Paul Hilal

Last updated
Paul Hilal
Born
Paul Charles Hilal
Education
Occupation(s)Founder and CEO of Mantle Ridge
Known for
Parent

Paul Charles Hilal is an American businessman and investor. He is the CEO of Mantle Ridge LP, which he founded in 2016. [1] [2]

Contents

Early life and education

Hilal is one of four children born to Sadek Hilal, a radiologist, and, his wife, Cynthia Ann (née Tutundgy), a schoolteacher and guidance counselor. He graduated from Harvard College in 1988 with a degree in Biochemistry. In 1992 he received his J.D. from Columbia University School of Law and an M.B.A. from Columbia University School of Business. [1] [3]

Career

(L to R) Peter Hilal, Warren Buffett, Paul Hilal, Charlie Munger Peter Hilal, Warren Buffett, Paul Hilal, Charlie Munger.jpg
(L to R) Peter Hilal, Warren Buffett, Paul Hilal, Charlie Munger

Hilal started his career in 1992 as an investment banker at Broadview Associates.[ citation needed ] Hilal then moved to the Galleon Group. [4] Hilal then moved on to Hilal Capital Management in 1998 and left for Caliber Capital Management in 2002. [5]

Hilal joined Pershing Square Capital Management in 2006, where he worked for a decade. [6] During his time at Pershing Square, he worked on the firm’s activist investments in Ceridian, Air Products & Chemicals and Canadian Pacific Railway. [7] [8] [9]

While at Pershing, he served on Ceridian's board until the sale of the company to private equity firm Thomas H. Lee Partners in 2007. [7] Hilal also persuaded E. Hunter Harrison to come out of retirement to become CEO of the Canadian Pacific Railway. [9] Hilal served as a Director of Canadian Pacific until his retirement from Pershing Square in January 2016. [6] [10]

In 2016, Hilal started Mantle Ridge, a New York-based investment fund with a current AUM of more than $2 billion. [11] [12] [13]

In January 2017, Paul Hilal led an effort to install former Canadian Pacific CEO E. Hunter Harrison as CEO of CSX Transportation after buying Harrison out of his contract with Canadian Pacific for nearly Cdn$100 million. [12] [14] In March 2017, CSX announced that Hunter Harrison was appointed CEO of CSX, that Paul Hilal would become Vice Chairman of the Board, and that three independent directors would also join the Board of CSX. [15] [16] On December 16, 2017, Harrison died. [17]

Hilal’s second campaign at Mantle Ridge focused on food services provider Aramark in 2019. Under the terms of a settlement, the campaign resulted in the installation of a new CEO, appointment of Hilal as Vice Chairman, and replacement of six independent directors on Aramark’s Board. [18] [19]

Related Research Articles

<span class="mw-page-title-main">CSX Transportation</span> Class I railroad system in the US

CSX Transportation, known colloquially as simply CSX, is a Class I freight railroad company operating in the Eastern United States and the Canadian provinces of Ontario and Quebec. The railroad operates on approximately 21,000 route miles (34,000 km) of track. The company operates as the leading subsidiary of CSX Corporation, a Fortune 500 company headquartered in Jacksonville, Florida.

An activist shareholder is a shareholder who uses an equity stake in a corporation to put pressure on its management. A fairly small stake may be enough to launch a successful campaign. In comparison, a full takeover bid is a much more costly and difficult undertaking. The goals of activist shareholders range from financial to non-financial. Shareholder activists can address self-dealing by corporate insiders, although large stockholders can also engage in self-dealing to themselves at the expense of smaller minority shareholders.

<span class="mw-page-title-main">GGP Inc.</span> U.S. real estate company

GGP Inc. was an American commercial real estate company and the second-largest shopping mall operator in the United States. It was founded by brothers Martin, Matthew and Maurice Bucksbaum in Cedar Rapids, Iowa in 1954, and was headquartered in Chicago, Illinois from 2000. It was subject to the largest real estate bankruptcy in American history at the time of its filing in 2009.

