American banker
Douglas Warner son Born 1976 Ann Warner Mother 1940 dececed 2023
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Born
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1946-06-09
)
June 9, 1946
(age 78)
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Occupation
| Banker
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Douglas 'Sandy' Warner
(born June 9, 1946, as
Douglas Alexander Warner III
but widely known as "Sandy") is an American
banker
who joined
Morgan Guaranty Trust Company
of New York out of college in 1968 as an officer's assistant and rose through the ranks to become
chief executive officer
and
chairman of the board
of
J.P. Morgan & Co. Inc.
in 1995. Among his many accomplishments, Warner may be best known for spearheading the 2000 sale of J P Morgan & Co. to
Chase Manhattan Bank
for $30.9 billion.
Biography
[
edit
]
Early life
[
edit
]
Douglas Alexander Warner III was born on June 9, 1946, in
Cincinnati
, Ohio, as the elder son to Douglas Alexander Warner Jr. and Eleanor (Wright) W. Warner. He has a brother, Gordon, and a sister, Marjorie.
[1]
Warner came from money, growing up in the high-toned suburb of
Indian Hill
in a family with local social standing. For example, Warner's father served as a trustee of the
Cincinnati Music Hall Association
and
Art Museum
and chaired the United Appeal one year. Warner's grandfather (and namesake) ran his own insurance firm and was active in local golfing circles. Grandmother Warner was the daughter of a wealthy Cincinnati
entrepreneur
named
J. Stacey Hill
, who was the president of a then-prominent thousand-room Cincinnati hotel named
Hotel Gibson
.
[2]
In 1960 Warner's family shipped the 14-year-old Warner 500 miles away from his home in Ohio to
The Hill School
, a college-preparatory boarding school in
Pottstown, Pennsylvania
(it admitted only boys at the time); Warner's father had graduated from the same school in 1937.
[3]
While a student at The Hill, Warner played junior
hockey
1960?61, junior varsity (JV) hockey 1961?62, and varsity hockey 1962?64.
[3]
Warner graduated from there in 1964, the same year as
Academy Award
-winning producer/director
Oliver Stone
.
Education and career
[
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]
From The Hill School, Warner applied to
Yale University
, the same school attended by his father and uncle.
[2]
In 1964, Warner entered
Yale University
at the age of 18 as a
pre-med
student.
[4]
At age 18, Warner was of
draft age
but most likely held a 2-S (college deferment)
Selective Service System classification
as a student at Yale University. During his time at Yale, Warner became friends with the future
President George W. Bush
through then-Yale ice hockey player
Roland W. Betts
- now owner of the multimillion-dollar
Chelsea Piers Sports & Entertainment Complex.
[5]
[6]
This friendship would prove valuable as
President-elect
Bush later named Warner as a financial adviser to his transition team in 2000.
[5]
[7]
At the peak of the
Vietnam War
upheaval in the United States in May 1968, Warner graduated from
Yale University
with a
B.A.
degree and intended to go to
Yale medical school
after leaving Yale undergraduate. Without a college deferment, Warner most likely would have been classified as
1-A
, that is to say, classified as available immediately for military service. For example,
President Bush
was classified as 1-A on Bush's graduation from Yale in May 1968 and was accepted into the
Texas Air National Guard
at the height of the ongoing
Vietnam War
.
With the Vietnam war and Yale medical school choices facing Warner, Warner looked to a third option based on advice from his father, an insurance man from
Cincinnati, Ohio
. Warner's father advised Warner to go into business to develop some "breadth"
[8]
and subsequently Warner entered the management training program at
Morgan Guaranty Trust Company
in
New York City
.
[9]
At that time, Morgan Guaranty Trust Company was a wholly owned subsidiary of
J.P. Morgan Chase & Co.
(formerly
J.P. Morgan & Co. Incorporated
). Over the next seven years, Warner rapidly advanced from officer's assistant (1968?1970), through assistant treasurer (1970?1972) and assistant Vice President (1972?1975), to vice president in 1975.
[1]
On May 13, 1977, Warner married
Patricia G. Grant
with whom he had four children, Alexander, Katherine, Michael, and Alice (deceased), and now, along with Patricia's brother Thomas, are residents of
Locust Valley, N.Y
.
[10]
[11]
In 1983, at age 37, Warner was transferred to
London
,
England
and was named Senior Vice President.
[12]
First, Warner was in charge of
United Kingdom
and
Scandinavian
banking operations and then became the head of oil and gas lending for the region.
