Deseret Management Corporation

Type: Holding Company
On the web: http://www.deseretmanagement.com
Employees: 4,000
Employee growth: 14.5%

While the Church of Jesus Christ of Latter-day Saints handles the spiritual, Deseret Management takes care of the worldly. The holding company oversees a portfolio of for-profit ventures for the Mormon Church, including Bonneville International Corporation (radio and TV stations), Deseret Book Company (inspirational publishing), and Salt Lake City's "Deseret Morning News" newspaper. Its holdings also include life insurance and financial services provider Beneficial Life Insurance and contract foodservices and corporate catering provider Temple Square Hospitality. Deseret Management also has real estate holdings through other subsidiaries. The Mormon Church formed the holding company in 1966.

Key numbers for fiscal year ending December, 2007:
Sales: $1,200.0M
One year growth: 350.5%

Officers:
President and CEO: Mark H. Willes
VP and Controller: Dale G. Bailey
CIO: Stephen J. Tolman

Competitors:
Clear Channel
MediaNews
MetLife

The Deseret Management Corporation (DMC) is a for-profit management company of assets for The Church of Jesus Christ of Latter-day Saints. It was established in 1966^[1] by then church president David O. McKay^[2] to hold already-existing church assets.^[3]

Contents 1 Subsidiaries 2 Leadership 3 Relation to LDS Church 4 See also 5 References 6 External links

Subsidiaries

The following are DMC subsidiaries:

• Beneficial Financial Group: insurance, investment, and retirement services.
• Bonneville International Corporation: owns radio stations nationwide and KSL-TV in Salt Lake City.
• Deseret Book: LDS publisher and bookstores chain.
• The Deseret Morning News: Utah's second-largest daily newspaper.
• Hawaii Reserves: manages commercial and residential properties in Lā'ie, Hawai'i.
• Temple Square Hospitality: operates downtown Salt Lake City properties such as the Lion House and the Joseph Smith Memorial Building.
• Zions Securities: Real estate company which manages apartments and commercial property, particularly in downtown Salt Lake City.

Leadership

In February 2009, Mark Willes, former head of the Los Angeles Times and General Mills, was named president of DMC.^[4] Willes was also president of the Federal Reserve Bank of Minneapolis from 1977-1980.^[5] He replaces 76-year-old Rodney H. Brady.^[6]

Relation to LDS Church

Deseret Management Corporation is the holding company which owns the tax-paying companies that fall under the umbrella of the Church of Jesus Christ of Latter-day Saints. DMC's Board of Directors is made up of The First Presidency, three rotating members of the Quorum of the Twelve, and the Presiding Bishopric of the Church.

See also

• Intellectual Reserve

References

1. ^ "About Us". Deseret Management Corporation official web site. http://www.deseretmanagement.com/?nid=4. Retrieved 2009-09-13. 
2. ^ "Presidents of the Church". The Church of Jesus Christ of Latter-day Saints official website. http://www.lds.org/churchhistory/presidents/leaders.jsp. Retrieved 2009-10-25. 
3. ^ "Deseret Management hires former LA Times publisher". Salt Lake Tribune. 2009-02-04. http://www.sltrib.com/business/ci_11629454. Retrieved 2009-02-11. ^{[dead link]}
4. ^ "Ex 'L.A. Times' Publisher To Head Mormon Paper". Around the Net. Media Post. 2009-02-11. http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=100117. Retrieved 2009-02-11. 
5. ^ "Leadership changing for church businesses". Deseret News. 2009-02-05. http://deseretnews.com/article/1,5143,705282932,00.html. Retrieved 2009-02-11. 
6. ^ "Brady retires from Deseret Management Corp.". KSL News. 2009-02-04. http://www.ksl.com/?nid=148&sid=5507551. Retrieved 2009-02-11. 

External links

• Deseret Management Corporation site

v • d • e Subsidiaries of Deseret Management Corporation Agriculture AgReserves Inc. • Hawaii Reserves • Farmland Reserve Inc. Real Estate Temple Square Hospitality • Zions Securities • Property Reserve Media Bonneville International • Deseret Book • Deseret News Publishing Company Other Beneficial Financial Group

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