Thomas Secunda

Last updated
Thomas Secunda
Born1954 (age 6465)
Residence Croton-on-Hudson, New York
Nationality United States
Alma mater Binghamton University
OccupationFounding Partner, Vice Chairman & Global Head of Financial Products & Services of Bloomberg L.P.
Net worthIncrease2.svg US$ 3.5 billion (4 July 2019) [1]
Spouse(s)Cynthia Cohen Secunda
Childrentwo

Thomas "Tom" Secunda (born 1954) is an American business executive, best known as one of the original four co-founders of Bloomberg L.P. and current vice chairman of the company's board. [2] He has signed Giving Pledge which commits him to donating the majority of his wealth to charity.

Bloomberg L.P. Financial, software, data, and media company based in New York City

Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City. It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 30% ownership investment by Merrill Lynch.

Contents

Early life and education

Thomas Secunda was born in 1954 in Bethpage, New York. [3] He graduated from Binghamton University with Bachelor's and Master's Degrees in mathematics. [4]

Binghamton University public university in New York State

The State University of New York at Binghamton, commonly referred to as Binghamton University and SUNY Binghamton, is a public research university with campuses in Binghamton, Vestal, and Johnson City, New York, United States. It is one of the four university centers in the State University of New York (SUNY) system. As of Fall 2018, 17,768 undergraduate and graduate students attend the university. The Vestal campus is listed as a census-designated place, with a residential population of 6,177 as of the 2010 Census.

Career

Beginning his career as a programmer, [5] Thomas Secunda worked as a fixed-income trader at Morgan Stanley, as well as a systems researcher at Salomon Brothers, where he worked alongside future co-founder of Bloomberg L.P. and Mayor of New York City Michael Bloomberg. [3]

Fixed income

Fixed income refers to any type of investment under which the borrower or issuer is obliged to make payments of a fixed amount on a fixed schedule. For example, the borrower may have to pay interest at a fixed rate once a year, and to repay the principal amount on maturity. Fixed-income securities can be contrasted with equity securities – often referred to as stocks and shares – that create no obligation to pay dividends or any other form of income.

Morgan Stanley U.S investment bank

Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in the Morgan Stanley Building, Midtown Manhattan, New York City. With offices in more than 42 countries and more than 55,000 employees, the firm's clients include corporations, governments, institutions and individuals. Morgan Stanley ranked No. 67 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.

Salomon Brothers was an American investment bank founded in 1910 by Arthur, Herbert and Percy Salomon and a clerk named Ben Levy, remaining a partnership until the early 1980s. It was acquired by the commodity trading firm Phibro Corporation and became Salomon Inc. Eventually, Salomon (NYSE:SB) was acquired by Travelers Group in 1998; and, following the latter's merger with Citicorp that same year, Salomon became part of Citigroup. Although the Salomon name carried on as Salomon Smith Barney, which were the investment banking operations of Citigroup, the name was abandoned in October 2003 after a series of financial scandals that tarnished the bank's reputation.

In 1982, Secunda joined his former Salomon Brothers colleagues Michael Bloomberg, Duncan MacMillan, and Charles Zegar to set up Innovative Market Systems, later renamed Bloomberg L.P. in 1987. [6] He serves as the global head of Bloomberg’s Financial Products and Services where his primary responsibility is to help Bloomberg develop new features and tools for the Bloomberg Professional service, the company’s primary product, driving 85 percent of its estimated $7 billion in revenue. [7] As head of Financial Products, Secunda oversees a global staff of 6,000. [8] In July 2011, Secunda was appointed vice chairman of Bloomberg L.P.. [9]

Duncan MacMillan is an American mathematician, philanthropist, and businessman known for being one of the four founders of Bloomberg L.P. MacMillan is not to be confused with Whitney Duncan MacMillan, who inherited his billions in agribusiness.

Charlie Zegar is an American billionaire and computer scientist known for being one of the four co-founders of Bloomberg L.P.

