Douglas 'Sandy' Warner (born June 9, 1946, as Douglas Alexander Warner III but widely known as "Sandy") is an American

banker A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Becaus ...

who joined

Morgan Guaranty Trust Company J.P. Morgan & Co. is a commercial and investment banking institution founded by J. P. Morgan in 1871. Through a series of mergers and acquisitions, the company is now a subsidiary of JPMorgan Chase, one of the largest banking institutions in t ...

of New York out of college in 1968 as an officer's assistant and rose through the ranks to become

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especial ...

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 JPMorgan Chase Bank, N.A., doing business as Chase Bank or often as Chase, is an American national bank headquartered in New York City, that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and fi ...

for $30.9 billion.

Biography

Early life

Douglas Alexander Warner III was born on June 9, 1946, in

Cincinnati Cincinnati ( ) is a city in the U.S. state of Ohio and the county seat of Hamilton County. Settled in 1788, the city is located at the northern side of the confluence of the Licking and Ohio rivers, the latter of which marks the state line wit ...

, Ohio, as the elder son to Douglas Alexander Warner Jr. and Eleanor (Wright) W. Warner. He has a brother, Gordon, and a sister, Marjorie. Marquis Who's Who in America. 2000. ''Warner, Douglas Alexander, III.'' 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 An art museum or art gallery is a building or space for the display of art, usually from the museum's own collection. It might be in public or private ownership and may be accessible to all or have restrictions in place. Although primarily con ...

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 Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values t ...

named J. Stacey Hill, who was the president of a then-prominent thousand-room Cincinnati hotel named Hotel Gibson.Teitelman, Robert. (March 1996). Institutional Investor.br>"Morgan enters the Warner era. (J.P. Morgan and Co. under the leadership of Chairman Sandy Warner)(Cover Story)"
Volume 30; Issue 3; Pg. 26. (Note: This article has a most in-depth information on Warner.) In 1960 Warner's family shipped the 14-year-old Warner 500 miles away from his home in Ohio to

The Hill School The Hill School (commonly known as The Hill) is a coeducational preparatory boarding school located on a campus in Pottstown, Pennsylvania, about northwest of Philadelphia. The Hill is part of the Ten Schools Admissions Organization (TSAO). ...

, 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.The Hill School, private college preparatory boarding school in Pottstown, Pennsylvania
The Hill School - Alumni / Meet the Hockey Committee.
Accessed November 2, 2006. While a student at The Hill, Warner played junior

hockey Hockey is a term used to denote a family of various types of both summer and winter team sports which originated on either an outdoor field, sheet of ice, or dry floor such as in a gymnasium. While these sports vary in specific rules, numbers o ...

1960–61, junior varsity (JV) hockey 1961–62, and varsity hockey 1962–64. Warner graduated from there in 1964, the same year as

Academy Award The Academy Awards, better known as the Oscars, are awards for artistic and technical merit for the American and international film industry. The awards are regarded by many as the most prestigious, significant awards in the entertainment ind ...

-winning producer/director Oliver Stone.

Education and career

From The Hill School, Warner applied to

Yale University Yale University is a Private university, private research university in New Haven, Connecticut. Established in 1701 as the Collegiate School, it is the List of Colonial Colleges, third-oldest institution of higher education in the United Sta ...

, the same school attended by his father and uncle. In 1964, Warner entered

at the age of 18 as a

pre-med Pre-medical (often referred to as pre-med) is an educational track that undergraduate students in the United States pursue prior to becoming medical students. It involves activities that prepare a student for medical school, such as pre-med course ...

student.Moyer, Liz. (September 27, 2001) American Banker (USA). ''Warner's Exit to Further Thin Morgan Ranks at Chase.'' Volume 166; Issue 186. Pg. 2 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.Blackwell, Rob. (January 3, 2001). American Banker (USA). ''No Shortage of Bankers On Bush Transition Team.'' Volume 166; Issue 2. Pg. 5. This friendship would prove valuable as

President-elect An ''officer-elect'' is a person who has been elected to a position but has not yet been installed. Notably, a president who has been elected but not yet installed would be referred to as a ''president-elect'' (e.g. president-elect of the Unit ...

