Archive for the ‘Entrepeneur’ Category

Dr. Risa Lavizzo Mourey, CEO of Robert Wood Johnson Foundation   Leave a comment


Dr. Risa Lavizzo-Mourey (born 1954) is the President and CEO of the Robert Wood Johnson Foundation, America’s largest philanthropy devoted to health and health care. She is the first woman and the first African-American to head the Foundation, which has an endowment of about $10 billion [1] and distributes more than $400 million a year [2].

Risa was named one of the 100 Most Powerful Women by Forbes.[3] And one of the grio’s History Makers in the Making [4]

Born in Seattle, Washington, in 1954, Risa Lavizzo-Mourey earned her undergraduate degree at the State University of New York at Stony Brook, her M.D. at Harvard Medical School and completed her internship and residency at Brigham and Women’s Hospital in Boston. In 1984 she was named a Robert Wood Johnson Foundation Clinical Scholar at the University of Pennsylvania, and received her master of business administration degree in health care administration from the University of Pennsylvania’s Wharton School of Business in 1986. She is master and former regent of the American College of Physicians, where she chaired its committees on ethics and human rights. [5].

Dr. Lavizzo-Mourey joined the Foundation in April 2001 as a senior vice president and director of its Health Care Group, overseeing all grantmaking and programs related to the Foundation’s efforts in the areas of access and chronic illness care. Prior to joining the Foundation, she served in a variety of roles at the University of Pennsylvania. She was director of the Institute on Aging, University of Pennsylvania; chief of the division of geriatric medicine; Sylvan Eisman Professor of Medicine and Health Care Systems; and associate chief of staff for geriatrics and extended care for the Philadelphia Veterans Administration Medical Center. She also served in the United States Department of Health and Human Services as deputy administrator of the Agency for Healthcare Policy and Research (now known as the Agency for Healthcare Research and Quality). Dr. Lavizzo-Mourey was a member of the White House Task Force on Health Care Reform and served as a consultant to the White House on issues of health policy.

Dr. Lavizzo-Mourey has served on several federal advisory committees, including the Task Force on Aging Research, the Office of Technology Assessment Panel on Preventive Services for Medicare Beneficiaries, the Institute of Medicine‘s Panel on Disease and Disability Prevention Among Older Adults, and the National Committee for Vital and Health Statistics (where she chaired the Subcommittee on Minority Populations).

She also served on the President’s Advisory Commission on Consumer Protection and Quality in the Health Care Industry. She recently completed service as co-vice chair of a congressionally requested Institute of Medicine study on racial disparities in health care [6].

She is married to Dr. Robert Lavizzo-Mourey and has two adult children. She currently resides in Princeton, New Jersey.

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Posted March 2, 2012 by pennylibertygbow in Entrepeneur

Helen D. Gayle, CEO of CARE   Leave a comment


Helene D. Gayle, M.D., M.P.H., is currently president and CEO of CARE, a leading humanitarian aid organization fighting global poverty.[1] Before joining CARE in 2006, Dr. Gayle directed the HIV, TB, and Reproductive Health Program at the Bill & Melinda Gates Foundation and spent 20 years at the Centers for Disease Control and Prevention (CDC), focusing primarily on HIV/AIDS.[2] Dr. Gayle also served as chair of the Obama administration‘s Presidential Advisory Council on HIV/AIDS.[3] She has been called one of the top female leaders and global thinkers in the world.[4][5]

 Biography

Helene D. Gayle was born and raised in Buffalo, NY. She earned a B.A. in psychology at Barnard College, an M.D. at the University of Pennsylvania and an M.P.H. at Johns Hopkins University. She is board certified in pediatrics, completing a residency in pediatric medicine at Children’s National Medical Center in Washington, D.C.[6]

Helene D. Gayle is president and CEO of CARE USA, a leading international humanitarian organization with approximately 10,000 staff whose poverty fighting programs have reached 82 million people in 87 countries.[7] Since joining CARE USA[8] in 2006, Dr. Gayle has led efforts to reinforce CARE’s commitment to empowering girls and women to bring lasting change to poor communities. Under her leadership, CARE has strengthened its focus on long term impact, increased policy and advocacy efforts and deepened connections between poverty and the environment. Gayle has leveraged the power of CARE’s corporate and NGO partners to significantly expand CARE’s reach across the globe.