In addition to being one of the four co-founders of Bloomberg L.P., Secunda sits on the board of directors. [10] When asked about Bloomberg, Secunda has said, "I'm immensely proud of the culture, the people and the company. The product is wonderful and I'm very proud of that as well." [5]

Philanthropy

Secunda and his wife Cindy are signatories of the Giving Pledge. [11] The beneficiaries of the couple's charitable giving are primarily organizations that focus on "National Parks, local parks, conservation, healthcare and Jewish causes." [11] [12] Since devastating 2017 hurricane impacted the U.S. Virgin Islands and other parts of the Caribbean, Secunda has been deeply involved in reconstruction efforts there. [13] In 2011, Secunda was appointed Chairman of the Board of Directors for the National Parks Conservation Association. He also serves on the board of trustees for the Intrepid Museum Foundation, [14] and on the board of directors of the Manhattan Theater Club. [15] In 2012, he was awarded the Simon Wiesenthal Center's award for his philanthropic work. [16]

National Parks Conservation Association non-profit organisation in the USA

The National Parks Conservation Association (NPCA) is the only independent, nonpartisan membership organization devoted exclusively to advocacy on behalf of the National Parks System. Its mission is "to protect and enhance America's National Park System for present and future generations."

<i>Intrepid</i> Sea, Air & Space Museum Aerospace, military, and maritime history museum in New York City, New York, USA

The Intrepid Sea, Air & Space Museum is an American military and maritime history museum with a collection of museum ships in New York City. It is located at Pier 86 at 46th Street in the Hell's Kitchen neighborhood on the West Side of Manhattan. The museum showcases the aircraft carrier USS Intrepid, the cruise missile submarine USS Growler, a Concorde SST, a Lockheed A-12 supersonic reconnaissance plane, and the Space Shuttle Enterprise.

Simon Wiesenthal Center non-profit organisation in the USA

The Simon Wiesenthal Center (SWC) is a Jewish human rights organization established in 1977 by Rabbi Marvin Hier. According to its mission statement, it is "a global human rights organization researching the Holocaust and hate in a historic and contemporary context. The Center confronts anti-Semitism, hate and terrorism, promotes human rights and dignity, stands with Israel, defends the safety of Jews worldwide, and teaches the lessons of the Holocaust for future generations."

Personal life

Secunda currently lives with his wife, Cynthia "Cindy" Cohen, who is also Jewish, [17] [18] and their two daughters in Croton-on-Hudson, New York. [15]

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References

  1. Forbes: The World's Billionaires - Thomas Secunda July 4, 2019
  2. Business Media (July 13, 2011). "Bloomberg Names Doctoroff CEO". Media Business. Archived from the original on March 19, 2012. Retrieved July 20, 2011.
  3. 1 2 "The 400 Richest Americans". September 17, 2008. Retrieved July 20, 2011.
  4. "Department of Computer Science". Archived from the original on July 18, 2011. Retrieved July 20, 2011.
  5. 1 2 MacSweeney, Greg (March 23, 2011). "In His Own Words: Q&A with Bloomberg Cofounder Thomas Secunda". Wall Street and Technology. Retrieved July 20, 2011.
  6. "Thomas Secunda". Forbes. Retrieved July 20, 2011.
  7. "In His Own Words: Q&A with Bloomberg Cofounder Thomas Secunda".
  8. "Thomas Secunda Bloomberg Bio Page".
  9. New York Times: "Mayor's Ex-Deputy Named Chief of Bloomberg L.P." By BRIAN STELTER July 13, 2011
  10. Loomis, Carol (April 5, 2007). "Bloomberg's Money Machine". CNN Money. Retrieved July 20, 2011.
  11. 1 2 The Giving Pledge: "STATEMENT BY TOM AND CINDY SECUNDA TO 'THE GIVING PLEDGE'" Archived February 26, 2013, at the Wayback Machine June 2011
  12. The Cortland Daily Voice: "Croton Billionaire Thomas Secunda Makes Forbes 400 List" by Jessica Glenza September 21, 2012
  13. Fleischmann, Alan. "All-In Philanthropy: The Story Of Bloomberg LP's Rebuilding Team In The U.S. Virgin Islands". Forbes. Retrieved July 10, 2019.
  14. "Board of Trustees". Intrepid. Retrieved July 20, 2011.
  15. 1 2 Andrea, Shannon. "Thomas F. Secunda to Chair National Parks Conservation Assoc. Board of Trustees". NPCA. Archived from the original on April 15, 2013. Retrieved July 20, 2011.
  16. The Canadian Jewish News: "Feld Carr Feted" April 19, 2012
  17. New York Times: "Paid Notice: Deaths COHEN, BERNARD" April 8, 2002
  18. Temple Israel of Northern Westchester: "Temple Topics" September 2012