James B. Farley
James B. Farley | |
|---|---|
| Born | Template:Birth date Pittsburgh, Pennsylvania, U.S. |
| Died | January 20, 2007 (aged 76) Gulf Stream, Florida, U.S. |
| Occupation | Business executive |
| Years active | 1963–2003 |
| Known for | Leadership of Booz Allen Hamilton and Mutual Life Insurance Company of New York |
James B. Farley (November 1, 1930 – January 20, 2007) was a prominent American corporate leader who managed the consulting firm Booz Allen Hamilton before assuming leadership at the Mutual Life Insurance Company of New York.
Early life
Born in Pittsburgh, Pennsylvania, Farley experienced the loss of his mother at a young age and was raised by his father, who operated a modest grocery business. He had two sisters named Bernie Carroll and Roseanne Sansoni.
He obtained a business degree from Duquesne University and briefly served in the U.S. Marine Corps in 1953. During his tenure at U.S. Steel, he earned an M.B.A. from Case Western Reserve University.
Career
Farley's professional journey began as an industrial engineer at U.S. Steel in Cleveland, where interactions with consulting professionals motivated him to join Booz Allen Hamilton in 1963 at age 32. At Booz Allen, he played a key role in significant initiatives such as the merger between the American and National Football League, the dismantling of AT&T, and the turnaround of Chrysler.
In 1973, during a period of financial difficulty for Booz Allen, Farley was appointed president; he added the CEO title in 1975 and became chairman in 1976. He took the company private and reoriented its consulting focus toward technology, financial services, and general management while implementing collaborative leadership approaches. By 1983, revenues had increased from $60 million to $250 million, establishing it as the largest U.S.-based management consulting firm by income with a workforce of 2,600 worldwide.
Farley transitioned to MONY in 1988 as president and COO, managing assets totaling $23 billion for the ninth-largest mutual life insurance provider in the country. He advanced to chairman and CEO in 1989 and relinquished the presidency to Michael I. Roth in 1990. Farley continued as chairman until July 1993 and served on the board until 2003 when MONY was acquired by AXA Financial, Inc..
Personal life
In February 1952, Farley wed his high school companion, Mary Williams (1932–2014). Together they had four children—two sons and two daughters—all of whom earned M.B.A. degrees: James J. Farley (married to Julia), Mickey Farley (married to artist Robin Austin), Connie Farley (married to Tim O'Connor), and J. Scott Farley (married to Sue).
After a lengthy illness, Farley died at his residence in Gulf Stream, Florida on January 20, 2007.