Hugh "Skip" McGee III
Hugh E. "Skip" McGee III | |
|---|---|
| Born | 1959 |
| Occupation(s) | Investment banker, CEO |
| Known for | Senior leader at Lehman Brothers and Barclays; co-founder and CEO of Intrepid Financial Partners |
Hugh E. "Skip" McGee III (born 1959) is a prominent American investment banker with a background as a senior leader at Lehman Brothers and Barclays. He currently serves as the co-founder and CEO of Intrepid Financial Partners, a merchant banking firm dedicated to the power and energy industries.
Education
McGee earned his undergraduate degree in civil engineering from Princeton University in 1981, graduating summa cum laude. He subsequently obtained a JD degree with honors from the University of Texas School of Law.
Career
His banking career commenced in 1987, focusing on the energy sector.
Lehman Brothers
In 1992, McGee joined Lehman Brothers’ natural resources division and eventually became co-head of its global energy practice based in Houston. Among his significant achievements was leading the $3.4 billion rescue deal for Williams Cos. in 2002. Later that year, he was named global head of investment banking in New York, where he managed equity, debt, and M&A activities. He implemented client-centric incentive programs and popularized the motto "Investment banking is a team sport." Under his guidance, Lehman’s investment banking revenue reached $11.6 billion by 2004.
During the 2008 financial crisis, McGee was instrumental on the executive committee that replaced president and COO Joe Gregory with Bart McDade. He spearheaded negotiations with Warren Buffett for a strategic investment in March 2008 and engaged Barclays president Robert Diamond in merger discussions shortly before Lehman’s bankruptcy filing in September 2008.
Barclays
In September 2008, McGee transitioned to Barclays Capital as head of Global Investment Banking, overseeing the integration of Lehman Brothers’ investment banking team into Barclays. His efforts contributed to Barclays posting a $3 billion profit in the first quarter of 2009. As leader of the investment banking executive committee, reporting to Roger Jenkins—chief executive of private equity at Barclays Capital—he observed by 2010 that market preferences had shifted toward simpler "plain vanilla" products rather than complex CDOs.
Elevated to chief executive of Barclays Americas in 2013, McGee focused on retaining essential New York personnel amid turnover challenges. Although Barclays initially authorized substantial retention bonuses, declining profits and shareholder opposition in the UK led to tighter bonus controls. In March 2014, McGee received a stock award valued at approximately $15 million, nearly twice that of CEO Antony Jenkins. He departed Barclays Capital on April 29, 2014, prior to implementation of Dodd-Frank regulations mandating Barclays establish a New York-based holding company for its U.S. operations.
Intrepid Financial Partners
McGee launched Intrepid Financial Partners in May 2015 as a merchant bank concentrating on the energy sector. The firm offers services including M&A advisory, restructuring support, and both equity and debt financing.
He holds advisory roles at the McCombs School of Business at the University of Texas at Austin and at Princeton’s Bendheim Center for Finance.
Personal life
McGee is married to Susie, and together they have three children.
In 2009, he addressed a letter to the board of The Kinkaid School, where his son was enrolled, expressing concern over the cancellation of a student pep rally skit involving his son performing in drag. Additionally, he protested against a teacher’s negative remarks about his profession that had upset his son.