Paul V. Applegarth

Last updated
Paul V. Applegarth
Born
Paul Vollmer Applegarth

April 21, 1946
Wilkinsburg, Pennsylvania, US
Education Harvard Business School

Harvard Law School

Yale University
Occupation(s)business executive, financier
Employer(s)Finnacle Financial Advisors

German Marshall Fund
Millennium Challenge Corporation
Value Enhancement International
Emerging Africa Infrastructure Fund
Emerging Markets Partnership
United Way of America
American Express
Bank of America

Contents

World Bank
Known forfirst CEO of the Millennium Challenge Corporation
Awards Baker Scholar
Honours White House Fellows

Paul Vollmer Applegarth (born April 21, 1946) is an American business executive, financial consultant, banker, and lawyer. [1] [2] He was the first chief executive officer of the Millennium Challenge Corporation, President George W. Bush's flagship project to provide development aid to poor countries. [3] [4]

Early life

Applegarth was born in Wilkinsburg, Pennsylvania. He is the son of Alice (née Vollmer) and William "Bill" Francis Applegarth, an engineer, college professor, and manufacturer of air conditioners. [5] [6] The family moved to Atlanta, Georgia in 1947 where Applegarth was raised. [7] [8] [9]

He attended the Christ the King School, before going to the Marist School where he was manager of the football team and graduated in 1964. [5] Applegarth attended Yale University, receiving a B.A. cum laude in economics, with a minor in corporate finance and development, in 1968. [2] [5] [7] While there, he was a member of the fraternity of St. Anthony Hall.

From 1968 to 1970, he served as a lieutenant, then captain, in the United States Army during the Vietnam War. [3] He describes his role in Vietnam as "part Peace Corps and part Special Forces." [3] In addition to combat, he built schools and trained village chiefs. [3]

Applegarth received an M.B.A. from Harvard Business School and a J.D. from Harvard Law School in 1974. [2] [3] He received First Year Honors and was a Baker Scholar from Harvard Business School. [2] [7]

Career

Applegarth began his career with World Bank in 1974, remaining there until 1983. [3] From 1981 through 1982, he was a White House Fellow. [2] He worked for Secretary of Defense Robert McNamara at the International Finance Corporation (IFC). [2] He was also a senior advisor to Secretary of State Colin Powell at the United States Department of State. [5]

He worked at Bank of America in San Francisco as head of North American investment banking and head of the global project finance business from 1983 to 1986. [2] He was also a financier with American Express/Lehman Brothers in New York City from 1987 to 1994. [3] [2] Applegarth was a loaned executive, becoming the chief financial officer of the United Way of America and helping the nonprofit recover from a financial scandal. [3] [4] [5] In 1994, He became managing director of the Emerging Markets Partnership, working in England, Hong Kong, and Washington D.C. until 2003. [2] [5]

Applegarth was managing director and chief operating officer of the Emerging Africa Infrastructure Fund from 2001 to 2002. [2] Sponsored by European governments, this fund combined private sector money with public funding to build power plants, roads, and other infrastructure in Sub-Saharan Africa. [3] Applegarth then became chief executive officer of the consulting firm, Value Enhancement International. [4]

In 2004, President George W. Bush appointed Applegarth as the first chief executive officer of the Millennium Challenge Corporation (MCC). [3] A new approach to foreign aid, MCC was established as an independent government organization. [3] It awarded grants to partners, some of the poorest countries in the world, who are committed to economic and political freedom. [3] [10] Applegarth said the job “represents a culmination of an awful lot I’ve done in my life. The job and the whole mission seemed to be made for me.” [3] In June 2005, he announced that he would be stepping down from his CEO position after just eleven months. [10]

He was a Senior Transatlantic Fellow at the German Marshall Fund from 2005 to 2006. [2] In 2009, Applegarth joined Finnacle Financial Advisors, an international investment bank group. [2]

Awards and honors

Personal life

His family lived in Greenwich, Connecticut. [5] However, they moved to Naples, Florida sometime before 2015. [6] [9] He is president of The Applegarth Tubman Medicine Hill Preservation and Educational Foundation in Maryland. [11] He speaks Chinese, French, Spanish, Tagalog, and Vietnamese. [5]

Related Research Articles

<span class="mw-page-title-main">State Street Corporation</span> Global financial services company

State Street Corporation, is a global financial services and bank holding company headquartered at One Congress Street in Boston with operations worldwide. It is the second-oldest continually operating United States bank; its predecessor, Union Bank, was founded in 1792. State Street is ranked 14th on the list of largest banks in the United States by assets. It is one of the largest asset management companies in the world with US$3.7 trillion under management and US$40.0 trillion under custody and administration in 2023. It is the largest custodian bank in the world, providing securities services and it is considered a systemically important bank by the Financial Stability Board. Along with BlackRock and Vanguard, State Street is considered to be one of the Big Three index fund managers that dominate corporate America.