[8]
In becoming the general manager of the London office and Morgan's senior executive in the
United Kingdom
in 1986, Warner received extensive experience in U.S. and
international corporate finance
.
[1]
In 1987, Warner was promoted to Executive Vice President and returned to New York city to take charge of
North American
and
South American
corporate finance
and, later that year, of the entire group worldwide.
[1]
[13]
In 1989, Warner became managing director of the Morgan Guaranty Trust Company and elected president and a director in 1990.
[14]
After rising through the ranks in various positions in
London
and
New York City
, Warner succeeded
Dennis Weatherstone
in 1995 as Morgan's youngest
CEO
ever at age 49.
[4]
[13]
From 1995 to 2000, Warner served as chairman and chief executive officer. In 1999, Warner was ranked 14th of the "25 Highest Paid Banking Executives in 1999" with a total compensation for the year of US$9,916,151.
[15]
In 2000, Warner was mentioned as a possible candidate for President Bush's Treasury secretary along with
Enron
head
Kenneth Lay
and a few others.
[16]
However, Warner was elevated to chairman of the board of
J.P. Morgan Chase & Co.
,
Chase Manhattan Bank
and
Morgan Guaranty Trust Company
of
New York, NY
in 2000 and served there until his retirement on September 7, 2001.
[14]
Instead, Bush named Warner as a financial adviser to his presidential transition team in 2000.
[5]
2000 merger and retirement
[
edit
]
Warner may be best known for spearheading the sale of J P Morgan & Co. to
Chase Manhattan Bank
through its then
CEO
William Harrison
for $30.9 billion.
[17]
In retirement, Warner is a director of
Anheuser-Busch Companies, Inc.
and
Motorola, Inc.
, a member of the Board of Counselors of
The Bechtel Group, Inc.
, chairman of the Board of Managers and the Board of Overseers of
Memorial Sloan-Kettering Cancer Center
, served as the Chair of the
General Electric
Audit committee, and served on both the General Electric Nominating committee and Corporate Governance and Management Development and Compensation committee.
[14]
In 2016 Warner was removed from his 24 year position on GE's board by CEO
Jeff Immelt
after the two disagreed about Immelt's succession plans. Warner appealed this move, but the board declined to bring him back.
[18]
Warner is a member of the
Business Council
, a trustee of the
Pierpont Morgan Library
, and a member of the committee to Encourage Corporate Philanthropy (CECP).
[19]
In between such retirement, Warner enjoys golf, skiing, and shooting as a member of Seminole Golf Club
Seminole Golf Club
, Links Club,
River Club
,
Meadowbrook Club
(Long Island, New York),
Augusta National Golf Club
, and
Wequetonsing Golf Club
(Harbor Springs, MI).
[1]
[20]
Warner was recently selected for a coveted six-year term on the
Yale Corporation
,
Yale University
’s governing body.
Business legacy
[
edit
]
Analysts say that Mr. Warner was a key figure throughout the 1980s and 1990s in the transformation of J.P. Morgan from a commercial bank to an investment banking firm. For example, J.P. Morgan was the first commercial bank since the 1930s to be granted the power to
underwrite
debt
and
equity securities
. Under Warner, the firm ended lifelong job security as a result of a 1998 restructuring. One of his biggest cultural marks on J.P. Morgan was the creation of the "House Arrest" group, a dozen or so senior executives who met monthly to discuss management issues.
[4]
Philanthropy
[
edit
]
- A loyal
Hill School
Annual Fund donor, Warner funded the Douglas Warner Christian Ministries at Warner Brothers Foundation Chapel Program Fund in honor of his father, the late Douglas A. Warner Jr. '37. Warner has also served The Hill School as a term and corporate trustee. Warner gave $100,000 to have the ice hockey rink replaced.
[3]
[21]
- Warner is a member of the
Business Council
, a trustee of the
Pierpont Morgan Library
, and a member of the committee to Encourage Corporate Philanthropy (CECP).
[19]
Awards
[
edit
]
In 1998, Warner was an invited
Gordon Grand Fellow
lecturer at
Yale University
,
[9]
and in 2001, he was awarded the Leadership Award from The Hill School. As an alumnus of The Hill School, Warner had proven himself "to be an exemplary leader and true role model for students in his vocation."
[22]
Footnotes and references
[
edit
]
- ^
a
b
c
d
e
Marquis Who's Who in America.
2000.
Warner, Douglas Alexander, III.
- ^
a
b
Teitelman, Robert. (March 1996).
Institutional Investor.
"Morgan enters the Warner era. (J.P. Morgan and Co. under the leadership of Chairman Sandy Warner)(Cover Story)"
.
