George Rea
George Peters Rea | |
|---|---|
| Born | 1894 Buffalo, New York, U.S. |
| Died | 1978 |
| Occupation(s) | Banker, academic administrator |
| Years active | 1915–1959 |
| Known for | First salaried president of the American Stock Exchange; president of Drexel Institute of Technology; governor of State Bank of Ethiopia |
George Peters Rea (1894 – 1978) was a distinguished banker, served as president of the Drexel Institute of Technology, and held the distinction of being the inaugural salaried president of the organization now known as the American Stock Exchange.
Early life
Rea was born in Buffalo, New York and completed his studies at Cornell University in 1915. His professional journey commenced as a bond salesman with Guaranty Trust Company. During World War I, he served in the military, ultimately being discharged with the rank of Captain in the 308th Machine Gun Battalion of the A.E.F.. His wartime exposure to mustard gas later had an impact on his health.
Banking
Starting in 1925, Rea was employed by Fidelity Trust Co., where he initially led the underwriting division and subsequently advanced to vice president. In 1928, he assumed the role of first president at the Buffalo Stock Exchange. The following year, he joined Goldman Sachs in New York but departed after the trust department experienced a decline, opting instead to work as an independent banking advisor. In 1931, Rea became president of Bishop National Bank of Honolulu, where he successfully expanded its assets from $30 million to $50 million and transformed it into one of the nation’s most robust financial institutions. He retired from this position in December 1938.
After an extended overseas vacation, Rea was unanimously chosen in 1939 as the first compensated president of the New York Curb Exchange, with an annual salary of $25,000. He held this position for three years until his resignation in 1942, having fortified the exchange to such an extent that appointing a full-time successor was deemed unnecessary.
Drexel Institute
Following the passing of Parke Kolbe in July 1942, Rea was appointed president of Drexel Institute of Technology. He officially took office on August 1, 1942, becoming one of the youngest college presidents nationwide at that time. The institution was grappling with financial difficulties and enrollment declines driven by World War II. Rea’s informal leadership style and decisive actions frequently bypassed faculty approval, eliciting mixed responses. Despite his efforts, these methods did not fully overcome the wartime challenges faced by Drexel. After two years, Rea stepped down in 1944 to return to private enterprise.
Later life
At age 62, Rea accepted the position of governor at the State Bank of Ethiopia, serving until 1959 when he returned to New York at 65 years old. He passed away in 1978.