Richard B. Handler
Richard B. Handler | |
---|---|
Born | May 23, 1961 |
Education | Pascack Hills High School University of Rochester (BA) Stanford University (MBA) |
Spouse(s) | Martha Hunt Handler |
Richard B. "Rich" Handler (born May 23, 1961) is an American businessman, and chief executive officer (CEO) of Jefferies Group since 2001; the longest-serving CEO on Wall Street.[1] Handler is also the CEO of Jefferies Financial Group, Inc, a diversified financial services company.[2]
Early life and education[]
The son of Alan and Jane Handler, Richard Handler grew up in New Jersey, graduating in 1979 from Pascack Hills High School in Montvale.[3][1] He received a BA in economics from the University of Rochester magna cum laude in 1983 and an MBA from Stanford University in 1987.[4] Prior to Jefferies, he was an investment banker at First Boston and later he worked for Michael Milken at Drexel Burnham Lambert in the high-yield bond department.[3]
Professional career[]
Jefferies[]
Handler joined Jefferies in April 1990 as a salesman and trader[3] and was appointed CEO on January 1, 2001,[5] Chairman in 2002.[3] Since his appointment as CEO, Jefferies’s shares had risen 154% between 2001 and 2013, and the firm grew from a securities-industry boutique into a full-service investment bank, with revenues of $3.1 billion as of 2019.[6][7]
Egan-Jones report[]
In November 2011, ratings company Egan-Jones issued a negative report regarding Jefferies that caused a 20% decline in the Jefferies stock price minutes after the opening bell the following morning.[8][9] Chris Kotowski of Oppenheimer & Co. made public statements pointing out figures in the Egan-Jones report that were 'so grotesquely wrong they should immediately jump off the page to anyone remotely familiar with the numbers.'[10][11] The Egan-Jones report was described by Kotowski in his research report from November 23, 2011 titled "Another Hack Attack" as 'flat out wrong',[12] and was followed by what Handler characterized as a multi-week public attack on Jefferies by Sean Egan.[9] Handler and the Jefferies management team responded with unprecedented immediacy and transparency, collapsing in a matter of days 75% of a sovereign debt position that had been identified as a problem by Egan to prove the bonds were hedged and highly liquid, sharply reducing the rest of Jefferies balance sheet, and publicly addressing the accusations on an almost daily basis.[13] This aggressive and unconventional response resulted in an eventual rebound in Jefferies share price.[9]
Rescue of Knight Capital Group[]
In August 2012, Handler played a lead role in saving Knight Capital Group after the company suffered a $440 million loss due to a 'technology glitch.' Together with Brian Friedman, President of Jefferies Financial Group Inc., Handler structured and led the rescue,[14] which included making Jefferies the largest shareholder with an investment of $125 million.[15]
Merger with Leucadia[]
In November 2012, Jefferies announced its merger with Leucadia National Corporation, its largest shareholder and a longtime partner of Handler. In March 2013, Jefferies merged with Leucadia,[16] and Handler became CEO of both companies.[17] In 2018, Leucadia rebranded as Jefferies Financial Group Inc. to better reflect the company’s business focus.[18]
Other professional activities[]
In October 2018 Handler was named Board Chair by The University of Rochester Board of Trustees, to which he was first elected in 2005.[19][20] Previously, Handler also served as Chairman of the Finance Committee and as Co-Chairman of the university's $1.37 billion Capital Campaign, The Meliora Challenge that concluded in 2016.[21]
Handler donated $25 million to the University of Rochester for the Jane and Alan Handler Scholarship Fund (named for his parents) for exceptional students from underprivileged backgrounds with the potential for future leadership.[21]
Handler is Chairman and CEO of the Handler Family Foundation. He is also active in conservation efforts through the Wolf Conservation Center, of which his wife Martha presides as president.[22]
References[]
- ^ a b "10 Things You Didn't Know About Jefferies Financial CEO Richard Handler". Money Inc. November 13, 2021.
- ^ "Richard B Handler Chief Executive Officer, Jefferies Financial Group Inc". Bloomberg L.P. November 13, 2021.
- ^ a b c d "'Intensely Private' Handler Lifts Veil in Defense of Jefferies". Bloomberg.com. 2011-12-19. Retrieved 2021-10-08.
- ^ Stanford School of Business Bio https://www.gsb.stanford.edu/advisorycouncil/handler.html[dead link]
- ^ http://www.thefreelibrary.com/Jefferies+Announces+Leadership+Change%3B+Richard+Handler+Named+CEO,...-a065822953[dead link]
- ^ "Jefferies Closes In on Deal for Prudential's Bache Unit". The Wall Street Journal. April 7, 2011.
- ^ "Jefferies CEO Is King of Pay". The Wall Street Journal. January 29, 2021.
- ^ "Tiny shop Egan-Jones Ratings Co. has a big impact". Crain's New York Business. 2011-11-04. Retrieved 2021-10-08.
- ^ a b c Craig, Susanne. "An Unexpected Apology Stokes the Embers of a Feud". DealBook. Retrieved 2021-10-08.
- ^ Businessweek http://www.businessweek.com/news/2011-11-24/jefferies-note-by-egan-jones-flat-out-wrong-kotowski-says.html[dead link]
- ^ Jefferies Financial Performance http://investor-relations.jefferies.com/Cache/1001188886.PDF?Y=&O=PDF&D=&FID=1001188886&T=&IID=102756
- ^ "Jefferies Group" (PDF). Retrieved 2021-10-08.
- ^ "'Intensely Private' Handler Lifts Veil in Defense of Jefferies". Bloomberg.com. 2011-12-19. Retrieved 2021-10-08.
- ^ New York Times http://dealbook.nytimes.com/2012/08/06/knight-capital-skirts-collapse-as-investors-offer-lifeline/?_php=true&_type=blogs&_r=0
- ^ Fox Business http://markets.m.foxbusiness.com/quickPage.html?page=32642&content=77699041&pageNum=-1
- ^ NY Times Dealbook http://dealbook.nytimes.com/2014/04/02/handler-leucadias-new-chief-takes-pay-cut-in-new-role/?_php=true&_type=blogs&_php=true&_type=blogs&_r=1
- ^ Jefferies Press Release http://www.jefferies.com/News/PressReleases/201/304
- ^ "Leucadia to shed most non-financial assets, rename as 'Jefferies'". Reuters. April 9, 2018.
- ^ Forbes Profile https://www.forbes.com/profile/richard-handler/
- ^ University of Rochester Board of Trustees http://www.rochester.edu/aboutus/trustees.html
- ^ a b "Richard Handler '83 elected University Board chair". University of Rochester. October 5, 2018.
- ^ "Wolves of Wall Street Party to Save Actual Wolves of Westchester". Bloomberg L.P. June 6, 2019.
External links[]
- 1961 births
- Living people
- American chief executives of financial services companies
- American financiers
- American hedge fund managers
- American investment bankers
- American money managers
- American philanthropists
- Drexel Burnham Lambert
- Pascack Hills High School alumni
- People from Bergen County, New Jersey
- Stanford Graduate School of Business alumni
- University of Rochester alumni