Deryck Maughan
Deryck Maughan | |
|---|---|
| Born | December 20, 1947 Consett, County Durham, England |
| Occupation | Businessman |
| Years active | 1969–2019 |
| Known for | Chairman and CEO of Salomon Brothers (1992–1997), Vice Chairman of New York Stock Exchange (1996–2000), Vice Chairman and CEO of Citigroup International (1998–2004) |
Sir Deryck Charles Maughan (born 20 December 1947) is a prominent English businessman.
Early life
Originating from Consett, County Durham, Maughan was raised in a working-class household where his father worked as a coal miner. Subsequently, his family operated the Fleece Hotel located in Richmond, North Yorkshire. He attended Richmond Grammar School and secured a scholarship to pursue sociology and geography at King's College London. In 1978, he completed an MS degree at the Stanford Graduate School of Business as a Harkness Fellow.
Career
Maughan commenced his professional journey at HM Treasury in 1969, becoming part of a distinguished group of civil servants. From 1979 until 1983, he was employed as a bond salesman with Goldman Sachs in London. He then transitioned to Salomon Brothers in New York, where he held the position of international bond sales manager.
In 1986, Maughan was named managing director of Salomon Brothers' Asian division. Under his leadership, the firm grew into one of Japan’s leading securities companies, accounting for 15-20% of Salomon Brothers’ overall profits. He returned to New York in 1991.
After a corporate controversy, Warren Buffett elevated Maughan to chairman and CEO of Salomon Brothers (1992–1997), entrusting him with rehabilitating the company’s standing. Maughan implemented operational efficiencies by eliminating 150 positions and voluntarily reduced his own compensation below his previous salary level. Buffett acclaimed him as "my smartest hire," emphasizing his commitment and strong leadership abilities.
Between 1996 and 2000, Maughan held the role of vice-chairman at the New York Stock Exchange.
He joined Citigroup as Vice Chairman and CEO of Citigroup International from 1998 to 2004. His departure followed regulatory challenges linked to fraud and insufficient anti-money laundering measures at Citigroup’s Japanese branch.
Starting in 2005, Maughan chaired the Asian operations of Kohlberg Kravis Roberts & Co.
In 2006, he became a director at BlackRock and also served on the boards of GlaxoSmithKline (2004–2016) and Thomson Reuters (from 2005 onward).
Maughan retired from professional duties in 2019.
Personal life
In 1981, Deryck Maughan married Lorraine V Hannemann, who is the sister of Mufi Hannemann, in Hawaii.
He holds a Trustee position at the British Museum and participates on an Advisory Council at Stanford University. Additionally, he has been a Trustee for Lincoln Center, Carnegie Hall, and NYU Langone Medical Center. The Maughan Library at King's College bears his name as a tribute.
Honours
In recognition of his services advancing British interests within the United States, Maughan was knighted by Her Majesty the Queen in 2002.