Richard Fuld |
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Richard Severin Fuld, Jr. (born April 26, 1946, New York, New York) is an American banker and executive best known as the final Chairman and Chief Executive Officer of Lehman Brothers Holdings Inc. Fuld had held this position since the firm's 1994 spinoff from American Express Company until 2008. Lehman Brothers filed for bankruptcy protection under Chapter 11 on September 15, 2008, and subsequently announced a sale of major operations to parties including Barclays Bank and Nomura Securities.
Fuld was born to Richard Severin Fuld, Sr. and Elizabeth Schwab. . He received his B.S. from the University of Colorado at Boulder in 1969 and his M.B.A. from New York University's Stern School of Business in 1973. While attending Boulder, Fuld participated in the Naval Reserve Officer Training Corps program and was president of the school's chapter of the Alpha Tau Omega social fraternity.
Richard Fuld's first career as an Air Force pilot came to an abrupt end when he got into a fist fight with a commanding officer. Fuld was said to have been defending a young cadet who was being taunted by the senior officer. He then began his career with Lehman Brothers in 1969, the year the firm's senior partner Robert Lehman died, and has stayed at the company since then. Beginning as a commercial paper trader, Fuld rose through the organization taking increasingly senior roles. During his tenure, Fuld witnessed and participated in the numerous changes which the organization endured, including its merger with Kuhn, Loeb & Co, and its acquisition by American Express, merger with E.F. Hutton, and ultimate spin-off from American Express in 1994, once again as Lehman Brothers.