William Schreyer
William A. Schreyer | |
|---|---|
| Born | 13 January 1928 Williamsport, Pennsylvania, U.S. |
| Died | 22 January 2011 (aged 83) |
| Occupation(s) | Business executive, philanthropist |
| Known for | Chairman emeritus and CEO of Merrill Lynch & Co.; president of the Board of Trustees at Pennsylvania State University |
William Allen Schreyer (January 13, 1928 – January 22, 2011) was a prominent American business leader who held the positions of chairman emeritus and CEO at Merrill Lynch & Co.. In addition to his corporate roles, he was a noted philanthropist and served as president of the Board of Trustees at Pennsylvania State University.
Early life and education
Schreyer was born in Williamsport, Pennsylvania, where his father operated a local brokerage that was eventually acquired by Merrill Lynch. During his high school years, he gained early experience by working part-time at this brokerage, responsible for updating daily stock prices on a chalkboard. He pursued higher education at Pennsylvania State University, became a member of the Sigma Phi Epsilon fraternity, and earned a degree in commerce and finance in 1948. Although he had been accepted to Harvard Business School for the fall of 1949, Schreyer opted instead to enter a newly established internship program at Merrill Lynch.
Career
Starting his professional journey as a junior executive trainee with Merrill Lynch in Buffalo, New York, Schreyer met his future wife Joan (née Legg) during this period. In the early 1950s, he fulfilled his ROTC commitment by serving two years as a U.S. Air Force lieutenant stationed in Germany, which sparked his fascination with global financial markets. His career advanced as he took charge of Merrill's office in Trenton, New Jersey in 1963, then became regional director for the New York metropolitan area in 1972, followed by leadership of Merrill Lynch Government Securities beginning in 1973.
Elevated to President in 1982, Schreyer assumed the roles of Chairman and CEO by 1985 after a significant $42 million loss in late 1983 led to executive restructuring. During his tenure as CEO, he transformed the organization by optimizing retail operations and broadening the investment banking segment to enhance overall profitability. Heading the "Schreyer Working Team," he identified that escalating expenses were eroding revenue gains. The financial burden was further increased by costs associated with relocating to new corporate headquarters at the World Financial Center (New York City).
The company encountered difficulties during the 1987 Black Monday crash and sustained a $377 million loss linked to mortgage-backed securities. In response, Schreyer launched "Merristroika," a cost-cutting and restructuring plan named by blending "Merrill" with "perestroika." He strategically divested Merrill’s U.S.-based real estate services unit to concentrate on international securities markets where the firm had substantial operations—in cities such as London, Tokyo, New York, and other U.S. locations. This international focus contributed to Merrill's acceptance onto the Tokyo Stock Exchange, making it one of the earliest foreign firms admitted, and established Merrill Lynch as the first American investment bank to open an official office in China.
Philanthropy
In 1997, William and Joan Schreyer endowed $30 million to create the Schreyer Honors College at their alma mater, Pennsylvania State University, where he graduated in 1948. Originally founded in 1980 as the University Scholars Program, this honors college later received an additional $25 million pledge from the Schreyers in 2006. Their cumulative giving surpasses $58 million, positioning them as Penn State’s most significant family benefactors.
In March 2007, the couple contributed $5 million toward Princeton HealthCare System’s planned Plainsboro Hospital to establish a community and professional education center. Later that year in August, Schreyer donated another $5 million to support the educational foundation of his fraternity alma mater, Sigma Phi Epsilon.
William A. Schreyer died on January 22, 2011, following a lengthy illness. He is survived by his wife Joan, daughter DrueAnne Schreyer, son-in-law Rodney Frazier, and two grandchildren.
Publications
In 2009, Schreyer released a memoir that expresses his sustained positive outlook:
- Still Bullish on America: A Memoir (2009)