<span class="mw-page-title-main">Thomas W. Lamont</span> American banker

Thomas William Lamont Jr. was an American banker.

<span class="mw-page-title-main">Gary R. Edson</span>

Gary Edson is a former American government official, entrepreneur, and former president of Conservation International. He served previously as chief executive officer of the Clinton Bush Haiti Fund, a 501(c)(3) nonprofit organization that concluded operations in late 2012.

<span class="mw-page-title-main">Jim Whitehurst</span> American business executive

Jim Whitehurst is an American business executive. He has been interim chief executive officer and president of Unity Technologies since October 2023. He was previously the president at IBM, chair of the board and chief executive officer at Red Hat, and chief operating officer at Delta Air Lines. Prior to working at Delta in 2001, he was vice president and director of the Boston Consulting Group and held various management roles at its Chicago, Hong Kong, Shanghai and Atlanta offices.

<span class="mw-page-title-main">Millennium Challenge Corporation</span> Government agency

The Millennium Challenge Corporation (MCC) is a bilateral United States foreign aid agency established by the U.S. Congress in 2004. It is an independent agency separate from the State Department and USAID. It provides grants to countries that have been determined to have good economic policies and potential for economic growth. The country qualification process is objective, involving scores provided by third parties in 20 different areas. An eligible country must apply for a grant with a specific project in mind.

<span class="mw-page-title-main">President's Council of Advisors on Science and Technology</span> White House advisory board

The President's Council of Advisors on Science and Technology (PCAST) is a council, chartered in each administration with a broad mandate to advise the president of the United States on science and technology. The current PCAST was established by Executive Order 13226 on September 30, 2001, by George W. Bush, was re-chartered by Barack Obama's April 21, 2010, Executive Order 13539, by Donald Trump's October 22, 2019, Executive Order 13895, and by Joe Biden's February 1, 2021, Executive Order 14007.

Gary Lewis Crittenden is an American financial manager. He is currently an executive director of HGGC, where he also previously served as CEO and chairman. He is also the former chairman of Citi Holdings. He has served as chairman of the boards of Citadel, Power Holdings, and iQor; as lead independent director of Pluralsight; and has served on the boards of Extra Space Storage, Staples Inc., Ryerson, Inc., TJX Companies, and Utah Capital Investment Corp. From 2000 to 2007, Crittenden was executive vice president and chief financial officer (CFO) of American Express, and from March 2007 to March 2009, he was the chief financial officer of Citigroup.

A chief strategy officer (CSO) is an executive that usually reports to the CEO and has primary responsibility for strategy formulation and management, including developing the corporate vision and strategy, overseeing strategic planning, and leading strategic initiatives, including M&A, transformation, partnerships, and cost reduction. Some companies give the title of Chief Strategist or Chief Business Officer to its senior executives who are holding the top strategy role.

<span class="mw-page-title-main">Harvard Business School</span> Business school of Harvard University

Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston, Massachusetts. It owns Harvard Business Publishing, which publishes business books, leadership articles, case studies, and Harvard Business Review, a monthly academic business magazine. It is also home to the Baker Library/Bloomberg Center, the school's primary library.

Fred S. Fraenkel is an investment professional and was a vice chair of Cowen Inc. He was on the Barron's year end roundtable for four years and managed large research organizations at several Wall Street firms. He ran his own venture fund for eight years and was until September 2015 the president and chief research officer of a Miami-based advisor of mutual funds.

Marist School is a private Catholic school located in Brookhaven, Georgia, United States, north of the city of Atlanta. Founded in 1901, it is operated independently of the Archdiocese of Atlanta.

John Walker Chidsey is an American businessman and attorney who has served as CEO of Subway since November 2019. He was formerly the executive chairman and CEO of Burger King Corporation. He is a director and member of the audit committee for HealthSouth Corporation. He previously was chairman and CEO for two corporate divisions of Cendant Corporation from January 1996 to March 2003.

The Committee on Capital Markets Regulation is an independent and nonpartisan 501(c)(3) research organization financed by contributions from individuals, foundations, and corporations.

