Gary Winnick

This article is about the financier. For the game developer, see Gary Winnick (game developer). For the film director, see Gary Winick.
Gary Winnick
Born October 13, 1947
Brooklyn, New York
Nationality United States
Ethnicity Jewish
Education B.A. Long Island University
Occupation Investor
Known for Chairman of Global Crossing
founder of Winnick & Company
Spouse(s) Karen Winnick
Children 3

Gary Winnick is an American financier best known for founding and being Chairman of Global Crossing between 1997 and 2002. He is Chairman and Chief Executive Officer of Winnick & Company, a diversified private investment management firm founded in 1985. He is also Chairman of a concrete technology company, iCrete.

Early life

Winnick was born to an Jewish family[1] in 1952 and grew up in Brooklyn, New York. His father owned a restaurant-supply business.[1] When he was 16, he got his first job at a Howard Johnson's on Northern Boulevard.[2] He graduated from the C.W. Post University, part of Long Island University, in 1969.[3]

Career

Drexel Burnham Lambert

Winnick joined Drexel Burnham in the 1980s and became head of Lambert's convertible bonds department. There he was a partner of Michael Milken who at that time used the junk bond business to rapidly increase revenue for the brokerage before it went bankrupt in early 1990 .[4]

Winnick & Company

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

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[5] and partnered with Microsoft and Softbank Corp. to build a high capacity telecommunications network in Asia.[6] 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 nine months before it collapsed,[7][8] and donated $25 million to Global Crossing employees who lost money in the company’s 401k retirement plan.[9]

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.[10]

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.[11] Additional projects include 8 Spruce Street, designed by Frank Gehry, and Eleven Times Square.[12]

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.[13] 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.[14] 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.[15] Among the many grantees the foundation supports are the Winnick Popular Library at the Los Angeles Central Library,[16] 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.[17]

Personal life

He received an honorary doctorate from his alma mater, C.W. Post University, in 2004.[18] He is married to his wife, Karen Beth Winnick; they have three sons.[1] Karen is an author, illustrator, and publisher of children's books.[19][20]

References

  1. ↑ 1.0 1.1 1.2 Jewish Journal: "Gary Winnick Steps Out Front: 'The Wealthiest Man in Los Angeles' is driven to succeed and to give to the Jewish community" by Tom Tugend September 30, 1999
  2. ↑ Smith, Jim. "From Student to Benefactor". LIU Magazine (Fall 2014). Retrieved 10 October 2014.
  3. ↑ Winnick receives honorary doctorate from C.W. Post University
  4. ↑ David Cay Johnston (2003). Perfectly Legal.
  5. ↑ First privately financed underwater fiber optic cable network across the Atlantic Ocean
  6. ↑ Microsoft Partners with Softbank and Global Crossing to Increase Broadband Connectivity in Asia
  7. ↑ Sarbanes-Oxley for Dummies, page 29
  8. ↑ Shamout, Omar (2014-06-09). "Linked In". Los Angeles Business Journal. Retrieved 20 June 2014.
  9. ↑ Global Crossing Chairman Gary Winnick To Resign From Board
  10. ↑ Global Crossing Settles With Regulators
  11. ↑ Freedom, Set in Special Concrete
  12. ↑ iCrete Cementing Its Place in NY High-Rises
  13. ↑ Large Gift to Help Wiesenthal Center Build Israel Facility
  14. ↑ No Setback in Winnick's Giving
  15. ↑ C. W. Post Gets $10 Million Gift
  16. ↑ The Winnick Family Foundation Announces Major New Gift to Los Angeles Public Library
  17. ↑ Winnick Supports LA Police Foundation Community College Scholarship
  18. ↑ Winnick receives honorary doctorate from C.W. Post University
  19. ↑ PR Newswire: "Karen Winnick Appointed Chairwoman of Winnick Family Foundation" March 18, 2014
  20. ↑ Karen Winnick website: "About Me" retrieved August 1, 2014

External links