Legatum Lecture - Jack Hennessy ( med. length)
On January 1, 1997 Jack retired after seven years as Chairman of the Executive Board and Chief Executive Officer of Credit Suisse First Boston (CSFB), a leading U.S. investment Bank, after its two most successful years in history (1996 revenues of $3 billion with profits of $350 million and assets of $125 billion). He then became Non-Executive Chairman of the separate entity, CSFB Private Equity, (overseeing a $2 b portfolio) and was also a member of the Board of Directors of the parent company, Credit Suisse Group, Zurich until full retirement in May 2001. Jack now serves as a Senior Advisor to Credit Suisse. Available for advice and consultation by management.
Since retirement, he has divided his time between philanthropic and business/investment activity. He serves on the Board of Directors of Corning, Inc, where he is Chairman of the Finance Committee and a member of the Governance and Nominating Committee. His activities include 7 board or Advisory Council memberships in charitable or not-for-profit organizations including; The Safe Water Network, The Foundation for Recognition and Inspiration of Science & Technology (FIRST) which has established hands-on science programs in 800 high schools. The Appeal of Conscience Foundation, Eisenhower Exchange Fellowship; Forum for International Policy, Washington, DC., and The MIT Leadership Council.
Before beginning his investment-banking career, Jack served in the U.S. Government as Assistant Secretary of the Treasury for International Affairs from 1972-1974 (a Presidential Appointment), under Secretary George P. Shultz and as Deputy Assistant Secretary for Developing Nations from 1970-1972 under Secretary John B. Connally. His responsibilities included the primary role for the U.S. participation in Supranational Organizations, such as the World Bank, Treasury representative on the boards of OPIC and the Inter-American Foundation, chairing the National Advisory Council of International Financial Policy, and management of the Exchange Stabilization Fund of the Treasury.
Prior to his Treasury experience Jack spent 8 years in Citibank in New York and Latin America, (Argentina, Uruguay, Bolivia and Peru) running Citibank operations on the West Coast of South America, and opening the first branch of an American Bank in Bolivia at the age of 28.
Jack, a native of Brookline, Massachusetts, graduated magna-cum laude from Harvard University in 1958 and was a National Science Fellow of the Sloan School of Management at the Massachusetts Institute of Technology in the field of International Finance and Business from 1968-1970. (Completed all PhD course work and oral exams – except thesis.)
Jack has been active over his career in numerous Civic activities. Past civic and not-for-profit activities include, among many others: Member of the Board, The Massachusetts Institute of Technology (10 years); Trustee of the Manhattan Institute, the leading New York conservative think tank (10 years); Board member and Chairman of the Nominating Committee of the Americas Society (10 years), New York; Trustee of the President George H. W. Bush Library, College Station, Texas; member of the Executive Committee of the Bretton Woods Committee, Washington, D.C.; member of the Council on Foreign Relations, New York. Member, The New York Federal Reserve International Advisory Board 1990-1996; Chairperson, Economic Club of New York; Co-Chair U.S. Mexico Business Committee; Chairman – CARE Corporate Counsel; Vice Chairman New York Counsel Boy Scouts; Member – Nominating Committee New York Stock Exchange; Member – Executive Council, London Stock Exchange; Trustee Roxbury Latin School.
During Jack’s career he has received various awards and distinctions, including Honoree at the first Annual Award dinner of Student Sponsorship (2000); Commencement speaker, Yale University School of Management (1994); Honoree, New York Boy Scouts of America (1994); Member, Five man International Blue Ribbon Committee on Future of Asian Development Bank (1988); Corporate Leadership Award – MIT (1987); Exceptional Service Award US Treasury (1974).
Jack has written numerous articles in publications including the Wall Street Journal, The New York Times, The International Economy and Financier Magazines and has made innumerable speeches on international finance. He was also featured in the Fortune Magazine 60th Anniversary Edition – “Today’s Leaders Talk About Tomorrow” (March 26, 1990).