A of TARP to help troubled assets related to residential mortgages. It has been widely reported that JPMorgan Chase was in much better financial shape than other banks and did not need TARP funds but accepted the funds because the government did not want to single out only the banks with capital issues. JPMorgan Chase advertised in February 2009 that it would be using its capital-base monetary strength to acquire new businesses.

By February 2009, the U.S. government had not moved forward in enforcing TARP's intent of funding JPMorgan Chase with $25 billion. In the face of the government's lack of action, Dimon was quoted during the week of February 1, 2009, as saying,

JPMorgan would be fine if we stopped talking about the damn nationalization of banks. We've got plenty of capital. To policymakers, I say where were they? ... They approved all these banks. Now they're beating up on everyone, saying look at all these mistakes, and we're going to come and fix it.

JPMorgan Chase was arguably the healthiest of the nine largest U.S. banks and did not need to take TARP funds. In order to encourage smaller banks with troubled assets to accept this money, Treasury Secretary Henry Paulson allegedly coerced the CEOs of the nine largest banks to accept TARP money under short notice.

Political endeavors

Dimon donates primarily to the Democratic Party. In May 2012, he described himself as "barely a Democrat" stating,

I've gotten disturbed at some of the Democrats' anti-business behavior, the attacks on work ethic and successful people. I think it's very counterproductive. ... It doesn't mean I don't have their values. I want jobs. I want a more equitable society. I don't mind paying higher taxes. ... I do think we're our brother's keeper but I think that attacking that which creates all things, is not the right way to go about it.

After Obama won the 2008 presidential election, there was speculation that Dimon would serve in the Obama Administration as Secretary of the Treasury. Obama eventually named the president of the Federal Reserve Bank of New York, Timothy Geithner, to the position.

Following the acquisition of Washington Mutual by JPMorgan Chase, Obama commented on Dimon's handling of the real-estate crash, credit crisis, and the banking collapse affecting corporations nationwide, including major financial institutions like Bank of America, Citibank, and Wachovia (now Wells Fargo).

You know, keep in mind, though there are a lot of banks that are actually pretty well managed, JPMorgan being a good example, Jamie Dimon, the CEO there, I don't think should be punished for doing a pretty good job managing an enormous portfolio.

Dimon has had close ties to some people in the Obama White House, including former Chief of Staff Rahm Emanuel. Dimon was one of three CEOsâ€"along with Lloyd Blankfein and Vikram Panditâ€"said by the Associated Press to have had liberal access to former Treasury Secretary Timothy Geithner. Nonetheless, Dimon has often publicly disagreed with some of Obama's policies.

On the May 15, 2012, episode of ABC's The View, Obama responded to a question from Whoopi Goldberg regarding JPMorgan Chase's recently publicized $2 billion trading losses by defending Dimon against allegations of irresponsibility, saying, "first of all, JP Morgan is one of the best managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we've got", but added, "it's going to be investigated".

London Whale

In the case of the 2012 JPMorgan Chase trading loss, according to a US Senate report published in March 2013 after 9 months of investigation, Dimon misled investors and regulators in April as losses rose dangerously to $6.2 billion on a “monstrous” derivatives bet made by the so-called "London Whale" Bruno Iksil. According to Carl Levin, Chairman of this panel, JP Morgan had “a trading operation that piled on risk, ignored limits on risk taking, hid losses, dodged oversight and misinformed the public”. Dimon dismissed press accounts of possible losses in Iksil’s book as a “tempest in a teapot” on April 13, 2012 when he knew that Iksil had already lost $1 billion, which led Levin to say “None of those statements made on April 13 to the public, to investors, to analysts were true,” and “The bank also neglected to disclose on that day that the portfolio had massive positions that were hard to exit, that they were violating in massive numbers key risk limits.”

Dimon corrected that wrong information a month later, in May 2012, before the true damage was revealed, after US Securities and Exchange financial watchdog started reviewing the losses.

Personal life

In 1983, Dimon married Judith Kent, whom he met at Harvard Business School. They have three daughters: Julia, Laura, and Kara Leigh.Dimon was diagnosed with throat cancer in 2014. He received eight weeks of radiation and chemotherapy ending in September 2014.

References

External links

• Profile at JPMorgan Chase
• Jamie Dimon at the Internet Movie Database
• Jamie Dimon (Character) at the Internet Movie Database
• Leah Nathans Spiro in New York (June 23, 1997). "Smith Barney's Whiz Kid. Can Jamie Dimon turn Smith Barney into a Wall Street dynamo?". Business Week. Bloomberg L.P. Retrieved August 19, 2015. 

