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Erschienen in:

2020 | OriginalPaper | Buchkapitel

12. Preston Passes the Baton

verfasst von : Nicholas P. Sargen

Erschienen in: JPMorgan’s Fall and Revival

Verlag: Springer International Publishing

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Abstract

Soon after Preston addressed Morgan’s board in September 1989 about provisioning for $2 billion of its Less Developed Country loans, he announced he would step down as chairman and CEO. While the timing was a surprise, Preston’s choice of Dennis Weatherstone as his successor was a foregone conclusion, as they collaborated closely since the mid-1960s. Nor did it matter to Preston that Weatherstone’s pedigree was vastly different from previous Morgan leaders, and he paved the way for Weatherstone to advance by moving prominent people aside. Among the most important decisions Preston and Weatherstone made was the selection of Sandy Warner to become Morgan’s president and its eventual chairman and CEO.

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Vorheriges Kapitel Preston’s Legacy

Nächstes Kapitel Taking Stock: Plans for the Early 1990s

Previously, Leach had been a high-level economist at the Board of Governors in Washington, D.C., where he was a tennis partner of Fed Chairman William McChesney Martin. See Chernow, op. cit. p. 530.

Ibid., p. 540.

Peter Smith was then given the nod to replace Vagliano, and his experience in Latin America may have contributed to an ill-advised attempt for Morgan to catch up with Citi.

According to one source, Vagliano reportedly played a key role in freeing the hostages from the US Embassy in Iran, among whom was his cousin, Morehead Kennedy.

Teitelman, op. cit., p. 52.

Ibid., p. 53.

Ibid., p. 56. Morgan’s petroleum team in conjunction with Lazard’s had pioneered the financing of BP’s Forties Field in the North Sea.

Ibid., p. 56.

Ibid., p.59.

Ron Cooper, “Wither Weatherstone’s Morgan?” Euromoney, December 1989, p. 56.

Ibid., p. 58.

Titel: Preston Passes the Baton
verfasst von: Nicholas P. Sargen
Verlag: Springer International Publishing
Buch: JPMorgan’s Fall and Revival
Print ISBN: 978-3-030-47057-9

Electronic ISBN: 978-3-030-47058-6

Copyright-Jahr: 2020
DOI: https://doi.org/10.1007/978-3-030-47058-6_12