An expert on health, global development and humanitarian issues, she spent 20 years with the Centers for Disease Control (CDC), focused primarily on combating HIV/AIDS. She was appointed as the first director of the National Center for HIV, STD and TB Prevention, and achieved the rank of Rear Admiral and Assistant Surgeon General in the U.S. Public Health Service. Dr. Gayle also served as the AIDS coordinator and chief of the HIV/AIDS division for the U.S. Agency for International Development. Dr. Gayle then directed the HIV, TB and Reproductive Health Program at the Bill & Melinda Gates Foundation, directing programs on HIV/AIDS and other global health issues.[9]

Under Dr. Gayle’s leadership, CARE has introduced three signature programs as part of its “Pathway to Empowerment.” “Mothers Matter” focuses on child and maternal health, seeking to improve access to safe pregnancy and delivery services for 30 million women in Africa, Asia, and Latin America by 2015. “Power Within” focuses on girls’ education, seeking to empower 10 million girls around the world to access quality primary education and gain leadership skills by 2015. And “Access Africa” focuses on microfinancing, seeking to ensure that 30 million people in 39 countries have access to a set of basic financial services by the next decade.[10]

Dr. Gayle serves on several boards, including the Center for Strategic and International Studies, the Rockefeller Foundation, Colgate-Palmolive Company and ONE. She is a member of the Council on Foreign Relations and the American Public Health Association. Dr. Gayle also chaired the Obama Administration’s Presidential Advisory Council on HIV/AIDS, and currently serves on the President’s Commission on White House Fellowships.

Dr. Gayle has been named one of Foreign Policy magazine’s “Top 100 Global Thinkers,”,[11] Newsweek‘s top 10 “Women in Leadership,”[12] and the Wall Street Journal‘s “50 Women to Watch,”[13] as well as one of the “100 Most Influential Atlantans”[14] and the “100 Most Influential Georgians.”[15]

Dr. Gayle has published numerous scientific articles and been featured by media outlets like The New York Times,[16] The Washington Post,[17] ForbesWoman,[18] Glamour,[19] O magazine,[20] National Public Radio,[21] and CNN.[22] Starting in June 2009, Gayle served as co-chair of the Center for Strategic & International Studies Commission on Smart Global Health Policy[23] alongside four star Admiral William J. Fallon.

Her contributions have been honored with awards from Columbia University, Spelman College, the Eleanor Roosevelt Center at Val-Kill, the U.S. Public Health Service and Bryn Mawr College among others. She has received numerous honorary degrees and holds faculty appointments at the University of Washington and Emory University.

Posted March 2, 2012 by pennylibertygbow in Entrepeneur

Earnest Stanley O’Neal, American Business Executive   Leave a comment


Earnest Stanley O’Neal (born October 7, 1951[citation needed]) is an American business executive. He is the former President, Chief Executive Officer and Chairman of the Board of Merrill Lynch & Co. Inc., having served in numerous senior management positions at the company prior to this appointment. He has taken criticism for his performance during his reign as chief executive at Merrill Lynch, and the deterioration of the firm’s stability and capital position.[1] During the final hearings prior to the Bank of America merger, numerous people – including a founder’s son, Win Smith – laid the blame on O’Neal for the firm’s downfall and loss of independence.[2]

O’Neal was a member of the board of directors of General Motors from 2001 through 2006. He currently serves on the board of Alcoa.

  College years

O’Neal’s father moved his family from Wedowee, Alabama to Atlanta, where he worked on a General Motors assembly line.[3] Stan O’Neal also worked briefly on GM’s assembly line as a teenager under a work-study program offered by the General Motors Institute (later known as Kettering University),[4] where he gained a degree in industrial administration in 1974. GM later provided O’Neal a scholarship to attend Harvard Business School, where he attained his MBA in 1978 and later rejoined GM as a Treasury Analyst.[5]

 Professional life

O’Neal initially worked as an analyst for General Motors; within two years he was a director in the treasury division. In 1986, he joined Merrill Lynch and by the early 1990s, he was running Merrill’s leveraged finance division.[6] After spells as global head of capital markets and co-head of the corporate and institutional client group, he spent two years as CFO from 1998 to 2000. In 2000, he was appointed president of the U.S. Private Client Group, the first executive of the division that oversees Merrill’s brokerage who had not himself been a broker. O’Neal led massive layoffs within the division. He became president of the firm in 2001 in a palace intrigue that eventually led to the early ouster of his predecessor and one-time mentor David Komansky.[7] By 2003, he was CEO and chairman.[5] He was one of the first African Americans to hold such a high position on Wall Street. O’Neal earned $48 million in 2006 and $46 million in 2007.[8]

