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词条 John J. Mack
释义

  1. Early life and education

  2. Career

      Morgan Stanley    Credit Suisse    Morgan Stanley redux    Kohlberg Kravis Roberts    Rosneft  

  3. Insider trading accusations

  4. Compensation

  5. Financial crisis of 2007–2009

  6. Board memberships

  7. Philanthropy

  8. In media

  9. Selected interviews

  10. Personal life

  11. References

  12. Further reading

{{For|the Yale University coach|John J. Mack (coach)}}{{For|the African-American civic leader|John Mack (civic leader)}}{{Infobox person
| name = John J. Mack
| image =
| caption =
| party = Republican
| birth_date = {{Birth date and age|1944|11|17}}
| birth_place = Mooresville, North Carolina, U.S.
| other_names =
| residence =
| alma_mater = Duke University
| nationality = American
| occupation = Banker
| years_active = 1967-present
| known_for = Chairman, Morgan Stanley
(Jun 30, 2005 - Jan 1, 2012)
CEO, Credit Suisse
(2001 - 2004)
CEO, Morgan Stanley
(Jun 30, 2005 - Jan 1, 2010)
Senior Advisor, KKR
(2012-present)
| spouse = Christy Mack
| children = 3
}}John J. Mack (born November 17, 1944) is a Senior Advisor and the former CEO & Chairman of the Board at Morgan Stanley, the New York-based investment bank and brokerage firm.[1][2]

Early life and education

Mack was born in Mooresville, North Carolina, the son of Alice (née Azouri) and Charles Mack. Mack's father's original family name was Makhoul; he came to the United States from Lebanon when he was 12 years old, following Mack's grandfather, who had arrived at Ellis Island in 1909.[3]

The family settled in North Carolina. Mack's father ran a wholesale grocery, clothing, and general merchandise store called John Mack & Son in Mooresville, North Carolina.[4] The business occupied The John Mack Building from 1937 to the 1990s.[5] Mack is the youngest of six sons. The family was Catholic.[6]

In 1968, Mack graduated from Duke University, where he attended on a football scholarship and majored in history. Mack's first job in finance was as a clerk at a small brokerage house during his junior year at Duke, after a cracked vertebra made it impossible for him to continue on his football scholarship.[6]

Career

Morgan Stanley

Mack worked at several firms around Wall Street before starting his career at Morgan Stanley in 1972 as a salesman, and has since worked for the company for nearly thirty years. Rising steadily to positions of increasing responsibility, Mack eventually headed the firm's Worldwide Taxable Fixed Income Division from 1985 to 1992.[7] In 1987, he became a member of the board of directors. In March 1992, he assumed responsibility for Morgan Stanley's day-to-day operations as chairman of the operating committee. He was named President of Morgan Stanley in June 1993. Mack served as president, chief operating officer and a director of Morgan Stanley Dean Witter & Co. from May 1997 when the firm was created by the merger of Morgan Stanley and Dean Witter, two of the world's leading financial services companies.[8]

In 2001, Mack left Morgan Stanley after a power struggle with Phil Purcell; Purcell became CEO of Morgan Stanley after the 1997 merger of Morgan Stanley and Dean Witter, of which Purcell was already CEO.

Credit Suisse

Six months later, in June 2001, Mack was hired as CEO of Credit Suisse, then known as Credit Suisse First Boston (CSFB).[9] Mack's time at Credit Suisse was marked much restructuring and by compliances issues created by Frank Quattrone's Technology Group.[10]

Morgan Stanley redux

On June 30, 2005, Mack returned to Morgan Stanley as Chief Executive Officer and Chairman of the Board, replacing Purcell.[11][12] Mack was noted for stabilizing the firm and reenergizing its culture and client franchise,[13] despite an economic downturn.[14]

Mack announced his retirement as Chief Executive Officer on September 10, 2009, which was effective January 1, 2010.[15] In 2011, Mack retired from Morgan Stanley[16] after more than 30 years as an investment banker.[17] Former Co-President James P. Gorman succeeded him as CEO.

Kohlberg Kravis Roberts

In 2012, Mack joined Kohlberg Kravis Roberts as a Senior Advisor.[18][19]

Rosneft

In 2013 Mack joined Rosneft, the Russian, state-owned, oil company that has BP as an investor of approximately 20%. In 2014 he announced his departure,[20] shortly after the CEO Igor Sechin had sanctions imposed upon him by the US. Different reasons were given for his departure; Mack said his contract had only been for a year, while Rosneft spokespeople said he had decided to leave for personal reasons.

