Peter J. Solomon
Peter Jay Solomon | |
|---|---|
| Born | September 17, 1938 Manhattan, New York City, U.S. |
| Occupation | Investment banker |
| Known for | Founder and chairman of Solomon Partners; New York City Deputy Mayor for Economic Policy and Development |
Peter Jay Solomon (born September 17, 1938) is a prominent American investment banker and the founder and chairman of Solomon Partners, recognized as one of the pioneering independent investment banks in the United States. He also held the position of New York City Deputy Mayor for Economic Policy and Development.
Early life and education
A native of Manhattan, Solomon is the son of Sidney L. Solomon, who chaired the department store chain Abraham & Straus, and Jeannette Rabinowitz Solomon. He attended the Collegiate School before graduating from Lawrenceville School. Solomon completed his undergraduate studies at Harvard College in 1960, earning a government degree with cum laude honors, followed by an MBA from Harvard Business School in 1963.
Career
Solomon’s career commenced in 1958 within Merrill Lynch’s statistics division. After business school, he transitioned to corporate finance at Lehman Brothers, where he was promoted to managing director in 1971 and joined the board of directors by 1976. He also contributed academically as an adjunct professor at Columbia Business School.
Government activity
In 1978, New York City mayor Edward I. Koch appointed Solomon as Deputy Mayor for Economic Policy and Development, a role he fulfilled until 1980. In this capacity, he acted as Koch’s chief consultant on matters including taxation, port operations, energy policy, and private sector employment and commerce.
During his tenure as Deputy Mayor, Solomon spearheaded efforts to secure the 1980 Democratic National Convention for New York City and advocated for expanding film and television studio infrastructure within the city.
As chairman of the Industrial & Commercial Incentive Board (ICIB), he revamped the real estate tax abatement program to reduce misuse while encouraging private sector investment. Additionally, he led New York’s Health and Hospital Corporation, managing oversight for 17 municipal hospitals.
In 1980, under President Jimmy Carter’s administration, Solomon was named Counselor to the United States Treasury Secretary, overseeing initiatives such as the President's auto task force and industrial policy development.
Returning to Lehman Brothers in 1981, he remained through its evolution into Shearson Lehman until the late 1980s. His roles included vice chairman, co-chair of investment banking, and chairman of merchant banking.
Peter J. Solomon Company
In 1989, Solomon departed Lehman to establish the Peter J. Solomon Company, among the earliest independent boutique investment banks in America. The firm provides advisory services on mergers and acquisitions, capital structuring, and corporate restructuring to both public and private enterprises.
Notable clients have included Lands' End during its sale to Sears, Zagat prior to its acquisition by Google, Office Depot, and Phillips-Van Heusen Corp. (PVH) throughout various acquisitions. Initially concentrating on consumer goods and media sectors, the company broadened its expertise into energy, infrastructure, power generation, renewables, grocery retailing, and restaurant industries.
In 2016, Natixis—the investment banking division of Groupe BPCE—acquired a majority 51% stake in the firm. The company underwent rebranding to PJ SOLOMON in 2019 and later adopted the name Solomon Partners in 2021.
Cuomo Administration
In 2013, Solomon was named co-chair of Governor Cuomo’s Tax Reform and Fairness Commission charged with recommending reforms to New York State’s tax code. He also participated on Cuomo’s Spending and Government Efficiency Commission (SAGE), which focused on enhancing efficiency across state agencies and reducing bureaucratic complexity.
Other engagements
Solomon holds a directorship at Monro, Inc., a company specializing in automotive services, where he was chairman from 1984 until 2007. Additionally, he participates in the Natixis International Advisory Network and contributes to the US Trust Bank of America Private Bank Advisory Committee. His previous board memberships encompass:
- Associated Dry Goods Corporation
- BKF Capital Group, Inc.
- Centennial Cellular Corporation
- Century Communications Corp.
- Culbro Corporation
- Edison Brothers Stores, Inc.
- Esquire, Inc.
- Handyman Corporation
- Lawfin International Limited
- LIN Broadcasting Corporation
- The Miller-Wohl Company
- Office Depot, Inc.
- Phillips-Van Heusen Corporation
- The Stop & Shop Companies, Inc.
- Zagat Survey LLC
Personal background
Peter Solomon is married to Susan Rebell. Together, they have five children and twelve grandchildren. An avid beekeeper, he generously funded the creation of the Susan and Peter J. Solomon Family Insectarium at the American Museum of Natural History. This facility, inaugurated in May 2023 within the Richard Gilder Center for Science, Education, and Innovation, showcases live insect specimens alongside a large-scale interactive beehive exhibit.
Philanthropic involvement
Founded in 1987, Solomon’s personal foundation underwrites numerous philanthropic initiatives. He sits on the boards of Memorial Sloan Kettering Cancer Center and its associated research institute. Moreover, he acts as a trustee for the American Museum of Natural History and holds the title of Co-Chair Emeritus (alongside his wife) for the American Friends of the Musée d'Orsay. He is also Chairman Emeritus and director at The Manhattan Theatre Club and serves as a trustee for the Lucius N. Littauer Foundation.
At Harvard University, Solomon contributed his extensive collection of children’s books and illustrations to Houghton Library and played a leading role in funding its renovation. In recognition, Harvard named a newly constructed Gate to Harvard Yard after him: the Peter J. Solomon, Class of 1960, Gate. He leads the Friends of the Center for Jewish Studies at Harvard as chair and is affiliated with the Council on Foreign Relations. Previously, he fulfilled duties as an overseer of Harvard University.
His former nonprofit board appointments include:
- Chairman, Hudson Guild Neighborhood House
- Vice Chair, Mt. Sinai Hospital
- Director-at-Large, Montana Land Reliance
- Director, American Rivers
- Director, National Audubon Society