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Satya Narayana Nadella (born August 19, 1967) is an Indian American business executive. He is the current chief executive officer (CEO) of Microsoft. He was appointed as CEO on 4 February 2014, succeeding Steve Ballmer. Before becoming CEO of Microsoft, he was Executive Vice President of Microsoft's cloud and enterprise group, responsible for building and running the company's computing platforms, developer tools and cloud computing services.

Early life

Nadella was born into a Telugu-Speaking Brahmin family in Hyderabad, Andhra Pradesh, India (now in the state of Telangana). His father, Bukkapuram Nadella Yugandher, was a civil servant of the Indian Administrative Service. Nadella attended the Hyderabad Public School, Begumpet before attaining a bachelor's degree in electrical engineering from the Manipal Institute of Technology in 1988 (then affiliated with Mangalore University), Manipal, Karnataka.

Nadella subsequently traveled to the U.S. to study for an M.S. degree in computer science at the University of Wisconsinâ€"Milwaukee, receiving his degree in 1990. Later he received an MBA from the University of Chicago Booth School of Business.

Nadella said he "always wanted to build things". He knew that computer science was what he wanted to pursue, but that passion was at precocious stage while studying at Manipal University. "And so it [electrical engineering] was a great way for me to go discover what turned out to become a passion," he says.

Career

Sun Microsystems

Nadella worked with Sun Microsystems as a member of its technology staff prior to joining Microsoft in 1992.

Microsoft

At Microsoft, Nadella has led major projects including the company's move to cloud computing and the development of one of the largest cloud infrastructures in the world.

Nadella worked as the senior vice-president of Research and Development (R&D) for the Online Services Division and vice-president of the Microsoft Business Division. Later, he was made the president of Microsoft's $19 billion Server and Tools Business and led a transformation of the company's business and technology culture from client services to cloud infrastructure and services. He has been credited for helping bring Microsoft's database, Windows Server and developer tools to its Azure cloud. The revenue from Cloud Services grew to $20.3 billion in June 2013 from $16.6 billion when he took over in 2011.

Nadella's 2013 base salary was nearly $700,000, for a total compensation, with stock bonuses, of $7.6 million.

Previous positions held by Nadella include:

• President of the Server & Tools Division (9 February 2011 â€" February 2014)
• Senior Vice-President of Research and Development for the Online Services Division (March 2007 â€" February 2011)
• Vice-President of the Business Division
• Corporate Vice-President of Business Solutions and Search & Advertising Platform Group
• Executive Vice-President of Cloud and Enterprise group

On 4 February 2014, Nadella was announced as the new CEO of Microsoft, the third chief executive in the company's history, following Bill Gates and Steve Ballmer.

In October 2014, Nadella courted controversy when he made a statement that women should not ask for a raise and should trust the system. The statement was made while he was attending an event on Women in Computing in Phoenix, AZ. Nadella was roundly criticised for the statement and he apologised later on twitter. He later sent an email to Microsoft Employees admitting he was "Completely wrong"

In the two years that have since passed, Nadella is viewed as having done well, with the Microsoft stock having risen more than 60% since he took over.

Personal life

In 1992, Nadella married Anupama, daughter of his father's Indian Administrative Service (IAS) batchmate, K.R. Venugopal. The families had known each other for thirty years and the marriage was arranged by their parents. The couple has three children, a son and two daughters, and live in Bellevue, Washington.

Nadella is an avid reader of American and Indian poetry. He also has an interest in cricket (his passion growing up), having played on his school team. He has mentioned having learned something about leadership and teamwork from cricket.

References

External links

• Microsoft bio
• Satya Nadella's theCUBE Interview from Accel Stanford Symposium 2013

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American Residential Services (ARS) is a United States network of plumbing, and home and commercial heating and air conditioning (HVAC) businesses, operating under the trade name ARS/Rescue Rooter. The trade name came from the acquisition and merging of ARS and Rescue Rooter by their then-parent company ServiceMaster. They have locations in 24 states. The company is based in Memphis, Tennessee.