When he came to power, he attempted to get rid of the ‘Mother Merrill’ culture of job security, arguing that it promoted cronyism instead of merit. He also wanted to transform Merrill into a trading powerhouse, and beat Goldman Sachs at its own game. He promoted loyalists like Osman Semerci, who shared his vision. The new team plowed into the mortgage-backed CDO market on a massive scale; Merrill was one of the top CDO underwriters of the boom era. People who complained about risk were fired or sidelined. Initially this plan brought huge bonuses to Merrill, but when the market turned, trouble brewed. [9]

During August and September 2007, as the sub-prime crisis swept through the global financial market, Merrill Lynch announced losses of $8 billion. O’Neal realized that he had steered Merrill Lynch into the disastrous sub-prime arena, and was responsible for the losses.[9][10] As the crisis worsened, O’Neal approached Wachovia Bank about a possible merger, without first obtaining the approval of Merrill’s Board of Directors, which led to his ouster.[11] O’Neal walked away with a golden parachute compensation package that included Merrill stock and options valued at $161.5 million at the time.[12] The board hired John Thain to replace O’Neal, believing that he could save the business. A year later, he did the same thing O’Neal had planned to do; sold the company. This time, though, it was for a much lower price, and he sold it to Bank of America.

On January 18, 2008, O’Neal was named to the board of directors of Alcoa.[13]

O’Neal is said to have an “abrasive” personality. CNBC includes O’Neal in their list of “Worst American CEOs of All Time”.[10] When Thain arrived at Merrill he scrapped O’Neal’s practice of having the security guards always hold an entire elevator bank open excusively for him.[14] In The New York Times Magazine on April 18, 2010, O’Neal was described as one of the “feckless dolts” who helped precipitate the financial crisis of 2007.

  References

Posted March 2, 2012 by pennylibertygbow in Entrepeneur

Franklin Delano Raines, CEO of the Federal National Mortgage Association   Leave a comment


Franklin Delano “Frank” Raines (born January 14, 1949) is an American business executive. He is the former chairman and chief executive officer of the Federal National Mortgage Association, commonly known as Fannie Mae, who served as White House budget director under President Bill Clinton. His role leading Fannie Mae has come under scrutiny.

 Early life

Raines was born in Seattle, Washington, the son of a janitor.[1] Raines graduated from Harvard College, Harvard Law School; and Magdalen College, Oxford University as a Rhodes Scholar.

  Career

In 1969, Raines first worked in national politics, preparing a report for the Nixon administration on the causes and patterns of youth unrest around the country related to the Vietnam War.[2] He served in the Carter Administration as associate director for economics and government in the Office of Management and Budget and assistant director of the White House Domestic Policy Staff from 1977 to 1979. Then he joined Lazard Freres and Co., where he worked for 11 years and became a general partner. In 1991 he became Fannie’s Mae’s Vice Chairman, a post he left in 1996 in order to join the Clinton Administration as the Director of the U.S. Office of Management and Budget, where he served until 1998. In 1999, he returned to Fannie Mae as CEO, “the first black man to head a Fortune 500 company.”[3]

On December 21, 2004 Raines accepted what he called “early retirement”[4] from his position as CEO while U.S. Securities and Exchange Commission investigators continued to investigate alleged accounting irregularities. He is accused by The Office of Federal Housing Enterprise Oversight (OFHEO), the regulating body of Fannie Mae, of abetting widespread accounting errors, which included the shifting of losses so senior executives, such as himself, could earn large bonuses.[5]

In 2006, the OFHEO announced a suit against Raines in order to recover some or all of the $90 million in payments made to Raines based on the overstated earnings,[6] initially estimated to be $9 billion but have been announced as $6.3 billion.[7]

