Stern Stewart & Co
Joel M. Stern | |
|---|---|
| Died | Error: Need valid birth date (second date): year, month, day |
| Occupation(s) | Financial economist, CEO |
| Years active | 1964–2019 |
| Known for | Originator of economic value added (EVA) |
Joel M. Stern (deceased 21 May 2019) served as chairman and CEO of Stern Value Management (previously known as Stern Stewart & Co) and was the originator of economic value added. He was widely acknowledged as an expert in financial economics, corporate performance assessment, business valuation, and incentive-based compensation. Stern was a trailblazer and prominent proponent of shareholder value. Additionally, he maintained an active presence in both academic circles and the media.
Personal life
Details about Joel Stern’s personal background, family, and philanthropic engagements remain limited.
Family
Karen B. Stern was formerly married to Joel Stern. Their son, Erik D. Stern, who holds degrees from Brown University and an MBA from the University of Chicago, as well as being a Nobel laureate, has become a distinguished advisor at the executive level.
Career
Stern obtained his MBA specializing in Finance and Economics from the University of Chicago’s Booth School of Business in 1964. He then joined Chase Manhattan Bank, where he ultimately led Chase Financial Policy within their global consulting division under the Rockefeller leadership. It was during this period that he developed the concept of EVA. After 18 years at Chase Manhattan, he established Stern Stewart in 1982.
Throughout his career, Stern authored several books and co-authored six additional works focused on financial economics. He held the position of executive editor for the Journal of Applied Corporate Finance and contributed to the editorial board of the Journal of Financial Management and Analysis.
He held teaching or adjunct roles at numerous graduate business schools worldwide, including the Robert H. Smith School of Business at the University of Maryland, Carnegie Mellon University’s Tepper School of Business, University of Chicago Booth School of Business, University of Cape Town, Singapore Management University, Universidad Francisco Marroquín, Universidad EAFIT, and Lauder Business School. Furthermore, he participated on the Executive Advisory Committee for the William E. Simon Graduate School of Business at the University of Rochester and was a member of the Graduate School Council at Chicago Booth.
In addition to academia, Stern contributed as a financial policy columnist for publications such as the London Sunday Times and Financial Times, while also writing for the Wall Street Journal, New York Times, and Fortune. His television appearances included business news programs like Bloomberg TV’s Taking Stock with Pimm Fox, CNBC Asia’s Squawk Box, CNN’s Moneyline, and he was a regular panelist on Wall Street Week for 17 years.
He passed away on May 21, 2019.
External links
- Joel Stern – Executive Profile at Stern Value Management
- Articles by Joel Stern
- The Origins of EVA – University of Chicago Graduate School of Business
- Interview with Joel Stern at Universidad Francisco Marroquín
- Official website for Joel Stern's company
- Joel Stern's interactive online educational platform
- Interview on Economic Value Added (EVA) with Joel Stern