Alan Schwartz
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Alan Schwartz
| Alan D. Schwartz | |
|---|---|
| Born | 1950/1951 (age 61–62)[1] |
| Alma mater | Duke University (1972) |
| Occupation | Executive chairman of Guggenheim Partners |
| Known for | Last CEO of Bear Stearns |
| Home town | Greenwich, Connecticut |
| Spouse | Nancy Seaman |
Alan D. Schwartz is executive chairman of Guggenheim Partners, an investment banking firm based in Chicago and New York. He is perhaps most widely known for being the chief executive officer of Bear Stearns when the Federal Reserve Bank of New York forced its March 2008 acquisition by JPMorgan Chase & Co..[2]
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Career
Alan Schwartz joined Bear Stearns in 1976; he became executive vice president and head of its Investment Banking Division in 1985.[1] He became Co-President and Co-COO on June 25, 2001. Schwartz became President and COO in August 2007 after Warren Spector was forced to resign in the wake of the collapse of two hedge funds.[3] Schwartz became CEO in January 2008.
When Schwartz became CEO, Bear Stearns stock traded around $75 per share; Within a week of its merger with JPMorgan Chase on March 16, 2008, BSC stock was trading at $5.33 per share.[citation needed] The rapid decline in share price prompted news of an angry confrontation between Schwartz and senior trader Alan Mintz in the company gym.[4][5]
In June 2009, Schwartz became executive chairman of Guggenheim Partners, an investment banking firm based in Chicago and New York.[6] According to Schwartz, the new job meant "fate has dealt [him] an opportunity to start from scratch."[6]
Schwartz is also the chairman of the Board of Visitors at the Fuqua School of Business at Duke and is a trustee on the Duke University Board of Trustees.[citation needed]
Background
Schwartz is a 1972 graduate of Duke University. At Duke, he pitched on the varsity baseball team as a scholarship athlete, making the ACC academic honor roll three times.[citation needed] He was drafted by Major League Baseball's Cincinnati Reds, but never played a game due to an injured elbow.[citation needed]
Schwartz resides in Greenwich, Connecticut, with his wife, Nancy Seaman, chairman of Houlihan Lawrence Realty Corporation.[citation needed]
References
- ^ a b Cane, Jeffrey (January 9, 2008). "The New Bear Chief". portfolio.com. http://www.portfolio.com/news-markets/top-5/2008/01/09/The-New-Bear-Chief. Retrieved 2012-03-28. "Schwartz, 57, has worked at the firm since 1976. He was chosen to run the investment banking division in 1985 and became president of Bear in 2001."
- ^ Onaran, Yalman (April 2, 2008). "Fed Aided Bear Stearns as Firm Faced Chapter 11, Bernanke Says". Bloomberg. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a7coicThgaEE. Retrieved 2012-03-28.
- ^ Grynbaum, Michael M. (September 21, 2007). "Bear Stearns Profit Plunges 61% on Subprime Woes". The New York Times. http://www.nytimes.com/2007/09/21/business/20cnd-wall.html. Retrieved 2008-09-14.
- ^ Kelly, Kate (May 27, 2008). "Lost Opportunities Haunt Final Days of Bear Stearns". Wall Street Journal. http://online.wsj.com/article/SB121184521826521301.html. Retrieved 2012-03-28.
- ^ Schaefer Munoz, Sara (May 28, 2008). "The Company Gym: Sweating Next to the Boss". The Juggle (blog). Wall Street Journal. http://blogs.wsj.com/juggle/2008/05/28/the-company-gym-sweating-next-to-the-boss/. Retrieved 2012-03-28.
- ^ a b "After Bear, Schwartz to Join Guggenheim Partners". The New York Times. June 2, 2009. http://dealbook.blogs.nytimes.com/2009/06/02/bears-schwartz-to-join-guggenheim-partners/. Retrieved 2009-10-12.
External links
- You Can Just Call Alan D. Schwartz ‘Mr. Smooth’ from New York Magazine
- Former Duke pitcher scores CEO job at Bear Stearns from Triangle Business Journal
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