Douglas A. Warner III Bio, Age, Net worth, Early life, Education, Banker
Isabella Turner Douglas A. Warner III Biography
Douglas A. Warner III (Douglas ‘Sandy’ Warner) is an American banker who joined Morgan Guaranty Trust Company of New York out of college in 1968 as an officer’s assistant and rose through the ranks to become chairman of the board of J.P. Morgan & Co. Inc. in 2000.
Among his many accomplishments, Warner may be best known for spearheading the 2000 sale of J P Morgan & Co. to Chase Manhattan Bank for $30.9 billion.
Douglas A. Warner III Age
Douglas A. Warner III was born on June 9, 1946, in Cincinnati, Ohio United States. He is 73 years old as of 2019.
Douglas A. Warner III Net worth
Douglas A. Warner III is an American banker who has an estimated net worth of $ 1 million dollars as of 2019.
Douglas A. Warner III Wife
On May 13, 1977, Douglas A. Warner III married Patricia G. Grant and was blessed with four children, Alexander Warner, Katherine Warner, Michael Warner, and Alice Warner (deceased), and now, along with Patricia’s brother Thomas, are residents of Locust Valley, N.Y.
Douglas A. Warner III Family
Douglas A. Warner III was born on June 9, 1946, in Cincinnati, Ohio as the elder son to Douglas Alexander Warner Jr. and Eleanor (Wright) W. Warner.
He has a brother, Gordon, and a sister, Marjorie. Warner came from money, growing up in the high-toned suburb of Indian Hill in a family with local social standing.
For example, Warner’s father served as a trustee of the Cincinnati Music Hall Association and Art Museum and chaired the United Appeal one year.
Warner’s grandfather (and namesake) ran his own insurance firm and was active in local golfing circles.
Grandmother Warner was the daughter of a wealthy Cincinnati entrepreneur named J. Stacey Hill, who was the president of a then-prominent thousand-room Cincinnati hotel named Hotel Gibson.
Douglas A. Warner III Early life
In 1960 Warner’s family shipped the 14-year-old Warner 500 miles away from his home in Ohio to The Hill School, a college-preparatory boarding school in Pottstown, Pennsylvania (it admitted only boys at the time); Warner’s father had graduated from the same school in 1937.
While a student at The Hill, Warner played junior hockey 1960-61, junior varsity (JV) hockey 1961-62, and varsity hockey 1962-64. Warner graduated from there in 1964, the same year as Academy Award-winning producer/director Oliver Stone.
Douglas A. Warner III Education
Douglas A. Warner III graduated From Hill School, Warner then applied to join Yale University, the same school which his father also attended and his and uncle. In 1964, Warner joined Yale University at the age of 18 as a pre-med student.
At age 18, Warner was draft at a young age but he most likely held a 2-S (college deferment) Selective Service System classification as a student at Yale University.
Douglas A. Warner III Banker
During his time at Yale, Douglas A. Warner III became friends with the future President George W. Bush through then-Yale ice hockey player Roland W. Betts – now the owner of the multimillion-dollar Chelsea Piers Sports & Entertainment Complex.
This friendship would prove valuable as President Bush later named Warner as a financial adviser to President-elect Bush’s transition team in 2000.
At the peak of the Vietnam war upheaval in the United States in May 1968, Warner graduated from Yale University with a B.A. degree and intended to go to Yale medical school after leaving Yale, undergraduate.
Without a college deferment, Warner most likely would have been classified as 1-A, that is to say, classified as available immediately for military service.
For example, President Bush was classified as 1-A on Bush’s graduation from Yale in May 1968 and was accepted into the Texas Air National Guard at the height of the ongoing Vietnam War.
With the Vietnam war and Yale medical school choices facing Warner, Douglas A. Warner III looked to a third option based on advice from his father, an insurance man from Cincinnati, Ohio.
Warner’s father advised Warner to go into business to develop some “breadth” and subsequently Warner entered the management training program at Morgan Guaranty Trust Company in New York City.
At that time, Morgan had a Guaranty Trust Company which was a wholly-owned subsidiary of J.P. Morgan Chase & Co. (formerly J.P. Morgan & Co. Incorporated). You may also read Douglas Harry Wheelock
Over the next seven years, Warner rapidly advanced from officer’s assistant (1968–1970), through assistant treasurer (1970–1972) and Assistant Vice President (1972–1975), to Vice President in 1975.