Civil charges were filed against Raines and two other former executives by the OFHEO in which the OFHEO sought $110 million in penalties and $115 million in returned bonuses from the three accused.[8] On April 18, 2008, the government announced a settlement with Raines together with J. Timothy Howard, Fannie’s former chief financial officer, and Leanne G. Spencer, Fannie’s former controller. The three executives agreed to pay fines totaling about $3 million, which will be paid by Fannie’s insurance policies. Raines also agreed to donate the proceeds from the sale of $1.8 million of his Fannie stock and to give up stock options, which were valued at $15.6 million when issued. The stock options however had no value.[citation needed] Raines also gave up an estimated $5.3 million of “other benefits” said to be related to his pension and forgone bonuses.[9]

An editorial in The Wall Street Journal called it a “paltry settlement” which allowed Raines and the other two executives to “keep the bulk of their riches.”[10] In 2003 alone, Raines’s compensation was over $20 million.[11]

A statement issued by Raines said of the consent order, “is consistent with my acceptance of accountability as the leader of Fannie Mae and with my strong denial of the allegations made against me by OFHEO.”[12]

In a settlement with OFHEO and the Securities and Exchange Commission, Fannie paid a record $400 million civil fine. Fannie, which is the largest American financier and guarantor of home mortgages, also agreed to make changes in its corporate culture and accounting procedures and ways of managing risk.[13]

In June 2008 The Wall Street Journal reported that Franklin Raines was one of several public officials who received below market rates loans at Countrywide Financial because the corporation considered the officeholders “FOA’s”–“Friends of Angelo” (Countrywide Chief Executive Angelo Mozilo). He received loans for over $3 million while CEO of Fannie Mae

Posted March 2, 2012 by pennylibertygbow in Entrepeneur

Kenneth Irvine Chenault, CEO of American Express   Leave a comment


Kenneth Irvine Chenault (born June 2, 1951, French pronunciation: [ʃeno]) is an American business executive. He has been the CEO and Chairman of American Express since 2001.[1][2] He is the third African-American CEO of a Fortune 500 company.

 Early life, education, and legal career

Chenault grew up on Long Island, New York as the son of a dentist and dental hygienist.[3] He attended the alternative Waldorf School of Garden City,[4] where he served as senior class president.[3] He then received B.A. in history from Bowdoin College in 1973, and juris doctor from Harvard Law School in 1976.[5]

After Harvard, he worked as an associate at the law firm Rogers & Wells in New York City, and as a consultant for Bain & Company.[5]

 CEO of American Express

He joined American Express in 1981, working in the Strategic Planning Group.[6] He became president and chief operating officer in 1997.[6] He became CEO of American Express in 2001.

While CEO of American Express in 2007, Chenault earned a total compensation of $50,126,585,[7] and in 2008, he earned a total compensation of $42,752,461.[8] In 2009, he earned a total compensation of $16,617,639, which included a base salary of $1,201,923, a cash bonus of $10,450,000, an option grant of $3,985,637, and other compensation worth $980,079.[9]

He is currently co-chair of the Business Roundtable,[10] a director at IBM,[2][6] and a member at the Council on Foreign Relations.[11] In 1995, Ebony listed him as one of 50 “living pioneers” in the African-American community.[12] Chenault was inducted into the Junior Achievement U.S. Business Hall of Fame in 2002. In 2008, he gave the commencement address at Howard University.[13]

In May 2010, he gave the commencement speech at Wake Forest University[14] and Northeastern University.[15]

On Monday, November 15, 2010, Old North Foundation recognized Chenault with its Third Lantern Award for individual commitment and dedication to public service. The Foundation honored Chenault and American Express for their significant contributions to the preservation efforts of many significant monuments and landmark structures, including the steeple of the Old North Church. Chenault joins a long list of prestigious Third Lantern Award recipients, including President Clinton, U.S. Sen. Edward Kennedy, Boston Mayor Thomas M. Menino, former Boston Mayor Kevin H. White and Boston Red Sox CEO Larry Lucchino.

Chenault resides in New Rochelle, New York with his wife and children

Posted March 2, 2012 by pennylibertygbow in Entrepeneur

Kenneth Frazier, First African American to Serve as CEO of Pharmaceutical Company   Leave a comment


Kenneth Carleton Frazier (born December 17, 1954(1954-12-17)) is the Chairman, President and CEO of Merck & Co., and is the first African American to serve as the CEO of a pharmaceutical company.

Frazier, a native of Philadelphia,[1] graduated from Pennsylvania State University in 1975 with a BA in Political Science, and attended Harvard Law School.