Bush later named Warner as a financial adviser to his transition team in 2000. At the peak of the

Vietnam war The Vietnam War (also known by other names) was a conflict in Vietnam, Laos, and Cambodia from 1 November 1955 to the fall of Saigon on 30 April 1975. It was the second of the Indochina Wars and was officially fought between North Vietnam a ...

upheaval in the United States in May 1968, Warner graduated from

with a

B.A. Bachelor of arts (BA or AB; from the Latin ', ', or ') is a bachelor's degree awarded for an undergraduate program in the arts, or, in some cases, other disciplines. A Bachelor of Arts degree course is generally completed in three or four yea ...

degree and intended to go to

Yale medical school The Yale School of Medicine is the graduate medical school at Yale University, a private research university in New Haven, Connecticut. It was founded in 1810 as the Medical Institution of Yale College and formally opened in 1813. The primary te ...

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 The Texas Air National Guard (TX ANG) is the aerial militia of the State of Texas, United States of America. It is, along with the Texas Army National Guard, an element of the Texas National Guard. No element of the Texas Air National Guard is ...

at the height of the ongoing

Vietnam War The Vietnam War (also known by other names) was a conflict in Vietnam, Laos, and Cambodia from 1 November 1955 to the fall of Saigon on 30 April 1975. It was the second of the Indochina Wars and was officially fought between North Vietnam a ...

. 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 Cincinnati ( ) is a city in the U.S. state of Ohio and the county seat of Hamilton County. Settled in 1788, the city is located at the northern side of the confluence of the Licking and Ohio rivers, the latter of which marks the state line wi ...

. Warner's father advised Warner to go into business to develop some "breadth"Leaders - financial - sandy Warner. (19 April 2000)
Douglas 'Sandy' Warner III.
and subsequently Warner entered the management training program at

New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...

.Yale University. (October 26 – November 2, 1998)
"Yale Bulletin and Calendar - Current Issue"
Volume 27, Number 10. 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. 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. In 1983, at age 37, Warner was transferred to

London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...

England England is a country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest and the Celtic Sea to the southwest. It is separated from continental Europe b ...

and was named Senior Vice President. First, Warner was in charge of

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotlan ...

and

Scandinavia Scandinavia; Sámi languages: /. ( ) is a subregion in Northern Europe, with strong historical, cultural, and linguistic ties between its constituent peoples. In English usage, ''Scandinavia'' most commonly refers to Denmark, Norway, and Swe ...

n banking operations and then became the head of oil and gas lending for the region. In becoming the general manager of the London office and Morgan's senior executive in the

in 1986, Warner received extensive experience in U.S. and international corporate finance. In 1987, Warner was promoted to Executive Vice President and returned to New York city to take charge of North American and

South America South America is a continent entirely in the Western Hemisphere and mostly in the Southern Hemisphere, with a relatively small portion in the Northern Hemisphere at the northern tip of the continent. It can also be described as the sout ...

n corporate finance and, later that year, of the entire group worldwide.Kraus, James R. (September 16, 1994) American Banker (USA). '' JP Morgan Picks Warner, Its President, As Next CEO.'' Volume 159; Issue 179. Pg. 1. In 1989, Warner became Managing Director of the Morgan Guaranty Trust Company and elected president and a director in 1990.General Electric: Our Company: Board of Directors
"Douglas A. Warner III - Independent Director"
Accessed November 2, 2006. After rising through the ranks in various positions in

and

, Warner succeeded

Dennis Weatherstone Sir Dennis Weatherstone KBE (29 November 1930 – 13 June 2008) was the former CEO and Chairman of J. P. Morgan & Co. Born in London, he attended North Western Polytechnic. In 1946, at age 16, he was hired as a bookkeeper and was quickly promot ...

