Alan Schwartz
Alan David Schwartz | |
|---|---|
| Born | Bay Ridge, Brooklyn, New York, U.S. |
| Occupation | Business executive |
| Years active | 1976–present |
| Known for | Last president and CEO of Bear Stearns; executive chairman of Guggenheim Partners |
Alan David Schwartz is a prominent American executive currently serving as the executive chairman of Guggenheim Partners, an investment banking firm with offices in Chicago and New York City. He notably held the position of the last president and chief executive officer of Bear Stearns before its compelled acquisition by JPMorgan Chase & Co. in March 2008 during the financial turmoil.
Early life and education
Schwartz was born in Bay Ridge, Brooklyn to a Jewish father who worked as a traveling salesman and a Presbyterian mother originally from Kansas. He completed his studies at Duke University in 1972, where he distinguished himself as a scholarship baseball pitcher and earned Atlantic Coast Conference academic honors on three occasions. Although drafted by the Cincinnati Reds, an injury prevented him from pursuing a professional baseball career.
Career
Beginning his tenure at Bear Stearns in 1976, Schwartz first worked in Dallas before relocating to New York City in 1979 to serve as director of research and investment. By 1985, he had been promoted to executive vice president and led Bear Stearns' Investment Banking Division. In June 2001, he was appointed Co-President and Co-COO, later becoming the sole President and COO in August 2007 after Warren Spector resigned amid early indications of the subprime mortgage crisis. Schwartz took over as CEO in January 2008.
At the time Schwartz assumed leadership, Bear Stearns' stock was trading close to $75 per share; however, as the financial crisis intensified, the share price collapsed to $5.33 by mid-March 2008. This downturn precipitated the firm's takeover by JPMorgan Chase. Schwartz stayed on temporarily to oversee the integration but opted not to accept permanent senior roles offered by JPMorgan, Goldman Sachs, or Morgan Stanley.
In June 2009, Schwartz took on the role of executive chairman at Guggenheim Partners, viewing this position as a chance to build anew. He also chairs the Board of Visitors at Duke University's Fuqua School of Business and holds a trusteeship on Duke's Board of Trustees. Furthermore, he joined the Common Cause National Governing Board in 1994 and was among the founding board members of the Robin Hood Foundation established in 2006.
Personal life
Residing in Greenwich, Connecticut, Schwartz is married to Nancy Seaman, who serves as chairman of Houlihan Lawrence Realty Corporation. Together, they have five children.