Alan C. Greenberg
Alan Greenberg | |
|---|---|
| Born | Alan Courtney Greenberg 3 September 1927 Wichita, Kansas, U.S. |
| Died | 25 July 2014 (aged 86) |
| Other names | Ace Greenberg |
| Occupation | Businessman |
| Known for | CEO of Bear Stearns (1978–1993), Chairman of Bear Stearns (1985–2001) |
| Notable work | Memos from the Chairman |
Alan Courtney "Ace" Greenberg (September 3, 1927 – July 25, 2014) was a prominent American businessman who held executive positions at The Bear Stearns Companies, Inc., including CEO from 1978 until 1993 and Chairman from 1985 through 2001.
Early life and education
Born in Wichita, Kansas and raised in Oklahoma City within an affluent Jewish household, Greenberg was one of three siblings born to Theodore and Esther Greenberg. His father operated a women's apparel store as part of a family-run chain spanning Kansas, Oklahoma, and Missouri. Initially enrolling at the University of Oklahoma on a football scholarship, Greenberg transferred to the University of Missouri following a back injury and completed a Bachelor of Arts in business in 1949. His Wall Street journey began at Bear Stearns where he started as a clerk earning $32.50 weekly.
Career
Greenberg climbed the ranks at Bear Stearns, serving as CEO from 1978 to 1993 and as Chairman from 1985 through 2001. He also contributed as a non-executive director for Viacom. During his leadership, he compiled his internal communications into the book Memos from the Chairman.
In 1969, Greenberg recruited James Cayne as a stockbroker; Cayne later succeeded him as CEO in 1993 and remained in that role until January 2008. Alan Schwartz then assumed leadership and managed the firm's eventual collapse in March 2008.
As chairman of Bear Stearns’ executive committee during its downfall, Greenberg played a key role in negotiations with JPMorgan Chase, which purchased the struggling company. Reports indicate he agreed to serve as vice chairman overseeing Bear’s retail operations within JPMorgan.
Beyond finance, Greenberg provided funding for Kaufman and Greenberg, a publisher specializing in literature on magic.
Philanthropy
- A member of the Society of American Magicians, Greenberg donated $1 million in 1998 to New York City’s Hospital for Special Surgery to support sildenafil prescriptions for men with limited financial means.
- The UJA-Federation of New York honored him as "a giant in our community and a stalwart champion of the Jewish people, both at home and in Israel."
- Regarding his charitable activities, Greenberg remarked, "You do some nutty things," noting that his wife encouraged him by saying, "you've made your money, and you can spend it any way you want."
Personal life
Alan Greenberg was married twice:
- His first marriage was to Ann Greenberg; they divorced in 1976. They had two children:
- Lynne Koeppel became the first woman to hold a seat on the American Stock Exchange, later relinquishing it to focus on raising her two daughters, Allison and Melissa Frey. After divorcing her first husband Jonathan Frey in 1991, she was involved in a public legal dispute with Greenberg over a loan which she ultimately won. Lynne is currently married to Caleb Koeppel, son of Alfred J. Koeppel.
- Ted Greenberg pursued a career in risk arbitrage at Dresdner Kleinwort, part of Dresdner Bank’s New York office. A graduate of Harvard University, Ted also contributed writing to Late Night with David Letterman during the 1980s. He is married to Kathleen Marie Cigich (née Durst).
- In 1987, Greenberg wed Kathryn A. Olson, who serves as board chair of Benjamin N. Cardozo School of Law and founded the New York Legal Assistance Group.
Death
Greenberg passed away due to cancer on July 25, 2014.
Bridge accomplishments
An enthusiastic bridge competitor, Greenberg secured victory in the Reisinger Board-a-Match Teams event in 1977. He also triumphed in the teams bridge competition at the Maccabiah Games in 1981 and achieved a second-place finish in the Reisinger tournament that same year.
Victories
- North American Bridge Championships (1)
- Reisinger (1) 1977
Second-place finishes
- North American Bridge Championships (1)
- Reisinger (1) 1981