Marion Sandler
Marion Osher Sandler | |
|---|---|
| Born | 17 October 1930 Biddeford, Maine, U.S. |
| Died | 1 June 2012 (aged 81) |
| Occupation(s) | Business executive, philanthropist |
| Years active | 1963–2006 |
| Known for | Co-chief executive officer of Golden West Financial Corporation and World Savings Bank |
Marion Osher Sandler (October 17, 1930 – June 1, 2012) served as co-chief executive officer alongside her spouse Herbert Sandler at both Golden West Financial Corporation and World Savings Bank. After leading Golden West for 43 years, she was honored in 2004 by the Columbia School of Journalism as "the first and longest-tenured female CEO in the United States."
Early life
Marion Osher was born on October 17, 1930, in Biddeford, Maine, to Samuel and Leah Osher, Jewish immigrants originating from Lithuania and Russia. Her family operated a hardware business and later found success in real estate ventures. Her brother is the entrepreneur Bernard Osher. She completed her undergraduate studies at Wellesley College in 1952 and earned an MBA from New York University in 1958. Prior to entering finance, Sandler spent two years working as a buyer at Bloomingdale's. She then broke new ground as the first female securities analyst (beyond receptionist roles) at Wall Street firm Dominick & Dominick.
Career
In 1963, Marion and Herbert Sandler launched Golden West Financial Corporation with an initial capital injection of $3.8 million from her brother Bernard. They acquired Golden West Savings and Loan Association (which later became World Savings Bank) based in California. Starting from a single-branch operation, Golden West was among the pioneers of adjustable rate mortgage products. The institution expanded into one of the nation's largest thrift companies, managing roughly $125 billion in assets, $60 billion in deposits, and employing around 12,000 staff members. Over a span of 39 years under the Sandlers' guidance, Golden West delivered a compound average annual growth rate of 19% in earnings per share. The company was frequently described as "one of the most efficient and productive financial engines worldwide" and earned a place on Fortune magazine’s list of most admired American firms ten times. Morningstar, Inc. named the Sandlers "CEOs of the Year" in 2004.
In October 2006, Golden West was acquired by Wachovia Bank for $24 billion. At the time of sale, the Sandlers held approximately a 10% stake, resulting in proceeds of $2.4 billion. They contributed $1.3 billion from this amount to the Sandler Foundation.
Philanthropy
The Sandlers jointly established and generously support several organizations including the Center for Responsible Lending, which addresses predatory mortgage practices and payday lending; the Center for American Progress, a progressive policy institute; ProPublica, an investigative journalism nonprofit; and the American Asthma Foundation. Their philanthropic foundation also funds initiatives in medical research, environmental protection, human rights advocacy, and civil liberties.
Personal life
Marion married Herbert Sandler in 1961. Together they had two children: Susan and James Sandler.