Insider trading accusations

In 2006, Mack was accused by former SEC investigator Gary J. Aguirre of insider trading.[21][22] On October 5, 2006, the SEC recommended no action be taken against Mack. In late November 2006, Mack and Pequot were notified that the investigation had been closed and no action would be taken against them.

Compensation

While CEO of Morgan Stanley in 2006, Mack earned a total compensation of $41,399,010, which included a base salary of $800,000, stocks granted of $36,179,923, and options granted of $4,019,934.[23]

In 2008, he earned a total compensation of $1,235,097, which included a base salary of $800,000 and other compensation of $435,097. He did not receive any cash, stock, or options.[24]

In 2014, Mack defended the high fees paid to CEOs,[25] saying on Bloomberg Television that the discussion of compensation was healthy, but that CEOs earn the rates.[26]

Financial crisis of 2007–2009

{{see also|Financial crisis of 2007–08}}

Mack guided the firm through the financial crisis of 2008,[27] building its capital position and overseeing the firm's conversion to a bank holding company. To stabilize the firm, he forged strategic alliances with China Investment Corporation and Mitsubishi UFJ Group and entered into a joint venture with Smith Barney, forming at the time the world's largest wealth management firm. During the crisis, Mack was advised by U.S. Treasury Secretary Hank Paulson and the head of the Federal Reserve Bank Ben Bernanke to sell Morgan Stanley. He has stated that during negotiations he was under considerable pressure from the president of the New York Federal Reserve, Tim Geithner, to sell or merge Morgan Stanley to one of his competitors such as JP Morgan.[28] Mack saw this as being contrary to the interests of Morgan Stanley shareholders and employees, similar to the demise of Bear Stearns in a forced sale to JP Morgan for $2 per share, (the deal was later revised to $10 a share), and insisted on finding other sources of financing instead.[29]

Board memberships

  • New York-Presbyterian Hospital: Chairman of the Board of Trustees[18][30]
  • Duke University: Board of Trustees
  • University Hospital of Columbia University: Board member
  • University Hospital of Cornell University: Board member
  • IMG: Director
  • Bloomberg Family Foundation: Board member[18]
  • Business Council: Member
  • Business Roundtable: Member
  • China Investment Corporation: International Advisory Council
  • Mayor of Beijing: International Business Leaders Advisory Council
  • Monetary Authority of Singapore: International Advisory Panel
  • Partnership for New York City: Executive committee, Director
  • November 2011: Rev Worldwide: Board of directors[31]
  • 2012: LendingClub: Board member[32]

Philanthropy

Mack has donated to various entities through the Christy and John Mack Foundation, formerly known as C.J. Mack Foundation:

  • 1999: Duke University: $10 million to support various initiatives[33]
  • 2004: Duke University: $10 million to support integrative medicine[34]
  • 2005: United States Naval Academy Foundation: Endowment to support the Admiral Frank Bowman Scholar Program
  • 2007: Shaw University: $5 million to support academic scholarships to this historically black college[35]

In media

Mack earned the nickname "Mack the Knife" for his cost-cutting prowess while managing the fixed income division at Morgan Stanley, and he lived up to his billing at CSFB, where he cut 10,000 jobs and returned the bank to profitability.[36]

Mack was portrayed in the HBO film Too Big to Fail by Tony Shalhoub and in the BBC film The Last Days of Lehman Brothers by Henry Goodman. His career is also covered in detail in a 2007 book by Patricia Beard, The Fight for the Soul of Morgan Stanley.

Selected interviews

  • Mack, John. "[https://www.youtube.com/watch?v=R9sQtmPAYO0 Wharton Leadership Lecture: John Mack on Saving Morgan Stanley, Inside the Bunker.]" Knowledge at Wharton. University of Pennsylvania. October 14, 2009.[37]
  • Mack, John and Hank Paulson. "[https://www.youtube.com/watch?v=XoSMXx83oxk Mack, Paulson full interview.]" CNN Money. NYU Stern School of Business. March 2010.
  • Rose, Charlie. "[https://web.archive.org/web/20151117014210/http://charlierose.com/watch/50116477 Zhou Wenzhong; John Mack, Chairman, Morgan Stanley; Kenneth Roth on Human Rights in China; An appreciation of Reynolds Price.]" Charlie Rose. January 20, 2011. Interview starts at 25:30.

