David W. Wallace

David William Wallace (born February 23, 1924 in New York City) is an American manager and philanthropist .

Life

David William Wallace was born to Fergus Ferguson Wallace and Isabelle Taylor Wilson. He studied engineering at Yale University . He had to interrupt his studies from 1943 to 1946 because of military service in World War II. He served in the 1st Infantry Division and received the Purple Heart . After the end of the war, he resumed his studies and graduated from Harvard Law School in 1948 with a Bachelor of Science degree .

After graduating, he worked for the law firm White & Case. There he met the entrepreneur Robert R. Young . He was enthusiastic about Wallace's work and accepted him into his management team. Wallace therefore became senior legal advisor and most recently executive vice president of Alleghany Corporation in 1954 . After Young committed suicide in 1958, he had to end his job there in 1959 after differences with Allan P. Kirby . However, he took over the administration of the Robert R. Young Foundation. He then worked from February 1960 to May 1967 as Chairman of the Executive Committee and Chief Operation Officer for the United Fruit Company .

After the Bangor Punta Corporation had to struggle with economic problems due to the various acquisitions of partially uneconomical companies , he was appointed president of the company by the Chairman of the board of Bangor Punta, Nicolas M. Salgo . After Salgo resigned as Chairman, Wallace also took over this position from 1973 and headed Bangor Punta until it was taken over by Lear Siegler Inc. in 1984. Since Lear Siegler Inc. quickly sold companies that did not fit into the portfolio, Wallace took over the former Bangor Punta company FECO Engineering in 1985, and became its President and Chief Executive Officer. In 1995 he gave up this position.

In July 1987 he took over the chairmanship of the board of the troubled Todd Shipyards Corp. However, he was unable to prevent the company from going bankrupt in August 1987. His job now was to run the company well through the bankruptcy. With the approval of the creditors to the reorganization plan in 1990, his activity at the shipyard ended. In 1991 he became Chairman of the Board and Chief Executive Officer of the cement manufacturer Lone Star Industries, which has also been in insolvency administration since 1990 . He had been a member of its supervisory board since 1970. When Dyckerhoff took over the company in 1999, his activities ended.

In 1993 he became chairman of the board of the banking firm Putnam Trust Company. He has held a seat on the Supervisory Board since 1986. This activity ended with the takeover of Putnam Trust by the Bank of New York in 1996.

From 2000 Wallace began to acquire shares in the bank holding Washington Trust and thus controlled from 2006 a stake of at least 14.6% directly or through the Robert R. Young Foundation and Jean and David W. Wallace Foundation, which he manages.

David W. Wallace also served on the boards of the investment firm National Securities & Research Corporation (1988–1993), the agricultural company Producers Cotton Oil Company, the New York Hospital, and a number of other companies. He is also the Foundation Administrator of Smith College and the Greenwich Library.

In 1953 he married Jean Ives McLean. The couple has two daughters. Wallace and his wife endowed five professorships at the Yale School of Medicine (Jean McLean Wallace Professorship of Pediatrics, Robert R. Young Professorship in Ophthalmology and Visual Science, Jean and David W. Wallace Professor of Biomedical Research, David W. Wallace Professor of Immunobiology and the Anita O'Keefe Young Professorship of Women's Health). In 1997, the couple donated $ 9 million to renovate Yale University's Branford College .

Web links

• TODD ​​SHIPYARDS PINS ITS HOPES ON WALLACE. Retrieved October 10, 2017 . 
• A love of Yale, a vision for its future> Cover Stories> July / August 2006 | Medicine @ Yale. Retrieved October 10, 2017 . 
• Painting by Wallace in Branford College, Yale University
• Who is who in the East, 19 Ed. 1983

Individual evidence

1. ^ Putnam Trust elects Cassell and Wallace to top positions. (Michael M. Cassell, David W. Wallace, Putnam Trust Company of Greenwich) (Brief Article) . October 26, 1993 ( highbeam.com [accessed October 10, 2017]). Putnam Trust elects Cassell and Wallace to top positions. (Michael M. Cassell, David W. Wallace, Putnam Trust Company of Greenwich) (Brief Article) ( Memento of the original from October 10, 2017 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  
2. ↑ Retiree puts his money in the bank - Washington Trust. January 19, 2006 ( highbeam.com [accessed October 10, 2017]). Retiree puts his money in the bank - Washington Trust. ( Memento of the original from October 10, 2017 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.