History

ARS was established in 1975. The name "Rescue Rooter" was trademarked in 1976 by the California-based Rescue Industries Inc. It was a family-owned West Coast plumbing and drain cleaning company. In 1996, ARS was founded to consolidate local and regional HVAC service companies. Shortly after, The Servicemaster Company, based in Downers Grove, Illinois, acquired both Rescue Rooter and ARS, in 1998 and 1999 respectively, and brought them together under the "ARS/Service Express" brand. The company eventually dropped the "Service Express brand and the parent brand was known primarily as “ARS/Rescue Rooter.”

In October 2006, ARS/Rescue Rooter was then acquired from ServiceMaster by two private equity firms, Caxton-Iseman Capital and Royal Palm Capital Partners, for $100 million. In May 2014, ARS was acquired by Charlesbank Capital Partners from Caxton-Iseman Capital and Royal Palm Capital Partners.

ARS Mascot

The ARS mascots are Dandy and his sidekick Pronto.

Awards

MarCom Platinum Award for Best Overall Blog (2016)

CFO of the Year Award (2015)

Angie’s List Super Service Award (2015)

Diamond Certified, 10th Consecutive Year (2004-2014)

References

Further reading

• "ServiceMaster finds buyer for American Residential Services". Memphis Business Journal. American City Business Journals, Inc. October 3, 2006. Retrieved 2009-03-25. 
• "Caxton-Iseman Capital and Royal Palm Capital Partners Acquire American Residential Services from ServiceMaster". FinanzNachrichten.de. October 3, 2006. Retrieved 2009-03-25. 

External links

• American Residential Services website
• Rescue Rooter website

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James P. Gorman is Chairman and Chief Executive Officer of Morgan Stanley. He was formerly Co-President and Co-Head of Strategic Planning at the firm.

Early life

James P. Gorman was born in Australia. He was educated at Xavier College, and earned his Bachelor of Arts and Bachelor of Laws from the University of Melbourne, where he was a residential member and president of Newman College.

Career

In 1982 he joined law firm Phillips Fox and Masel (now DLA Phillips Fox) before heading to the United States to obtain a Master of Business Administration from Columbia Business School. While at Columbia he was a resident at International House of New York.

James P. Gorman joined Morgan Stanley in February 2006 as the President and Chief Operating Officer of the Global Wealth Management Group (GWMG). In October 2007, Gorman took on the additional role of Co-Head of Strategic Planning with Chief Financial Officer Colm Kelleher. In December 2007, he was named Co-President of Morgan Stanley, along with Walid Chammah, with the day-to-day responsibility for Wealth Management and Asset Management. In September 2009, it was announced he would become CEO of Morgan Stanley in January 2010. He also assumed the title of Chairman in January 2012 following the retirement of John J. Mack. Press reports indicate his compensation as Chairman and CEO was $9.75 million for 2012, with the New York Times reporting an increase to $18 million in 2013.

In 2009, he helped create the largest wealth management platform globally when he led the merger and integration of Morgan Stanley’s wealth management business with Citi’s Smith Barney business. Structured as a staggered acquisition, Morgan Stanley purchased the remainder of the joint venture in June 2013, and is a global leader in wealth management with over 16,000 financial advisors and $1.8 trillion in client assets.

Prior to joining Morgan Stanley in February 2006, Gorman held a succession of executive positions at Merrill Lynch, including leading from 2001 to 2005 the company’s U.S. and, subsequently, global private client businesses. He joined Merrill Lynch in 1999 as Chief Marketing Officer, and also served as head of Strategy and Research. Before joining Merrill Lynch, Gorman served as a senior partner of McKinsey & Company, where he was a member of the financial services practice, and as an attorney in Melbourne.

In 2014 he was included in the 50 Most Influential ranking of Bloomberg Markets Magazine.

In the wake of the 2016 United Kingdom European Union membership referendum, which led to a popular vote to leave the European Union, Gorman said there was "nothing good about Brexit". He added that some jobs would be moved not only out of England, but out of Europe entirely, possibly to New York City or Tokyo.

Among his civic activities, Gorman serves on the Federal Advisory Council to the U.S. Federal Reserve Board, the Board of Overseers of the Columbia Business School, the Monetary Authority of Singapore International Advisory Panel, the Financial Services Forum, the Boards of the Partnership for New York City, and the Institute of International Finance. He formerly co-chaired the Business Committee of the Metropolitan Museum of Art and served on the board and as Chairman (2006) of the Securities Industry and Financial Markets Association in Washington, D.C..

Personal life

Gorman lives on the Upper East Side of Manhattan, with his wife of over 20 years, Penny, and their two children. His daughter Caroline Gorman is in the band Madness and the Film.

References

External links

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