Archived
September 27, 2007, at the
Wayback Machine
Volume 30; Issue 3; Pg. 26. (Note: This article has a most in-depth information on Warner.)
- ^
a
b
c
The Hill School, private college preparatory boarding school in Pottstown, Pennsylvania.
The Hill School - Alumni / Meet the Hockey Committee.
Accessed November 2, 2006.
- ^
a
b
c
Moyer, Liz. (September 27, 2001)
American Banker (USA)
.
Warner's Exit to Further Thin Morgan Ranks at Chase.
Volume 166; Issue 186. Pg. 2
- ^
a
b
c
Blackwell, Rob. (January 3, 2001). American Banker (USA).
No Shortage of Bankers On Bush Transition Team.
Volume 166; Issue 2. Pg. 5.
- ^
Finn, Robin. (April 4, 2003).
The New York Times
.
"Public Lives: A Role at Ground Zero for the Master of the Piers"
. p. D2.
- ^
See also The White House. (May 29, 2003).
Yale Class of 1968 Reunion at the Whitehouse.
Archived
October 1, 2006, at the
Wayback Machine
Accessed November 3, 2006.
- ^
a
b
Leaders - financial - sandy Warner. (19 April 2000),
Douglas 'Sandy' Warner III.
Archived
December 27, 2004, at the
Wayback Machine
- ^
a
b
Yale University. (October 26 – November 2, 1998).
"Yale Bulletin and Calendar - Current Issue"
.
Archived
2015-09-10 at the
Wayback Machine
Volume 27, Number 10.
- ^
The New York Times
. (December 21, 1998.)
"Paid Notice: Deaths GRANT, ALICE WATERS"
. (Accessed November 2, 2006).
- ^
Fundrace2004.
"Fundrace Neighbor Search"
[
permanent dead link
]
.Accessed November 2, 2006.
- ^
Financial Times
. (September 10, 1983)
Appointments:
Morgan Guaranty Trust Company
of New York.
Pg. 19.
- ^
a
b
Kraus, James R. (September 16, 1994) American Banker (USA).
JP Morgan Picks Warner, Its President, As Next CEO.
Volume 159; Issue 179. Pg. 1.
- ^
a
b
c
General Electric: Our Company: Board of Directors.
"Douglas A. Warner III - Independent Director"
.
Archived
October 23, 2006, at the
Wayback Machine
Accessed November 2, 2006.
- ^
American Banker Online - Ranking the Banks. (May 18, 2000).
"The 25 Highest Paid Banking Executives in 1999"
.
Archived
March 12, 2007, at the
Wayback Machine
However, an SEC filing indicated that J.P. Morgan & Co. doubled Warner's pay in 1999 to $16.6 million, comprising a base salary of $700,000, options worth $6.66 million, and bonus and restricted stock awards totaling $9.2 million, said. See
New York Post
. (March 9, 2000)
Business Briefs: Morgan Pay.
Pg. 34.
- ^
OsterDowJones. (December 14, 2000)
Who will Bush pick to run Treasury?
- ^
McGeehan, Patrick; Hansell, Saul. (September 14, 2000).
The New York Times
. "
Banking's Big Deal: The Deal; Chase Hopes Deal for Morgan will bring it Prestige.
" Late Edition - Final, Section C, Page 1, Column 2.
- ^
Gryta, Thomas; Mann, Ted (2021).
Lights out: pride, delusion, and the fall of General Electric
. Boston New York: Mariner Books, Houghton Mifflin Harcourt. p. 299.
ISBN
978-0-358-25041-8
.
- ^
a
b
CECP - Committee To Encourage Corporate Philanthropy.
"About CECP|Membership"
.
Archived
October 7, 2006, at the
Wayback Machine
Accessed November 2, 2006.
- ^
McCarthy, Michael; Brady, Erik. (September 27, 2002). "Privacy becomes public".
USA Today
. Sports Section. p. 01 C.
- ^
The Hill School - private college preparatory boarding school in Pottstown, Pennsylvania.
The Hill Newsletter.
Accessed November 2, 2006.
- ^
The Hill School.
"Leadership / Sixth Form Leadership Award"
. Accessed November 2, 2006.
See also
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External links
[
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Successor companies*
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Former subsidiaries
and divisions
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Joint ventures/
shareholdings
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Products
and brands
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People
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Executives
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Outside directors
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Places and
facilities
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Sponsorship
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Other
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* Following corporate split-up from 2023 to 2024
** Joint ventures before corporate split-up from 2023 to 2024
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