<span class="mw-page-title-main">CSX Corporation</span> American transportation company

CSX Corporation is an American holding company focused on rail transportation and real estate in North America, among other industries. The company was established in 1980 as part of the Chessie System and Seaboard Coast Line Industries merger. The various railroads of the former Chessie System and Seaboard Coast Line Industries that are now owned by CSX Corporation were eventually merged into a single line in 1986 and it became known as CSX Transportation. CSX Corporation currently has a number of subsidiaries beyond CSX Transportation. Previously based in Richmond, Virginia after the merger, the corporation moved its headquarters to Jacksonville, Florida, in 2003. CSX is a Fortune 500 company.

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

MBIA Inc. is an American financial services company. It was founded in 1973 as the Municipal Bond Insurance Association. It is headquartered in Purchase, New York, and as of January 1, 2015 had approximately 180 employees. MBIA is the largest bond insurer.

<span class="mw-page-title-main">E. Hunter Harrison</span> American railway executive (1944-2017)

Ewing Hunter Harrison was a railway executive who served as the CEO of Illinois Central Railroad (IC), Canadian National Railway (CN), Canadian Pacific Railway (CP), and CSX Corporation. He died on December 16, 2017, two days after taking medical leave from CSX. He is known for introducing precision scheduled railroading to the companies he ran.

<span class="mw-page-title-main">Perella Weinberg Partners</span> U.S.-based financial services firm

Perella Weinberg Partners L.P. is an American global financial services firm focused on investment banking advisory services.

Thomas H. Lee Partners, L.P. is a prominent American private equity firm headquartered in Boston. The firm focuses on investing in middle market growth companies across various sectors, including financial technology, services, healthcare, technology, and business solutions.

<span class="mw-page-title-main">Unibail-Rodamco-Westfield</span> French real estate company

Unibail-Rodamco-Westfield SE is a European multinational commercial real estate company headquartered in Paris, France. Its history originates with the formation of two separate shopping centre operators, Unibail and Rodamco Europe, which merged in 2007 and became a societas Europaea in 2009. The company acquired Australian shopping centre operator Westfield Corporation in June 2018.

<span class="mw-page-title-main">BNY Mellon</span> American bank

The Bank of New York Mellon Corporation, commonly known as BNY Mellon, is an American investment banking services holding company headquartered in New York City. BNY Mellon was formed from the merger of The Bank of New York and the Mellon Financial Corporation in 2007. It is the world's largest custodian bank and securities services company, with $1.8 trillion in assets under management and $44.3 trillion in assets under custody at the end of 2022 fiscal. It is considered a systemically important bank by the Financial Stability Board. BNY Mellon is incorporated in Delaware.

<span class="mw-page-title-main">Bill Ackman</span> Billionaire American hedge fund manager and investor

William Albert Ackman is an American billionaire hedge fund manager who is the founder and chief executive officer of Pershing Square Capital Management, a hedge fund management company. His investment approach has made him an activist investor. As of June 2023, Ackman's net worth was estimated at $3.5 billion by Forbes.

The Sohn Conference Foundation was founded in 2006 to raise money to support medical research, the development of research equipment, and programs to help children with cancer and other childhood illnesses. As of 2018 more than $85 million has been raised. The Sohn Conference was founded in 1995 in memory of Ira Sohn, a Wall Street professional, who died of cancer at the age of 29. At that time the conference raised money for Tomorrow's Children's Fund. The foundation has 501(c)(3) non-profit status.

<span class="mw-page-title-main">Sculptor Capital Management</span> American investment management firm

Sculptor Capital Management is an American global diversified alternative asset management firm. They are one of the largest institutional alternative asset managers in the world. The firm operates multiple investment strategies, including multi-strategy, credit and real estate. It has nearly 400 employees worldwide including offices in New York City, London, Hong Kong, Mumbai, and Shanghai.

<span class="mw-page-title-main">Aramark</span> American food service, facilities, and uniform services provider

Aramark is an American food service, facilities, and uniform services provider to clients in areas including education, prisons, healthcare, business, and leisure. It operates in North America and an additional 20 countries, including the United Kingdom, Germany, Philippines, South Korea, Chile, the Republic of Ireland, and Spain.

Elliott Investment Management is an American investment management firm. It is also one of the largest activist funds in the world.

