American banker (1935?2019)
Walter Vincent Shipley II
(November 2, 1935 ? January 11, 2019) was the chairman and chief executive officer of
Chase Manhattan Bank
and, previous to that, the company with which it merged
Chemical Bank
. Shipley was named chief executive of Chemical in 1981 and held the position through 1999 and remained at the bank as chairman through January 2000, just prior to the bank's merger with
J.P. Morgan & Co.
[1]
[2]
During his 18-year tenure, Shipley oversaw Chemical's mergers with
Texas Commerce Bank
in 1987,
Manufacturers Hanover
in 1991 and
Chase Manhattan Bank
in 1996.
Early life and education
[
edit
]
Shipley was the son of a Wall Street investment banker who regularly surrounded his wife and five children with visitors from overseas. He attended
Williams College
to study economics and political science, and at 6’8”, was named captain of the basketball team. However, off the court his grades slipped and he was forced to leave Williams in 1956, during his junior year. He referred to this as a wake-up call that made him determined to prove to his family and friends that "I was better than I had demonstrated up until that time." He joined the New York Trust Company that same year and earned his undergraduate degree from New York University in 1961.
[3]
[4]
Career
[
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]
Shipley started his career in the loan department at
New York Trust Company
in 1956. New York Trust was acquired by Chemical Bank in 1959. By the late 1970s, he was the head of Chemical Bank's international department.
[4]
He was named executive vice president in 1979, president in 1981, and
CEO
in 1983, all at Chemical Bank.
[4]
[5]
After Chemical Bank's merger with Manufacturer's Hanover in 1991, he took a lower executive-level position. However, he was renamed as CEO of Chemical Bank in 1994.
[4]
From 1996 through 1999, Shipley was CEO and chairman of the board of directors at Chase Manhattan, after its merger with Chemical Bank in 1996.
[4]
In 1987, Shipley oversaw Chemical Bank's purchase of the Texas Commerce Bank in Houston. Initially, Texas Commerce incurred big losses for Chemical Bank due to a deteriorating economy in
Texas
. The acquisition was viewed unfavorably by many executives at Chemical Bank, and Wall Street bankers encouraged Chemical Bank to sell Texas Commerce. However, Texas Commerce was viewed as a "star-jewel" for Chemical Bank by the mid-1990s, according to
New York Times
journalist Michael Quint.
[4]
Throughout his career, Shipley served on the
board of directors
at several corporations, including;
Exxon Mobil
,
Wyeth
, and
Verizon
.
[5]
Political involvement
[
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]
Shipley participated in several political campaigns, including;
Bill Bradley
's run to be Democratic nominee for the United States President in 2000. He was also involved on
George W. Bush
's run for presidency in 2000 and 2004,
Mitt Romney
's presidential campaigns in 2008 and 2012, and
Alphonse D'Amato
run for the United States Senate in 1998.
[5]
Shipley was a rumored candidate for
Secretary of the Treasury
in 2000 but was passed over in favor of
Paul H. O'Neill
.
[6]
Personal life
[
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]
Shipley was the son of noted investment banker Linwood Parks Shipley, a partner in the investment banking firm of
Brown Brothers Harriman & Company
, and Emily Catherine (Herzog) Shipley.
[7]
He was married to Judith Lyman Shipley from 1957 until her death in 2014.
[8]
They had five children including Barbara T. Shipley, Allison P. Shipley, Pamela J. Shipley, Dorothy B. Shipley, and John P. Shipley.
[8]
At the time of his death, he resided in
Summit, New Jersey
where he lived from his childhood.
[8]
Shipley also had 7 grandchildren.
Philanthropy
[
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]
Shipley was actively involved in many philanthropic organizations. He served as trustee at
American Museum of Natural History
,
Lincoln Center
, and
Goodwill Industries
.
[5]
[9]
[10]
He was head of Goodwill's strategic planning committee from 1983 until 2002, when he received Goodwill's Volunteer Leader Award.
[10]
Shipley and his wife Judith V. Shipley were major supporters and donors at the
Greater Newark Conservancy
.
[8]
[11]
The Greater Newark Conservancy named its Urban Environmental Center after Judith Shipley.
[11]
Shipley and his wife were also supporters of the
Summit Speech School
and
NJPAC
.
[8]
Notes
[
edit
]
- ^
Chase Manhattan Names a New Chief Executive
.
New York Times
, March 25, 1999
- ^
Chase Manhattan Chairman Plans to Retire
. New York Times, November 17, 1999
- ^
O'Brien, Timothy L (June 22, 1999).
"The Friendly Merger Banker; At Chase, the Chairman Tries to Make All Sides Winners"
.
The New York Times
. Retrieved
17 June
2020
.
- ^
a
b
c
d
e
f
Quint, Michael (1995-08-29).
"BANKING'S NEW GIANT: THE NEW CHIEF; Quiet Captain Weathers An Industry's Storms"
.
The New York Times
.
ISSN
0362-4331
.
Archived
from the original on 2015-12-08
. Retrieved
2015-12-02
.
- ^
a
b
c
d
"Walter V. Shipley"
.
www.nndb.com
.
Archived
from the original on 2015-10-29
. Retrieved
2015-12-02
.
- ^
THE 43rd PRESIDENT: THE NOMINEES; On Economic Affairs, Bush's Man for Commerce Dept. Is His First Pick
. New York Times, December 20, 2000
- ^
Linwood P. Shipley, 93, Investment Banker
Archived
2017-09-19 at the
Wayback Machine
.
New York Times
, January 30, 1999
- ^
a
b
c
d
e
"JUDITH SHIPLEY's Obituary on"
.
The Star-Ledger
.
Archived
from the original on 2015-12-08
. Retrieved
2015-12-02
.
- ^
Shipley to Lead Drive
Archived
2017-11-25 at the
Wayback Machine
. June 22, 1985
- ^
a
b
"Walter Shipley, New York Bank Exec., Garners Goodwill's Volunteer Leader Award"
.
www.prnewswire.com
.
Archived
from the original on 2015-12-08
. Retrieved
2015-12-02
.
- ^
a
b
"Greater Newark Conservancy"
.
citybloom.org
.
Archived
from the original on 2015-12-03
. Retrieved
2015-12-02
.
References
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Business positions
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Preceded by
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CEO of
Chase
1996?1999
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Telecom services
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