Walter Dill Scott (businessman)

Walter Dill Scott
Born	1931 Chicago, Illinois, U.S.
Died	2018-02-08 Evanston Hospital, Evanston, Illinois, U.S.
Occupation(s)	Business executive, academic
Years active	1950s–2013
Known for	CEO of Investors Diversified Services; Managing director of Grand Metropolitan U.S. operations; Clinical professor at Northwestern's Kellogg School of Management

Walter Dill Scott (1931–2018) was a prominent American executive known for his leadership roles as CEO of Investors Diversified Services (currently Ameriprise Financial) and as managing director of the U.S. operations of Grand Metropolitan.

Early life

Born in Chicago, Scott grew up in Evanston, Illinois and Winnetka, Illinois. He was named after his grandfather, a former president of Northwestern University. Scott completed his secondary education at New Trier High School in 1949, pursued studies at Williams College, and obtained a Bachelor of Science degree from Northwestern University in 1953. Following three years of service as a U.S. Navy officer, he joined Booz Allen Hamilton while simultaneously earning a Master of Science degree from Columbia Business School in 1958. Subsequently, he began working at Glore, Forgan & Co. In 1961, he married Barbara Stein, with whom he had three sons.

Career

Scott advanced to general partner in charge of Lehman Brothers' Chicago branch in 1965. He transitioned out of the financial sector in 1973 to become associate director at the Office of Management and Budget, where he contributed to the formulation of the federal budget.

He re-entered the corporate world in 1975 by joining the Pillsbury Company as senior vice president and chief financial officer. By the following year, he had secured a position on Pillsbury’s board and executive committee. Scott later directed international operations and was appointed executive vice president for administration and finance in 1978. During his tenure, he was instrumental in acquiring notable brands such as Green Giant, Steak and Ale, and Totino's.

In 1980, Scott assumed the role of CEO at Investors Diversified Services, then under the ownership of the Alleghany Corporation. After IDS was acquired by American Express, Harvey Golub succeeded him as CEO; Scott was reassigned as chairman before departing in 1985 to lead Grand Metropolitan’s U.S. division. His responsibilities there included oversight of assets like Liggett & Myers Tobacco Company, Alpo pet food, Children's World daycare centers, and a significant Pepsi bottling operation. He left Grand Metropolitan in 1986.

Later life

Between 1988 and 2013, Scott served as a clinical professor at Northwestern's Kellogg School of Management, focusing on corporate strategy and leadership courses. He also chaired Kellogg’s board of advisers. Throughout his career, he held positions on fifteen corporate boards and twenty-five nonprofit boards, including organizations such as Communities In Schools of Chicago, One Acre Fund, and National Louis University. A longtime resident of Northfield, Illinois, he relocated to Evanston in 2017. Scott passed away from lymphoma on February 8, 2018, at Evanston Hospital.