<span class="mw-page-title-main">Pershing Square Capital Management</span> American hedge fund

Pershing Square Capital Management is an American hedge fund management company founded and run by Bill Ackman, headquartered in New York City.

<span class="mw-page-title-main">Maneet Ahuja</span>

Maneet Ahuja is an American author, journalist, television news producer, and hedge fund specialist. She is a producer of CNBC's morning business news program, Squawk Box. Her 2012 book, The Alpha Masters: Unlocking the Genius of the World's Top Hedge Funds, was published by John Wiley & Sons and nominated for an FT / Goldman Sachs Book of the Year Award. Forbes named her to their "30 Under 30" list of media figures for 2012. Ahuja has also produced a number of business events including CNBC's Delivering Alpha conference, a hedge fund summit that she created and co-developed. Ahuja serves on the Council of Advocates for Mt. Sinai Hospital and is on the United Nations Commission on the Status of Women. Her next book is The Techtonics.

Stephen Craig Tobias was an American businessman. He was chief operating officer of Norfolk Southern Railway, and a director of Canadian Pacific Railway.

Pershing Square Holdings is a large Guernsey investment trust dedicated to long-term investments in North American companies. Established in 2012, the company is a constituent of the FTSE 100 Index. The chairman is Anne Farlow. The fund is managed by Bill Ackman of Pershing Square Capital Management.

Sachem Head Capital Management is a value-oriented investment management firm based in New York City, managed by Scott Ferguson.

References

  1. 1 2 "Company Overview of Mantle Ridge LP". Bloomberg L.P. March 21, 2017.
  2. ↑ "Paul C. Hilal '92". Columbia Business School . August 20, 2020.
  3. ↑ "Paul C. Hilal MBA". 4-Traders. Retrieved March 24, 2017.
  4. ↑ "Lessons from Value Investing Legends #1 - Paul Hilal (Pershing Square)". www.linkedin.com. Retrieved 2019-05-21.
  5. ↑ "About Us". Mantle Ridge. Retrieved March 18, 2017.
  6. 1 2 Julia La Roche (January 27, 2016). "Bill Ackman's lieutenant is leaving Pershing Square to pursue a new venture". Business Insider .
  7. 1 2 "Ceridian Corporation and Pershing Square Capital Management Resolve Proxy Contest". Business Wire . September 8, 2007.
  8. ↑ David Benoit (January 19, 2017). "Meet Paul Hilal, The Activist Investor Taking on CSX". The Wall Street Journal .
  9. 1 2 Brent Jang (June 29, 2012). "As Harrison takes CP's top job, Ackman's coup is complete". The Globe and Mail .
  10. ↑ Ian Austen (May 17, 2012). "Ackman Wins Proxy Fight at Canadian Pacific". The New York Times .
  11. ↑ Michael Flaherty (October 6, 2016). "Ex-Pershing Square partner Hilal preps new fund". Reuters .
  12. 1 2 Michael Flaherty (January 18, 2017). "Ex-Canadian Pacific CEO, activist investor teaming up for CSX stake: source". Reuters .
  13. ↑ Michelle Celarier (August 23, 2017). "Mantle Ridge Up to Nearly $2 Billion on CSX Play". Institutional Investor .
  14. ↑ Green, Howard (September 2018). Railroader: The Unfiltered Genius and Controversy of Four-Time CEO Hunter Harrison. Page Two Books. p. 179. ISBN   9781989025048.
  15. ↑ Ronald Orol (March 6, 2017). "CSX, Mantle Ridge Reach Blockbuster Deal". TheStreet.com .
  16. ↑ Antoine Gara (March 7, 2017). "Hunter Harrison Landed CSX's Top Job By Quickly Giving Up On Norfolk Southern". Forbes .
  17. ↑ "CSX Investors Seek Clarity After CEO Death, Stock Stabilizes". Reuters. 18 December 2017. Retrieved 31 July 2019.
  18. ↑ "Aramark has a new CEO, activist investor becomes vice chair of the board". The Philadelphia Inquirer. October 7, 2019.
  19. ↑ "Aramark Stock Hits 52-Week High on Activist Deal for New CEO and Board Members". The Street. October 7, 2019.
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.