Alden W. Clausen
Alden W. Clausen | |
|---|---|
| Born | Template:Birth date Hamilton, Illinois, U.S. |
| Died | January 21, 2013 (aged 89) |
| Occupation(s) | Banker, executive |
| Years active | 1949–1990s |
| Known for | President of the World Bank (1981–1986), CEO of Bank of America (1970, 1986) |
Alden Winship "Tom" Clausen (February 17, 1923 – January 21, 2013) held the position of President of the World Bank between 1981 and 1986. He also served as president and CEO of Bank of America initially in 1970 and resumed the role in 1986.
Education
Clausen was born in Hamilton, Illinois into a family with Norwegian and German roots. His father, Morton Clausen, was the proprietor and publisher of the Hamilton Press. He completed his undergraduate studies with a BA degree from Carthage College in 1944, where he was later honored with an honorary LLD in 1970. Clausen earned a LLB from the University of Minnesota Law School in 1949 and later attended Harvard University's Advanced Management Program, finishing it in 1966.
Bank of America
Rather than pursuing a legal career after graduation, Clausen opted to join Bank of America in Los Angeles. His career progressed swiftly: he became vice president in 1961, senior vice president by 1965, executive vice president in 1968, vice chairman in 1969, and ultimately president and CEO in 1970.
World Bank
Clausen took office as president of the World Bank in 1981 and remained until 1986, when Barber Conable succeeded him. During his leadership, structural adjustment lending was notably expanded, building upon programs initiated by his predecessor, Robert McNamara.
Return to Bank of America
In 1986, Clausen returned to Bank of America, assuming the roles of chairman and CEO. By 1990, he shifted to chairman of the executive committee, reducing his involvement in daily management. Under his guidance, the institution became the largest commercial bank within the United States. Additionally, Clausen contributed as a member of the Advisor Council for SRI International and participated on the board of governors for United Way of America.
Legacy
- In 1980, Clausen was honored with the Golden Plate Award by the American Academy of Achievement, presented by Stephen Bechtel Sr.
- The A.W. Clausen Center for World Business at Carthage College, located in Kenosha, Wisconsin, bears his name.
- Established through a donation from Peggy and Tom Clausen in 1995, the Clausen Center for International Business and Policy at the Haas School of Business, University of California, Berkeley, commemorates his contributions.