Gary Winnick

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This article is about the financier. For the game developer, see Gary Winnick (game developer). For the film director, see Gary Winick.

Gary Winnick is an American financier with a global investment career spanning three decades. He is Chairman and Chief Executive Officer of Pacific Capital Group, a diversified private investment firm founded in 1985. He is also Chairman of an advanced concrete technology company, iCrete. Winnick was Chairman of Global Crossing Limited from 1997 to 2002.

Early life

Winnick was born in 1948 and grew up in Queens, New York. He graduated from the C.W. Post University, part of Long Island University, in 1969.[1]

Career

Pacific Capital Group

In 1985, Winnick formed Pacific Capital Group, which was initially involved with private equity and restructuring. Pacific Capital Group has invested in a select group of industries, such as material science, health care, real estate and telecommunications. In 2013 the name of Pacific Capital Group changed to Winnick & Company.

Global Crossing Limited

In 1997, Winnick founded Global Crossing Limited. Global Crossing laid the first privately financed underwater fiber optic cable network across the Atlantic Ocean[2] and partnered with Microsoft and Softbank Corp. to build a high capacity telecommunications network in Asia.[3] The company, which Winnick served as Chairman, went public in 1998.

In January 2002, Global Crossing reorganized under Chapter 11 bankruptcy protection and announced that Singapore Technologies Telemedia would take a controlling interest in the company. Winnick resigned as Chairman of Global Crossing in December 2002. Winnick made approximately $734 million by selling his shares in the company shortly before it collapsed,[4] and donated $25 million to Global Crossing employees who lost money in the company’s 401k retirement plan.[5]

In March 2004, Winnick and other former company executives agreed to pay a combined $325 million to settle a class-action lawsuit alleging fraud brought by shareholders. They did not admit wrongdoing in the settlement. Winnick agreed to pay $55 million under the deal.[6]

iCrete

In 2006, Winnick founded a new company, iCrete. iCrete advanced concrete technology is being used to build One World Trade Center (Known now as the Freedom Tower) in New York City.[7] Additional projects include 8 Spruce Street, designed by Frank Gehry, and Eleven Times Square.[8]

Philanthropy

Winnick founded The Winnick Family Foundation in 1983. As Chairman, he funds such initiatives as The Winnick Family Clinical Research Center at Cedars-Sinai Medical Center and The Winnick International Conference Center of the Simon Wiesenthal Center, Jerusalem.[9] He has endowed a Winnick Faculty Scholar at the Graduate School of Business at Stanford University. Winnick serves on several boards, including The Museum of Modern Art, The Simon Wiesenthal Center and Hillel International.

Winnick has funded student scholarships at Brown University, Cornell University, Syracuse University and the C.W. Post campus of Long Island University.[10] At Long Island University, he restored the Post Mansion and transformed the main cafeteria into the Arnold S Winnick Student Center, named in memory of his late father.[11] Among the many grantees the foundation supports are the Winnick Popular Library at the Los Angeles Central Library,[12] Teach for America, the Winnick Family Children's Zoo in Los Angeles Zoo, Skirball Cultural Center's Winnick Hall, and the Los Angeles Police Foundation.[13]

Personal life

He received an honorary doctorate from his alma mater, C.W. Post University, in 2004.[14]

References

  1. ↑ Winnick receives honorary doctorate from C.W. Post University
  2. ↑ First privately financed underwater fiber optic cable network across the Atlantic Ocean
  3. ↑ Microsoft Partners with Softbank and Global Crossing to Increase Broadband Connectivity in Asia
  4. ↑ Sarbanes-Oxley for Dummies, page 29
  5. ↑ Global Crossing Chairman Gary Winnick To Resign From Board
  6. ↑ Global Crossing Settles With Regulators
  7. ↑ Freedom, Set in Special Concrete
  8. ↑ iCrete Cementing Its Place in NY High-Rises
  9. ↑ Large Gift to Help Wiesenthal Center Build Israel Facility
  10. ↑ No Setback in Winnick's Giving
  11. ↑ C. W. Post Gets $10 Million Gift
  12. ↑ The Winnick Family Foundation Announces Major New Gift to Los Angeles Public Library
  13. ↑ Winnick Supports LA Police Foundation Community College Scholarship
  14. ↑ Winnick receives honorary doctorate from C.W. Post University

External links

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