Rodger O. Riney

Last updated
Rodger O. Riney
Born1945 (age 78–79)
NationalityAmerican
Alma mater University of Missouri
Known forFounder of Scottrade
Notes

Rodger O. Riney (born 1945) is an American [3] billionaire and the founder of Scottrade, a stockbrokerage that was acquired by TD Ameritrade in 2017. [4]

Contents

Early life

Riney was born in 1945 and was introduced to the stock market by his grandparents after giving him 10 shares of a stock. Riney earned a Bachelor of Science in civil engineering and a Master of Business Administration from the University of Missouri. He interned at Edward Jones Investments. [3]

Career

After the deregulation of the brokerage industry in 1975, Riney saw an opportunity to provide lower commission trades. In 1980, he founded Scottsdale Securities in Scottsdale, Arizona.

In 1981, Riney moved to St. Louis and opened a second branch. [5] In 1996, the company launched its website and electronic trading platform. The number of trades increased by 15% per month, compounded monthly, for 39 months. [6]

Riney's management methods have been described as conservative. [2] Scottrade was regularly featured on the list of 100 best companies to work for by Fortune , for the fifth consecutive year in 2012. [7] In September 2017, TD Ameritrade acquired Scottrade. [4] In March 2019, Riney's family office Lightchain invested in Arch Oncology, a cancer drug startup. [8] He is a member of the Board of Directors of the Multiple Myeloma Research Foundation. [9] On the Forbes 400 2019 list, he ranked #225, with a net worth of $3.6 billion. [10]

Personal life

Riney and his wife, Paula, are members of Kirkwood Baptist Church in St. Louis County, Missouri.

Philanthropy

In the year after selling Scottrade, 2017, Riney donated $131 million to various causes. [1] According to the St. Louis Post-Dispatch , it was $200 million in 2017 donated to charity. [8] [11]

Riney actively supports non-profit organizations, including the Alzheimer's Association. [1] In 2019, he and his wife Paula donated $15 million to research on treatments for Alzheimer's and Parkinson's disease. [12] Riney suffers from multiple myeloma and in 2017, he donated $5 million to fund research on the disease. [13]

In 2018, he donated $20 million to the Washington University School of Medicine. [14] As a result of the $20 million donation, the Paula C. and Rodger O. Riney Blood Cancer Research Initiative Fund was established. [15]

In 2020, the Boston-based Dana-Farber Cancer Institute has announced a $16.5 million gift from the Paula and Rodger Riney Foundation in St. Louis to launch a research initiative focused on multiple myeloma. [16]

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References

  1. 1 2 3 "Rodger & Paula Riney" . Inside Philanthropy .
  2. 1 2 "Scottrade: Not The Marrying Kind". Bloomberg News . August 1, 2005.
  3. 1 2 Reerink, Jack (June 9, 2011). "Scottrade CEO's secret sauce: Cheap & good". Reuters .
  4. 1 2 "TD Ameritrade Closes Acquisition of Scottrade Financial Services, Inc" (Press release). Business Wire. September 18, 2017.
  5. ↑ Edwards, Greg (September 18, 2017). "TD Ameritrade closes on acquisition of Scottrade". American City Business Journals .
  6. ↑ Stuenkel, Gil (June 18, 2000). "Rodger Riney, Scottrade Inc". American City Business Journals .
  7. ↑ "Scottrade Named to the FORTUNE "100 Best Companies to Work For" List for Fifth Consecutive Year" (Press release). Business Wire. January 19, 2012.
  8. 1 2 "Riney's fund backs cancer drug startup Arch Oncology | David Nicklaus | stltoday.com". 25 March 2019.
  9. ↑ "Home | Multiple Myeloma Research Foundation".
  10. ↑ "Rodger Riney & family". Forbes .
  11. ↑ "Scottrade founder cashes out TD Ameritrade stock, gives more than $200 million to charity | David Nicklaus | stltoday.com". 13 December 2017.
  12. ↑ "Billionaire Yacht Maker Gives $50 Million for Dementia Research and Care (Gifts Roundup)". April 2019.
  13. ↑ "Rineys Contribute $5 Million for Multiple Myeloma Research and Treatment". Washington University in St. Louis . Fall 2017.
  14. ↑ Rizvic, Veneta (November 30, 2018). "Washington University gets $20 million gift". American City Business Journals .
  15. ↑ "Washington University gets $20 million gift from Scottrade founder Rodger Riney - St. Louis Business Journal".
  16. ↑ "Dana-Farber Receives $16.5 Million for Multiple Myeloma Research".
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