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.[1][2]
Life and career
Born New York City, Preston was the son of Lewis T. and Priscilla Baldwin Preston.[2] His father was a World War I flier and a well-known hunter.[2] His grandfather was a partner in Standard Oil.[2] Part of his youth was spent living in Paris.[3] 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.[3] 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.[3] He was chosen for the United States men's national ice hockey team, but never ended up competing in the Olympics.[3]
Preston worked at J.P. Morgan & Co. and its subsidiary Morgan Guaranty Trust Company for forty years.[2] 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.[2] 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.[2] 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.[2]
In 1980 Preston was appointed CEO of J.P. Morgan & Co.[2] He helped the company weather the storm of Silver Thursday in 1980 which had a wide negative impact on the banking industry.[2] 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.[2] From September 1991 until his death in Washington D.C. on May 4, 1995, he was President of the World Bank.[2]
Personal life
He was the second husband of Patsy Pulitzer.[4]
References
- ^ David Briscoe (May 6, 1995). "World Bank President Lewis Preston Dies". Associated Press.
- ^ a b c d e f g h i j k l David Binder (May 6, 1995). "Lewis T. Preston, 68, Dies; Led World Bank Into 90's". The New York Times. p. 11.
- ^ a b c d 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
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