Frazier joined Merck in 1992, and became general counsel of the company in 2006.[2] As general counsel, he was credited with overseeing the company’s defense against Vioxx-related litigation.[3] From 2007 to 2010, he served as executive vice president and president of the company’s global human health unit.[2] In 2010, he became Merck’s president[2] and on January 1, 2011 its CEO.[4]

On November 11, 2011, as a member of the Penn State board of trustees, the board selected Frazier as chairman of a blue ribbon commission empaneled to investigate a child sex abuse scandal involving a former assistant football coach and allegations of a cover up by university officials

Posted March 2, 2012 by pennylibertygbow in Entrepeneur

Clarence Otis   Leave a comment


In the 2000s African Americans remained rare as chief executives of “Fortune 500” companies—the 500 largest companies in the United States. When Clarence Otis Jr. was named CEO of Darden Restaurants in December of 2004, he was one of just seven. He reached his high-level post not only through skills and hard work but also through versatility: his career led him through law, investment banking, corporate finance, and operations management, and he excelled in each new area he challenged himself with. At the helm of a company with more than 140,000 employees serving over 300 million meals a year, Otis kept a clear focus on corporate essentials. “No matter what a person’s level or function is within a company,” he explained to Carolyn M. Brown of Black Enterprise, “he or she needs to understand the basics—how that company makes money.”

Unlike Joe Lee, the former Darden CEO who became his mentor, Otis didn’t have a long background in the restaurant business. Born in Vicksburg, Mississippi on April 11, 1956, he moved to Los Angeles with his family when he was young. He grew up in the vast Watts ghetto, at the height of the civil unrest of the 1960s. His father worked as a janitor for the city of Los Angeles, and his mother Calanthus Hall Otis, a homemaker, insisted that her children work hard in school and finish all their homework. The result in Clarence Otis’s case was a high-school standout who won admission and a scholarship to prestigious Williams College in Massachusetts after being encouraged to apply by Los Angeles lawyer Felix Grossman.

Otis’s scholastic record at Williams was likewise a distinguished one. He graduated magna cum laude in 1977 with dual majors in economics and political science, receiving the school’s Political Science Writing Prize and Phi Beta Kappa recognition in his senior year. Otis moved on to Stanford University Law School in California, earning his law degree in 1980. For four years in the early 1980s, Otis worked in the field of corporate law, specializing in the fields of securities law and mergers and acquisitions. He started out with the firm Donovan Leisure Newton & Irvine and moved on to Gordon, Hurwitz, Butowsky, Weitzen, Shalov & Wein. From the start he ran with a high-flying crowd; one of his clients was famed financier Carl Icahn. Otis and his wife Jacqueline Bradley were married in 1983 and have raised three children. Bradley later became board director of the Greater Orlando Aviation Authority.

But, he told Jerry W. Jackson of the Orlando Sentinel, “I thought the finance side was more exciting than the law, so I moved to an investment banking firm”—Kidder, Peabody & Company. The barely 30-year-old Otis became a vice president at First Boston Corporation in 1987. In this job he got his first exposure to Florida’s booming economy as he worked on real estate deals there. He became interested in public and government finance, serving as managing director of Giebert Municipal Capital in 1990 and 1991, and as a vice president and later managing director in Chemical Bank’s securities arm between 1991 and 1995. He played a key part in turning around the bank’s struggling public finance division, shepherding funding of $2.6 billion for tax-exempt pollution-control projects and participating a $208 million New York City bond issue that was named deal of the year by Institutional Investor magazine.

In 1995, Otis was recruited by Darden Restaurants in Orlando for the post of treasurer, overseeing finance activities for the 1,200-restaurant chain. He correctly assessed Darden as a company on the rise as its “casual dining” market niche—high-volume sit-down restaurants a step above fast food in terms of quality—was growing rapidly. His biggest motivator, however seemed once again to be the opportunity to acquire a new skill set. “It’s just the opportunity to broaden the work I do in the capital markets to include equity and taxable fixed-income,” he told The Bond Buyer in explanation of his rationale for the move. “And it gives me a chance to work in operational finance, which was a big factor driving this decision.” Otis came to the company in the final stages of its spin-off from food giant General Mills.

Read more: Clarence Otis Jr. Biography – Darden, President, Finance, and Restaurants – JRank Articles http://biography.jrank.org/pages/2927/Otis-Clarence-Jr.html#ixzz1nyrqiZ1W

Posted March 2, 2012 by pennylibertygbow in Entrepeneur