Robert Rudolf Glauber was an American academic who was a lecturer at Harvard's Kennedy School of Government and a visiting professor at the Harvard Law School. He was the former chairman, president, board member and chief executive officer of NASD, and Under Secretary of the Treasury for Domestic Finance from 1989 to 1992. Glauber was executive director of the task force appointed by President Reagan to report on the 1987 stock market crash. He was also a director of Moody's Corporation, a trustee of the International Accounting Standards Committee Foundation; and director of XL Capital Ltd. Glauber had been a senior advisor at Peter J. Solomon Co., an investment bank, since November 2006 and was a member of the Committee on Capital Markets Regulation. He received his degrees from Harvard College and Harvard Business School.

<span class="mw-page-title-main">Arvind Subramanian</span> Indian economist and political adviser

Arvind Subramanian is an Indian economist and the former Chief Economic Advisor to the Government of India, having served from 16 October 2014 to 20 June 2018. Subramanian is currently a Senior Fellow at the Watson Institute for International and Public Affairs at Brown University. He previously served as Professor of Economics at Ashoka University and a Senior Fellow at the Peterson Institute for International Economics and Center for Global Development.

<span class="mw-page-title-main">John J. Danilovich</span> American business executive (born 1950)

John Joseph Danilovich is an American business executive who was secretary general of the International Chamber of Commerce from 2014 – 2018. He previously held roles as a senior United States government executive, diplomat, and ambassador.

<span class="mw-page-title-main">Marcelo Claure</span> Chief executive officer of Sprint Corporation

Raul Marcelo Claure Bedoya is a Bolivian-American technology entrepreneur, businessman, and investor. He is currently the founder and CEO of Claure Group, the Executive Chairman of Bicycle Capital, and Group Vice Chairman for Shein.

Christ the King School (CKS) is a private, coeducational, Roman Catholic K-8 school in the Buckhead neighborhood of Atlanta, Georgia, United States. CKS is one of the five affiliate schools with the High Museum of Art in Atlanta.

<span class="mw-page-title-main">Young Sohn</span>

Young Sohn (Korean: 손영권) is a Korean-American business executive and investor. He was the president and chief strategy officer of Samsung Electronics. Sohn is also the chairman of the board of Harman International Industries, a subsidiary of Samsung Electronics, and currently serves as Senior Advisor to Samsung.

<span class="mw-page-title-main">Alice P. Albright</span> American government official (born 1961)

Alice Patterson Albright is an American government official who has served as the CEO of the Millennium Challenge Corporation since 2022.

References

  1. ↑ "Katharine Applegarth and Matthew Simons". The New York Times. January 27, 2008. Retrieved May 26, 2022.
  2. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 "Honourable Paul V Applegarth". Finnacle Capital Advisors. Retrieved 2022-05-26.
  3. 1 2 3 4 5 6 7 8 9 10 11 12 13 Stern, Seth (April 1, 2005). "Government Startup: Paul V. Applegarth J.D./M.B.A. '74 runs a government corporation with a new approach to foreign aid". Harvard Law Today. Retrieved 2022-05-26.
  4. 1 2 3 Kessler, Glenn (August 10, 2004). "Reinventing US Foreign Aid at Millenium Challange Corp". archive.globalpolicy.org. Retrieved 2022-05-26.
  5. 1 2 3 4 5 6 7 8 9 "Marist Alumnus To Help U.S. Government Tackle World's Poverty, Assist Developing Nations". Georgia Bulletin. Retrieved 2022-05-26.
  6. 1 2 "William Francis "Bill" Applegarth". The Atlanta Constitution. January 13, 2019. pp. B6. Retrieved May 26, 2022– via Newspapers.com.
  7. 1 2 3 "2 Atlanta Youths Receive Harvard University Honors". The Atlantic Constitution. November 1, 1971. p. 63. Retrieved May 26, 2022– via Newspapers.com.
  8. ↑ "'People Who Have Hope Don't Become Terrorists'". The Atlanta Constitution. June 29, 2005. pp. F4. Retrieved May 26, 2022– via Newspapers.com.
  9. 1 2 "Alice V. Applegarth". Dorchester Star (Cambridge, Maryland). April 17, 2015. p. 13. Retrieved May 26, 2022– via Newspapers.com.
  10. 1 2 "Millennium Challenge Corporation CEO Paul Applegarth Announces He Plans To Step Down in Future". Millennium Challenge Corporation. Retrieved 2022-05-26.
  11. ↑ "Bartus Trew Fund Provides Grant for Applegarth Tubman Project". Kent County News (Chestertown, Maryland). March 11, 2021. pp. A7. Retrieved May 26, 2022– via Newspapers.com.

External sources

Paul Applegate C–SPAN interview

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.