Personal life

Mack is married to Christy Mack (née King). They have three children.[38]

References

1. ^{{cite news|last1=Angelova|first1=Kamelia|title=The Legendary Career Of John J. Mack|url=http://www.businessinsider.com/john-j-mack-2009-9?op=1|accessdate=12 November 2015|work=Business Insider|date=14 September 2009}}
2. ^{{cite news|last1=Pressler|first1=Jessica|title=Look Who's Back: John Mack is no longer at the top of Morgan Stanley. So he’s getting his fix elsewhere|url=http://nymag.com/news/business/themoney/john-mack-2012-4/|accessdate=12 November 2015|work=New York|date=8 April 2012}}
3. ^{{cite news|last1=Thomas Jr.|first1=Landon|title=From Lebanese-American Financiers, Differing Views on the Strife|url=https://www.nytimes.com/2006/08/01/business/worldbusiness/01wall.html|accessdate=12 November 2015|work=The New York Times|date=1 August 2006}}
4. ^{{cite news|title=Madeline Mack (1914-2006)|url=https://mamclothing.com/madelines-influence/|accessdate=13 November 2015|work=Mack and Mack Clothing}}
5. ^{{cite web|title=Mooresville Historic Walking Tour|url=http://68.71.163.9/walkingtour/WalkingTour.pdf|website=Town of Mooresville|accessdate=13 November 2015}}
6. ^1 {{cite web|title=John J. Mack|url=http://www.horatioalger.org/members_info.cfm?memberid=MAC03|website=The Horatio Alger Association|accessdate=12 November 2015}}
7. ^{{cite news|last1=Carney|first1=John|title=Morgan Stanley Bids John Mack Farewell|url=https://www.cnbc.com/id/45587614|accessdate=11 January 2016|work=CNBC|date=8 December 2011}}
8. ^{{cite news|last1=Barboza|first1=David|title=Veteran Executive Is 'Tough And Direct'|url=https://www.nytimes.com/1997/02/06/business/veteran-executive-is-tough-and-direct.html|accessdate=12 November 2015|work=The New York Times|date=6 February 1997}}
9. ^{{cite news|last1=McGeehan|first1=Patrick|title=His Rallying Cry at First Boston: Smaller, Cleaner, Fairer|url=https://www.nytimes.com/2002/01/27/business/his-rallying-cry-at-first-boston-smaller-cleaner-fairer.html?pagewanted=all|accessdate=12 November 2015|work=The New York Times|date=27 January 2002}}
10. ^{{cite news|last1=Sellers|first1=Patricia|title=The Trials of John Mack|url=http://archive.fortune.com/magazines/fortune/fortune_archive/2003/09/01/348191/index.htm|accessdate=13 November 2015|work=Fortune|date=1 September 2003}}
11. ^{{cite news|title=Morgan Stanley's Mack Attack|url=https://www.bloomberg.com/bw/stories/2006-06-20/morgan-stanleys-mack-attackbusinessweek-business-news-stock-market-and-financial-advice|accessdate=13 November 2015|work=Business Week|date=20 June 2006}}
12. ^{{cite news|title=John Mack Elected Chairman and CEO of Morgan Stanley|url=http://www.morganstanley.com/about-us-articles/3685.html|accessdate=12 November 2015|work=Morgan Stanley|date=30 June 2005}}
13. ^{{cite news|last1=Bizouati|first1=Yaël|last2=Basar|first2=Shanny|title=Was Purcell right about Morgan Stanley after all?|url=http://www.efinancialnews.com/story/2009-04-06/was-purcell-right-about-morgan-stanley-after-all-1|accessdate=12 November 2015|work=Financial News|date=6 April 2009}}
14. ^{{cite news|first1=Graham|last1=Bowley|title=Red Ink Stains Bank and Banker|url=https://www.nytimes.com/2009/07/23/business/23morgan.html|accessdate=November 12, 2015|work=The New York Times|date=July 22, 2009}}
15. ^{{cite news|last1=McFadden|first1=Jeanmarie|last2=Charnas|first2=Suzanne|title=Morgan Stanley Announces CEO Succession Plan|url=http://www.morganstanley.com/about-us-articles/ad3bec19-9e49-11de-b417-0db96b986471.html|accessdate=12 November 2015|work=Morgan Stanley|date=10 September 2009}}
16. ^{{cite news|last1=Levin|first1=Bess|title=John Mack: If I Wasn’t A Banker, I Would Have Been A Women’s Shoe Salesman|url=http://dealbreaker.com/2011/12/john-mack-if-i-werent-a-banker-i-would-have-been-a-womens-shoe-salesman/|accessdate=12 November 2015|work=Dealbreaker|date=8 December 2011}}
17. ^{{cite news|last1=Rushe|first1=Dominic|title=John Mack, aka Mack the Knife, steps down from Morgan Stanley after 30 years|url=https://www.theguardian.com/business/2011/sep/15/mack-knife-morgan-stanley-retires|accessdate=12 November 2015|work=The Guardian|date=15 September 2011}}
18. ^1 2 {{cite news|last1=De La Merced|first1=Michael J.|title=K.K.R. Hires Mack as Senior Adviser|url=https://dealbook.nytimes.com/2012/03/27/k-k-r-hires-john-mack-as-senior-adviser/|accessdate=12 November 2015|work=The New York Times|date=27 March 2012}}
19. ^{{cite news|last1=Benoit|first1=David|title=Deal Journal: John Mack to Join KKR as Senior Adviser|url=https://blogs.wsj.com/deals/2012/03/27/john-mack-to-join-kkr-as-senior-adviser/|accessdate=13 November 2015|work=The Wall Street Journal|date=27 March 2012}}
20. ^{{cite news|title=John Mack steps down from Rosneft |url=https://www.ft.com/content/62a05aee-e73c-11e3-aa93-00144feabdc0|accessdate=30 October 2016|work=Financial times|date=29 May 2014}}
21. ^{{cite news|last1=Moyer|first1=Liz|title=SEC Wants Mack|url=https://www.forbes.com/2006/07/21/mack-ubs-sec-fund-cx_lm_0721mack.html|accessdate=13 November 2015|work=Forbes|date=21 July 2006}}