in 1995 as Morgan's youngest CEO ever at age 49. 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. In 2000, Warner was mentioned as a possible candidate for President Bush's Treasury secretary along with

Enron Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. It was founded by Kenneth Lay in 1985 as a merger between Lay's Houston Natural Gas and InterNorth, both relatively small regional compani ...

head

Kenneth Lay Kenneth Lee Lay (April 15, 1942 – July 5, 2006) was an American businessman who was the founder, chief executive officer and chairman of Enron. He was heavily involved in the eponymous accounting scandal that unraveled in 2001 into the large ...

and a few others. However, Warner was elevated to chairman of the board of J.P. Morgan Chase & Co.,

and

of New York, NY in 2000 and served there until his retirement on September 7, 2001. Instead, Bush named Warner as a financial adviser to his presidential transition team in 2000.

2000 merger and retirement

Warner may be best known for spearheading the sale of J P Morgan & Co. to

through its then CEO William Harrison for $30.9 billion. In retirement, Warner is a director of Anheuser-Busch Companies, Inc. and

Motorola, Inc. Motorola, Inc. () was an American multinational telecommunications company based in Schaumburg, Illinois, United States. After having lost $4.3 billion from 2007 to 2009, the company split into two independent public companies, Motorola ...

, 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 Memorial Sloan Kettering Cancer Center (MSK or MSKCC) is a cancer treatment and research institution in the borough of Manhattan in New York City, founded in 1884 as the New York Cancer Hospital. MSKCC is one of 52 National Cancer Institute� ...

, serves as the Chair of the

General Electric General Electric Company (GE) is an American multinational conglomerate founded in 1892, and incorporated in New York state and headquartered in Boston. The company operated in sectors including healthcare, aviation, power, renewable en ...

Audit committee, and serves on both the General Electric Nominating committee and Corporate Governance and Management Development and Compensation committee. 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).CECP - Committee To Encourage Corporate Philanthropy
"About CECPMembership"
Accessed November 2, 2006. 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 Augusta National Golf Club, sometimes referred to as Augusta or the National, is a golf club in Augusta, Georgia, United States. Unlike most private clubs which operate as non-profits, Augusta National is a for-profit corporation, and it does n ...

, and Wequetonsing Golf Club(Harbor Springs, MI). Warner was recently selected for a coveted six-year term on the

Yale Corporation The Yale Corporation, officially The President and Fellows of Yale College, is the governing body of Yale University in New Haven, Connecticut. Assembly of corporation The Corporation comprises 19 members: * Three ex officio An ''ex officio'' m ...

’s governing body.

Business legacy

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 Underwriting (UW) services are provided by some large financial institutions, such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liabilit ...

debt Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase. The ...

and

equity securities In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...

. 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.

Philanthropy

* A loyal Hill School Annual Fund donor, Warner funded the Douglas A. Warner 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. * 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).

Awards

In 1998, Warner was an invited Gordon Grand Fellow lecturer at

, 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."The Hill School
"Leadership / Sixth Form Leadership Award"
Accessed November 2, 2006.

Footnotes and references

External links

Douglas Warner III, Distinguished Lecture Series Photo Gallery

"Leadership / Sixth Form Leadership Award"
The Hill School * The following article has a most in-depth information on Warner: Teitelman, Robert. (March 1996). Institutional Investor.br>"Morgan enters the Warner era. (J.P. Morgan and Co. under the leadership of Chairman Sandy Warner)(Cover Story)"
Volume 30; Issue 3; P. 26. {{DEFAULTSORT:Warner, Douglas A., III JPMorgan Chase people American bankers American chief executives of financial services companies General Electric people Yale University alumni The Hill School alumni Businesspeople from New York City 1946 births Living people Businesspeople from Cincinnati People from Locust Valley, New York