Walter V. Shipley

Walter V. Shipley
Walter V. Shipley
Born	Template:Birth date
Died	January 11, 2019 (aged 83)
Occupation(s)	Banking executive, CEO
Years active	1956–2000
Known for	Chairman and CEO of Chase Manhattan Bank and Chemical Bank

Walter Vincent Shipley II (November 2, 1935 – January 11, 2019) served as chairman and chief executive officer of Chase Manhattan Bank and its antecedent, Chemical Bank. He assumed the role of Chemical Bank's CEO in 1981 and oversaw significant mergers with Texas Commerce Bank in 1987, Manufacturers Hanover in 1991, and Chase Manhattan Bank in 1996. Shipley continued as chairman until January 2000, shortly before the institution merged with J.P. Morgan & Co.

Early life and education

Born to a Wall Street investment banker, Shipley pursued studies in economics and political science at Williams College. Standing 6 feet 8 inches tall, he captained the college basketball team but left during his junior year in 1956 due to academic challenges. This experience fueled his determination to demonstrate his abilities. That same year, he began employment at New York Trust Company and later completed his undergraduate degree at New York University in 1961.

Career

Shipley’s professional journey started in the loan division of New York Trust Company in 1956, which was acquired by Chemical Bank in 1959. By the late 1970s, he was heading Chemical Bank’s international operations. He climbed the ranks to executive vice president in 1979, president in 1981, and chief executive officer by 1983. Following the merger between Chemical Bank and Manufacturer's Hanover in 1991, Shipley accepted a reduced executive role but returned to the CEO position in 1994. From 1996 until 1999, he held the dual roles of CEO and chairman at Chase Manhattan after its combination with Chemical Bank.

In 1987, Shipley led Chemical Bank’s acquisition of Texas Commerce Bank based in Houston. Although initially affected by Texas' economic downturn resulting in losses, the acquisition proved to be a strategic asset by the mid-1990s.

Additionally, Shipley served on the boards of several prominent companies including Exxon Mobil, Wyeth, and Verizon.

Political involvement

Shipley contributed to multiple political campaigns such as Bill Bradley's 2000 Democratic presidential run, George W. Bush's campaigns during 2000 and 2004, Mitt Romney's presidential bids in 2008 and 2012, as well as Alphonse D'Amato's Senate campaign in 1998.

Although considered for the position of Secretary of the Treasury in 2000, he was ultimately not selected; Paul H. O'Neill received the appointment.

Personal life

The son of Linwood Parks Shipley from Brown Brothers Harriman & Company, Walter Shipley married Judith Lyman Shipley in 1957; she passed away in 2014. Together they had five children: Barbara T., Allison P., Pamela J., Dorothy B., and John P. Shipley lived his entire life in Summit, New Jersey and was survived by seven grandchildren.

Philanthropy

Shipley played an active role in philanthropy as a trustee for institutions such as the American Museum of Natural History, Lincoln Center, and Goodwill Industries. He chaired Goodwill’s strategic planning committee from 1983 through 2002 and was honored with their Volunteer Leader Award.

He and his wife Judith were significant supporters of the Greater Newark Conservancy, which named its Urban Environmental Center after her. Their philanthropic efforts also extended to organizations including the Summit Speech School and the NJPAC.

References

BANKING'S NEW GIANT: THE NEW CHIEF; Quiet Captain Navigates Industry Turbulence. New York Times, August 29, 1995
CHRONICLE: Lawrence A. Wien Award for Corporate Social Responsibility. New York Times, May 24, 1991