22. ^{{cite news|last1=Morgenson|first1=Gretchen|last2=Bogdanich|first2=Walt|title=Report Says S.E.C. Erred on Pequot|url=https://www.nytimes.com/2007/08/04/business/04pequot.html?pagewanted=all|accessdate=13 November 2015|work=The New York Times|date=4 August 2007}}
23. ^{{cite web|title=Executive Compensation: 2007 Annual Comp.: John J. Mack|url=http://equilar.com/CEO_Compensation/MORGAN_STANLEY_John_J._Mack.php|website=Equilar|accessdate=13 November 2015|archiveurl=https://web.archive.org/web/20090208211348/http://equilar.com/CEO_Compensation/MORGAN_STANLEY_John_J._Mack.php|archivedate=8 February 2009|date=2007}}
24. ^{{cite web|title=Executive Compensation: 2008 Annual Comp.: John J. Mack|url=http://equilar.com/CEO_Compensation/MORGAN_STANLEY_John_J._Mack.php|website=Equilar|accessdate=13 November 2015|archiveurl=https://web.archive.org/web/20090414092258/http://www.equilar.com/CEO_Compensation/Morgan_Stanley_John_J._Mack.php|archivedate=14 April 2009|date=2008}}
25. ^{{cite news|last1=Taibbi|first1=Matt|title=Ex-Morgan Stanley Chief Jams Foot in Mouth, Complains of CEO Abuse|url=https://www.rollingstone.com/politics/news/ex-morgan-stanley-chief-jams-foot-in-mouth-complains-of-ceo-abuse-20140213|accessdate=12 November 2015|work=Rolling Stone|date=13 February 2014}}
26. ^{{cite news|last1=Ruhle|first1=Stephanie|last2=Miller|first2=Matt|title=John Mack Says Wall Street Pay Debate Is `Healthy'|url=https://www.bloomberg.com/news/videos/b/e0a7652e-a4bf-42f2-99a0-6b3cc276968a|accessdate=12 November 2015|work=Bloomberg Television|date=11 February 2014}}
27. ^{{cite news|last1=Raghavan|first1=Anita|title=Citi's Bad Bet|url=https://www.forbes.com/2008/05/14/old-lane-citigroup-biz-cx_ar_0514oldlane.html|accessdate=13 November 2015|work=Forbes|date=14 May 2008}}
28. ^{{cite news|last1=Craig|first1=Susanne|last2=McCracken|first2=Jeffrey|last3=Luccetti|first3=Aaron|last4=Kelly|first4=Kate|title=The Weekend That Wall Street Died|url=https://www.wsj.com/articles/SB123051066413538349|accessdate=12 November 2015|work=The Wall Street Journal|date=29 December 2008}}
29. ^{{cite web|title=John Mack on Saving Morgan Stanley, Inside the Bunker |publisher=Wharton School of the University of Pennsylvania|date=October 14, 2009 |url=https://www.youtube.com/watch?v=R9sQtmPAYO0 |format= Flash Video (26:22) |accessdate=May 19, 2010}}
30. ^{{cite news|last1=Matheson|first1=Sarah|title=NewYork-Presbyterian Hospital Breaks Ground for New Emergency Department|url=http://www.theepochtimes.com/n3/311415-new-york-presbyterian-hospital-breaks-ground-for-morgan-stanley-adult-emergency-room/|accessdate=13 November 2015|work=Epoch Times|date=7 October 2013}}
31. ^{{cite news|last1=Philbin|first1=Brett|title=Deal Journal: John Mack Is Finding His Next Act|url=https://blogs.wsj.com/deals/2011/11/09/john-mack-is-finding-his-next-act/|accessdate=13 November 2015|work=The Wall Street Journal|date=9 November 2011}}
32. ^{{cite news|last1=Campbell|first1=Dakin|title=Ex-Morgan Stanley CEO John Mack Joins LendingClub Board|url=http://www.businessweek.com/news/2012-04-12/ex-morgan-stanley-ceo-john-mack-joins-lendingclub-board|accessdate=13 November 2015|work=Business Week|date=12 April 2012|archiveurl=https://web.archive.org/web/20120413033048/http://www.businessweek.com/news/2012-04-12/ex-morgan-stanley-ceo-john-mack-joins-lendingclub-board|archivedate=13 April 2012}}
33. ^{{cite news|last1=Stroup|first1=Katherine|title=Couple contributes $10-million donation to Campaign for Duke|url=http://www.dukechronicle.com/article/1999/02/couple-contributes-10-million-donation-campaign-duke|accessdate=12 November 2015|work=The Chronicle|date=26 February 1999}}
34. ^{{cite news|last1=Duke Medicine News and Communications|title=C.J. Mack Foundation Gives $10 Million to Duke Center for Integrative Medicine|url=http://corporate.dukemedicine.org/news_and_publications/news_office/news/7393|accessdate=12 November 2015|work=Duke Medicine|date=30 January 2004}}
35. ^{{cite news|last1=Jones|first1=David|title=Mack, wife donate $5M to Shaw University|url=http://www.crainsnewyork.com/article/20070319/FREE/70319014/mack-wife-donate-5m-to-shaw-university|accessdate=13 November 2015|work=Crains New York Business|date=19 March 2007}}
36. ^{{cite news|last1=Saigol|first1=Lina|title=‘Mack the Knife’ brings fearsome reputation to new role|url=http://www.ft.com/cms/s/0/d9a8b080-d335-11e2-b3ff-00144feab7de.html|accessdate=12 November 2015|work=Financial Times|date=12 June 2013}}
37. ^{{cite news|title=Inside the Bunker: CEO John Mack on Saving Morgan Stanley|url=http://knowledge.wharton.upenn.edu/article/inside-the-bunker-ceo-john-mack-on-saving-morgan-stanley/|accessdate=13 November 2015|work=University of Pennsylvania|date=14 October 2009}}
38. ^{{cite web|title=Board of Visitors: Christy King Mack, P’99, ‘01|url=http://dukeforward.dukemedicine.org/learn-more/board-of-visitors/christy-king-mack/|website=Duke biatchUniversity|accessdate=12 November 2015}}

