Stephen Bollenbach

Stephen F. Bollenbach
Born	Template:Birth date Los Angeles, California, U.S.
Died	October 8, 2016(2016-10-08) (aged 74) Manhattan, New York City, U.S.
Occupation(s)	Financial manager, CEO, CFO
Years active	1968–2016
Known for	CEO and CFO roles in Marriott Corporation, Holiday Corporation, Trump Organization, Disney, Hilton Hotels; board member at AIG, Time Warner

Stephen Frasier Bollenbach (July 14, 1942 – October 8, 2016) was a distinguished financial manager who held CEO and CFO positions across several hotel industry corporations. Between 1968 and 1980, he collaborated with financier Daniel K. Ludwig, after which he directed mergers and acquisitions for major firms such as Marriott Corporation, Holiday Corporation, Harrah's Entertainment, the Trump Organization, Disney, and Hilton Hotels. His corporate governance experience included board memberships, notably as non-executive chairman of Los Angeles-based KB Home and as a director at Time Warner. During the 2008 financial crisis, Bollenbach was a board member of American International Group and also held directorships with Harrah's Entertainment, Macy's, Inc., and the Los Angeles World Affairs Council.

Education

Bollenbach completed his secondary education at Lakewood High School (California) and attended Long Beach City College. He earned a bachelor's degree in finance from UCLA in 1965, followed by a master's degree in management from California State University, Northridge in 1968.

Ludwig Group

Between 1968 and 1980, Bollenbach occupied financial leadership roles within the Ludwig Group, managing hotel assets and serving as chief financial officer from 1977 until 1980. Introduced to the organization by John L. Notter—who would later chair the Ludwig Cancer Research—he accumulated substantial expertise overseeing a variety of holdings in Ludwig’s portfolio.

From 1980 to 1982, he was chairman and CEO of Southwest Savings and Loan Association located in Phoenix.

1982: Marriott

He held the position of senior vice president of finance and treasurer at the Marriott Corporation from 1982 through 1986. In 1982, Marriott completed acquisitions of Host International for $120 million and Gino's Inc., which operated the Gino's Hamburgers and Rustler Steak House chains, for $48.6 million. The following year, Marriott divested 108 Rustler Steak House outlets to Tenly Enterprises and Sizzler Restaurants International. At the time of purchase, Gino's managed 359 company-owned sites that Marriott phased out, transitioning these locations to its own Roy Rogers Restaurants brand. The final independently run Gino's outlet ceased operations in 1986.

1986: Holiday Corp.

From 1986 until 1990, Bollenbach served as chief financial officer and board member of Holiday Corporation, which had been renamed in 1985 to reflect its growing portfolio including brands such as Harrah's Entertainment, Embassy Suites Hotels, Crowne Plaza, Homewood Suites, and Hampton Inn. In 1988, UK-based Bass PLC acquired Holiday Corporation. During this period, Bollenbach was instrumental in thwarting Donald Trump's attempt to gain control of the hotel chain through a leveraged buyout.

1990–1992: Trump Organization

Following a short stint at Promus Companies in 1990, Bollenbach took on the role of inaugural chief financial officer at the Trump Organization. This position was established at the behest of creditors to enhance financial governance. While serving as CFO, Allen Weisselberg reported to him in his capacity as comptroller.

1992–1995: Marriott

In 1992, Bollenbach rejoined Marriott Hotels as chief financial officer amid significant changes in senior leadership. He played a pivotal role in Marriott's strategic overhaul, which included the company's 1992 division into separate entities for hotel management and real estate ownership.

1995: Disney

Bollenbach took over as chief financial officer of Disney in 1995, succeeding Richard Nanula. He was instrumental in facilitating Disney’s landmark $19 billion purchase of Capital Cities/ABC, a deal that significantly reshaped the company’s media assets.

1996–2007 Hilton

Starting February 1996, Bollenbach became co-chairman and chief executive officer of Hilton Hotels Corporation, marking the first time a CEO from outside the Hilton family led the company. His efforts concentrated on broadening Hilton's gaming operations, particularly through acquisitions in Atlantic City, where Hilton previously had no footprint. This strategy was exemplified by the acquisition of Bally Entertainment, which owned five casinos including two in Atlantic City, thereby attracting a mid-tier customer base and balancing revenue streams with slot machine income alongside Hilton’s upscale baccarat clientele. Hilton secured this deal by outbidding ITT Corporation with a $2 billion stock offer plus $1 billion in assumed liabilities, finalizing the transaction in December 1996.

After the merger of Ladbrokes plc and Hilton Group plc in the United Kingdom, Peter George assumed leadership as CEO of Hilton Group plc. Together, George and Bollenbach forged a strategic partnership in 1997 between Hilton Hotels Corporation and Hilton International, laying the groundwork for Hilton Hotels Corporation’s eventual acquisition of Hilton International in 2006.

Bollenbach exited Hilton in 2007 after successfully managing the company’s $26 billion sale to The Blackstone Group, a landmark achievement that enhanced Hilton’s stature within the global hospitality industry.

2008–2009 AIG

In January 2008, Bollenbach joined the board of American International Group, Inc. (AIG). Concurrently, he held positions as Chairman of KB Home and board member at Harrah’s Entertainment, Time Warner, and Macy’s. During this period, AIG was heavily impacted by the 2008 financial crisis and received a federal bailout totaling $180 billion, resulting in government oversight.

In June 2008, following the dismissal of CEO Martin J. Sullivan, AIG appointed Robert Willumstad as CEO and named Bollenbach lead independent director. Willumstad resigned after three months and was replaced by Chairman and CEO Edward M. Liddy, who stepped down in May 2009. After Liddy's departure and AIG's introduction of six new independent directors, Bollenbach left the board later that year alongside other prominent members including Martin Feldstein, James Orr, Virginia Rometty, Michael Sutton, Edmund Tse, and Ed Liddy after overseeing key aspects of the bailout process.

Personal life and death

The Ludwig Cancer Research Center notes that Bollenbach was passionate about traveling and enjoyed activities such as skiing, driving sports cars, playing golf, and collecting wine. He founded the Bollenbach Family Scholarship to assist approximately 15 financially disadvantaged students each year.

Bollenbach ended his first marriage to Barbara in 2010 and wed Kimberly in 2011. At the time of his passing, he lived with Kimberly in East Gate Bel Air, Los Angeles. He had two adult sons—Christopher and Keat—from his first marriage, along with two grandchildren. Bollenbach passed away at age 74 after a prolonged illness on October 8, 2016, in Manhattan.

External links

• Biography of Stephen F. Bollenbach, Time Warner