On May 13, 1977, Douglas A. Warner III married Patricia G. Grant and produced four children, Alexander, Katherine, Michael, and Alice (deceased), and now, along with Patricia’s brother Thomas, are residents of Locust Valley, N.Y.
In 1983 when Douglas A. Warner III was age 37 he transferred to London, England where he was named Senior Vice President. First, Warner was in charge of the United Kingdom and Scandinavian banking operations and became the head of oil and gas lending region.
In becoming the general manager of the London office and Morgan’s senior executive in the United Kingdom in 1986, Warner received extensive experience in the U.S. and international corporate finance.
In 1987, Douglas A. Warner III was promoted to Executive Vice President and returned to New York City to take charge of North American and South American corporate finance and, later that year, of the entire group worldwide.
In 1989, Douglas A. Warner III became the Managing Director of the Morgan Guaranty Trust Company and elected president and a director in 1990. After rising through the ranks in various positions in London and New York City, Warner succeeded Dennis Weatherstone in 1995 as Morgan’s youngest CEO ever at age 49.
From 1995 to 2000, Warner served as chairman and chief executive officer. In 1999, Warner was ranked 14th of the “25 Highest Paid Banking Executives in 1999” with total compensation for the year of US$9,916,151.
In 2000, Douglas A. Warner III was mentioned as a possible candidate for President Bush’s Treasury secretary along with Enron head Kenneth Lay and a few others. However, Warner was elevated to chairman of the board of J.P. Morgan Chase & Co.,
The Chase Manhattan Bank and Morgan Guaranty Trust Company of New York, NY in 2000 and served there until his retirement on September 7, 2001. Instead, President Bush named Warner as a financial adviser to President-elect Bush’s transition team in 2000.
Douglas A. Warner III 2000 merger and retirement
Douglas A. Warner III is best known for spearheading the sale of J P Morgan & Co. to Chase Manhattan Bank through it’s then CEO William Harrison for $30.9 billion.
Despite Douglas retirement, he served as the director of Anheuser-Busch Companies, Inc. and Motorola, Inc., a member of the Board of Counselors of The Bechtel Group,
Inc., chairman of the Board of Managers and the Board of Overseers of Memorial Sloan-Kettering Cancer Center, serves as the Chair of the General Electric Audit committee and serves on both the General Electric Nominating Committee and Corporate Governance and Management Development and Compensation committee.
Douglas A. Warner III is a member of the Business Council, a trustee of the Pierpont Morgan Library, and a member of the Committee to Encourage Corporate Philanthropy (CECP).
In between such retirement, Warner enjoys golf, skiing, and shooting as a member of Seminole Golf Club, Links Club, River Club, Meadowbrook Club (Long Island, New York), Augusta National Golf Club, and Wequetonsing Golf Club(Harbor Springs, MI). Douglas A. Warner III was recently selected for a coveted six-year term on the Yale Corporation, Yale University’s governing body.
Douglas A. Warner III Business legacy
Analysts say that Mr. Warner was a key figure throughout the 1980s and 1990s in the transformation of J.P. Morgan from a commercial bank to an investment banking firm.
For example, J.P. Morgan was the first commercial bank since the 1930s to be granted the power to underwrite debt and equity securities. Under Warner, the firm ended lifelong job security as a result of a 1998 restructuring.
One of his biggest cultural marks on J.P. Morgan was the creation of the “House Arrest” group, a dozen or so senior executives who met monthly to discuss management issues.
Douglas A. Warner III Philanthropy
A loyal Hill School Annual Fund donor, Warner funded the Douglas A. Warner Chapel Program Fund in honor of his father, the late Douglas A. Warner Jr. ’37. Douglas A. Warner III has also served The Hill School as a term and corporate trustee.
Douglas A. Warner III gave out $100,000 to have the ice hockey rink replaced. Warner is also a member of the Business Council, a trustee of the Pierpont Morgan Library, and a member of the Committee to Encourage Corporate Philanthropy (CECP).
Douglas A. Warner III Awards
In 1998, Douglas A. Warner III was an invited Gordon Grand Fellow lecturer at Yale University, and in 2001, he was awarded the Leadership Award from The Hill School.
As an alumnus of The Hill School, Douglas A. Warner III had proven himself “to be an exemplary leader and true role model for students in his vocation.”
