Paul V. Applegarth

Paul Applegarth
Born	(1946-04-21) April 21, 1946 Wilkinsburg, Pennsylvania, U.S.
Occupation(s)	Business executive, lawyer
Known for	First CEO of the Millennium Challenge Corporation

Paul Vollmer Applegarth (born April 21, 1946) is a distinguished American executive in business, finance, banking, and law. He was appointed as the inaugural chief executive officer of the Millennium Challenge Corporation, a key development aid program for impoverished nations initiated by President George W. Bush.

Early life

Born in Wilkinsburg, Pennsylvania, Applegarth is the son of Alice (née Vollmer) and William "Bill" Francis Applegarth, who was an engineer specializing in air conditioning manufacturing. The family moved to Atlanta, Georgia in 1947, where he spent his childhood. He attended Christ the King School and completed his secondary education at the Marist School in 1964.

He graduated cum laude with a B.A. in economics, complemented by a minor in corporate finance and development, from Yale University in 1968. During his time at Yale, he was affiliated with the fraternity of St. Anthony Hall. Between 1968 and 1970, Applegarth served in the United States Army during the Vietnam War, attaining the ranks of lieutenant and captain. His military service combined combat responsibilities with community development efforts such as constructing schools and training local village leaders.

In 1974, he earned both an M.B.A. from Harvard Business School and a J.D. from Harvard Law School, graduating with distinction as a Baker scholar.

Career

Applegarth launched his professional journey at the World Bank in 1974, remaining there until 1983. From 1981 to 1982, he was selected as a White House Fellow, during which time he worked under Secretary of Defense Robert McNamara at the International Finance Corporation (IFC). Additionally, he acted as a senior advisor to Secretary of State Colin Powell within the United States Department of State.

Between 1983 and 1986, he directed North American investment banking and global project finance operations at Bank of America based in San Francisco. From 1987 through 1994, he held financial roles with American Express/Lehman Brothers in New York City. Concurrently, he served as CFO for the United Way of America, playing a pivotal role in restoring the organization's financial stability following a scandal. In 1994, Applegarth took on the position of managing director at the Emerging Markets Partnership, overseeing activities across England, Hong Kong, and Washington, D.C. until 2003.

From 2001 to 2002, he was managing director and chief operating officer of the Emerging Africa Infrastructure Fund, which was backed by European governments to channel both public and private investments into infrastructure initiatives throughout Sub-Saharan Africa. Subsequently, he assumed leadership as CEO of the consulting firm Value Enhancement International.

In 2004, President George W. Bush appointed him as the first CEO of the newly established Millennium Challenge Corporation (MCC), an autonomous federal agency dedicated to awarding grants to developing countries demonstrating commitment to economic growth and political liberty. Applegarth regarded this appointment as a pinnacle achievement reflecting his extensive career experience. He resigned after serving eleven months in June 2005.

Following this tenure, from 2005 to 2006, he was a Senior Transatlantic Fellow at the German Marshall Fund. In 2009, Applegarth joined the international investment banking firm Finnacle Financial Advisors.

Awards and distinctions

• Named Alumnus of the Year by Marist School in 2000
• Selected as a White House Fellows participant for 1981–1982
• Earned the title of Baker Scholar at Harvard Business School in 1974

Personal background

Before moving to Naples, Florida sometime before 2015, his family lived in Greenwich, Connecticut. He holds the position of president at The Applegarth Tubman Medicine Hill Preservation and Educational Foundation located in Maryland. He possesses fluency in multiple languages, including Chinese, French, Spanish, Tagalog, and Vietnamese.

External links

Interview with Paul Applegarth on C-SPAN