George Gund II

George Gund II
Born	Template:Birth date Cleveland, Ohio, U.S.
Died	November 15, 1966(1966-11-15) (aged 78) Cleveland Clinic, Cleveland, Ohio, U.S.
Occupation(s)	Financier, corporate leader, real estate investor, philanthropist
Years active	1910s–1966
Known for	President and chairman of Cleveland Trust Company; founder of The George Gund Foundation

George Gund II (April 13, 1888 – November 15, 1966) was a prominent American financier, corporate leader, and real estate investor based in Cleveland, Ohio. He inherited considerable wealth from his father and strategically utilized a portion of it to purchase alien property confiscated during World War I, later disposing of these assets for substantial gains. Gund's investment portfolio spanned banking, insurance, and real estate sectors, including significant holdings in the then-modest Cleveland Trust Company. He joined the bank's board in 1937 and ascended to the presidency in 1941, steering its expansion into one of the largest financial institutions in the United States. Upon stepping down as president in 1962, he was appointed chairman of the board. A dedicated philanthropist throughout his life, he established The George Gund Foundation in 1952.

Early life

Gund’s grandfather, Johann Gund, emigrated from the Grand Duchy of Baden (modern-day Germany) to America in 1848, eventually settling in La Crosse, Wisconsin, where he co-founded the City Brewing Company. Following a dissolution of that partnership, Johann founded the John Gund Brewery. George Frederick Gund, father of George II, initially managed this family brewery before relocating to Seattle to create the Seattle Brewing and Malting Company and serve as a bank director. The family moved to Cleveland in 1897 when George Frederick acquired and renamed the Jacob Mall Brewing Company as Gund Brewing Company, simultaneously growing wealth through ventures in banking, mining, and real estate.

Born on April 13, 1888, to George Frederick and Anna Louise (Metzger) Gund, George Jr. attended University School of Cleveland from 1897 until 1905 before matriculating at Harvard University, where he edited The Harvard Crimson and graduated with an A.B. degree in 1909. He was also part of Harvard Business School’s first graduating class that same year. After a brief period working at Seattle First National Bank, he returned to Cleveland following his father's passing in 1916. During World War I, Gund served within the United States Army Military Intelligence Division.

Business career

Following the onset of prohibition in the United States in 1920, Gund shuttered his father's brewery operations in Cleveland. During World War I, he acquired Sanka, a decaffeinated coffee brand previously owned by German company Kaffee HAG, subsequently selling it to Kellogg's in 1927 for $10 million in stock. He oversaw operations at Gund Realty Company based in Cleveland and maintained diverse investments, acquiring equities at depressed prices during the Great Depression.

Between 1922 and 1923, Gund pursued studies in animal husbandry at Iowa State University and frequently traveled to California and Nevada where he contemplated entering politics. In 1937, he was appointed a director of the Cleveland Trust Company, elevated to president by 1941, and named chairman of the board in 1962. Under his guidance, by 1967 the bank’s assets exceeded $2 billion, ranking it as the eighteenth largest bank nationwide. Additionally, Gund held board memberships with approximately thirty domestic and international corporations.

Recognized for his cautious business philosophy, Gund emphasized capital investments primarily within heavy industries such as steel production and oil refining. He demonstrated limited enthusiasm for urban redevelopment initiatives and regarded public-private partnerships as excessively risky ventures.

Philanthropic contributions and commemorations

Starting in 1937, Gund emerged as a prominent benefactor, providing support to organizations such as the Cleveland Institute of Art, Harvard University—where he established two endowed professorships—Kenyon College, and Cleveland's Trinity Cathedral. In 1952, he created The George Gund Foundation, allocating his estimated $200 million wealth into three separate trusts during his lifetime. The foundation's holdings increased from less than $170,000 in 1953 to nearly $30 million by 1960, though they decreased to $16.4 million by 1964 due to distributions. Upon his passing in 1966, Gund's estate was appraised at roughly $24.5 million after settling liabilities, with the bulk left to the foundation, which then possessed assets exceeding $40 million.

Gund held a position on Harvard's Board of Overseers, acted as a trustee for Kenyon College, and provided counsel to John Carroll University. Additionally, he completed two terms on the Advisory Council of the Fourth Federal Reserve District during the mid-1950s.

His philanthropic legacy is commemorated through several structures bearing his name, including George Gund Hall at Harvard Graduate School of Design, Gund Hall at Case Western Reserve University School of Law, and the Gund Theater at the Berkeley Art Museum and Pacific Film Archive.

Passing

George Gund succumbed to leukemia at the Cleveland Clinic on November 15, 1966. He was laid to rest at Lake View Cemetery in Cleveland.

Private life

Gund acquired an extensive cattle ranch in Nevada and had a deep appreciation for the Old West, amassing a notable collection of Western art featuring creators like Albert Bierstadt, Frederic Remington, and Charles Marion Russell.

On May 23, 1936, he married Jessica Laidlaw Roesler, granddaughter of Henry Bedell Laidlaw, founder of one of New York City's earliest investment banking firms, Laidlaw & Company. The couple resided in an expansive residence in Beachwood, Ohio, an affluent suburb of Cleveland, and parented six children: George III, Agnes, Gordon, Graham, Geoffrey, and Louise.

Family and legacy

During his lifetime, Gund transferred most of his wealth to his children through trusts, leaving no significant financial inheritance in his will; instead, personal belongings such as art pieces and collectibles were bequeathed. His collection of Western art was appraised at $301,445 (equivalent to approximately $ adjusted for inflation).

George Gund III and Gordon Gund previously owned the NBA franchise Cleveland Cavaliers as well as the NHL teams San Jose Sharks and Minnesota North Stars.

In 1991, Agnes Gund assumed the presidency of the Museum of Modern Art in New York City, a role she fulfilled until 2002.

Graham Gund established Graham Gund Architects in Cambridge, Massachusetts. An acclaimed architect and art enthusiast, he has designed prominent venues such as Sidney Harman Hall for the Shakespeare Theatre Company in Washington, D.C., and spearheaded redevelopment efforts including Boston's historic Faneuil Hall. He also holds a trusteeship at the Museum of Fine Arts, Boston.

Geoffrey Gund taught at the Dalton School until his retirement in 2013 and served as president of The George Gund Foundation until 2019.

Louise Gund is recognized as a Tony Award-winning theater producer as well as an environmental advocate, women's rights supporter, and philanthropist.

References

Notes

Citations

Bibliography

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