| Lewis Preston | |
|---|---|
 | |
| President of the World Bank Group | |
| In office September 1, 1991 – May 4, 1995 On leave: February 1, 1995 – May 4, 1995 | |
| Preceded by | Barber Conable |
| Succeeded by | Ernest Stern (acting) |
| Personal details | |
| Born | (1926-08-05)August 5, 1926 New York City, U.S. |
| Died | May 4, 1995(1995-05-04) (aged 68) Washington, D.C., U.S. |
| Resting place | Locust Valley Cemetery, Locust Valley, New York, U.S. |
| Spouse |
Patsy Pulitzer (m. 1959) |
| Education | Harvard University (BA) |
Lewis Thompson Preston (August 5, 1926 – May 4, 1995) was an American banker. He was President of the World Bank from September 1991 until his death in May 1995.
Life and career
Born New York City, Preston was the son of Lewis T. and Priscilla Baldwin Preston. His father was a World War I flier and a well-known hunter. His grandfather was a partner in Standard Oil. Part of his youth was spent living in Paris. He served in the US Marines during World War II in the Pacific and as an aide to Navy Secretary James Forrestal who was a friend of his mother. He graduated from Harvard University with a degree in history in 1951, and was at one point during his education the captain of Harvard's hockey team. He was chosen for the United States men's national ice hockey team, but never ended up competing in the Olympics.
Preston worked at J.P. Morgan & Co. and its subsidiary Morgan Guaranty Trust Company for forty years. His first major contribution to the company was in the mid-1960s when he convinced the company to use trade in the newly formed Eurodollar market as source of liquidity; a move which greatly improved the prosperity of the company. In 1968 he was appointed vice president in charge of international banking, and under his tenure over half of the company's earnings came from the international banking sector in the 1970s. After eight years in that position he became vice chairman of the board of directors in 1976, and then president of the board in 1978.
In 1980 Preston was appointed CEO of J.P. Morgan & Co. He helped the company weather the storm of Silver Thursday in 1980 which had a wide negative impact on the banking industry. In 1984 he assisted in the bailout of Continental Illinois when it was seized by the Federal Deposit Insurance Corporation. He retired as CEO in February 1991. From September 1991 until his death in Washington D.C. on May 4, 1995, he was President of the World Bank.
Personal life
He was the second husband of Patsy Pulitzer.
References
- David Briscoe (May 6, 1995). "World Bank President Lewis Preston Dies". Associated Press.
- ^ David Binder (May 6, 1995). "Lewis T. Preston, 68, Dies; Led World Bank Into 90's". The New York Times. p. 11.
- ^ Richard Pearson (May 5, 1995). "LEWIS T. PRESTON DIES AT 68". The Washington Post.
- "Gladys Pulitzer Preston, granddaughter of the founder of the Pulitzer Prize, dies". Palm Beach Daily News. Retrieved July 24, 2022.
External links
| Business positions | ||
|---|---|---|
| Preceded byWalter Hines Page II | Chairman of J.P. Morgan & Co. and Morgan Guaranty Trust 1980–1991 |
Succeeded byDennis Weatherstone |
| Diplomatic posts | ||
| Preceded byBarber Conable | President of the World Bank Group 1991–1995 |
Succeeded byErnest Stern Acting |