Further reading

  • United States. Congress. Senate. Committee on the Judiciary, and United States. Congress. Senate. Committee on Finance. "The Firing of an SEC Attorney and the Investigation of Pequot Capital Management." Washington: U.S. G.P.O., August 2007. {{ISBN|978-0-160-79426-1}} {{OCLC|681427896}}
  • Beard, Patricia. Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley. New York: Harper Perennial, 2008. {{ISBN|978-0-060-88192-4}} {{OCLC|712591278}}
  • Mack, John J. "[https://online.wsj.com/public/resources/documents/MS021109.pdf Testimony of John J. Mack Chairman and Chief Executive Officer, Morgan Stanley before the United States House of Representatives Committee on Financial Services.]" February 11, 2009.
  • {{C-SPAN|johnjmack}}
{{s-start}}{{s-bus}}{{s-bef|before=Phil Purcell}}{{s-ttl|title=CEO of Morgan Stanley|years=2005-2009}}{{s-aft|after=James P. Gorman}}{{s-bef|before=Lukas Mühlemann}}{{s-ttl|title=CEO of Credit Suisse First Boston|years=2001–2004}}{{s-aft|after=Brady Dougan}}{{s-end}}{{DEFAULTSORT:Mack, John J.}}

11 : 1944 births|Living people|American people of Lebanese descent|American people of Levantine-Eastern Orthodox Christian descent|American chief executives of financial services companies|Duke University alumni|Lebanese businesspeople|American bankers|People from Mooresville, North Carolina|Credit Suisse people|Glencore people
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