Richard B. "Rich" Handler (born May 23, 1961) is an American businessman and chief executive officer (CEO) of Jefferies since 2001, making him the longest-serving CEO on Wall Street.[1]
Richard B. Handler | |
|---|---|
| Born | May 23, 1961 |
| Education | University of Rochester (BA) Stanford University (MBA) |
| Spouse | Martha Hunt Handler |
Early life and education
editThe son of Alan and Jane Handler, Richard Handler grew up in New Jersey, graduating in 1979 from Pascack Hills High School in Montvale.[2][1] He received a BA in economics from the University of Rochester magna cum laude in 1983 and an MBA from Stanford University in 1987.[3] Prior to Jefferies, he was an investment banker at First Boston and later he worked for Michael Milken at Drexel Burnham Lambert in the high-yield bond department.[2]
Professional career
editJefferies
editHandler joined Jefferies in April 1990 as a salesman and trader.[2] He was appointed CEO on January 1, 2001[4] and Chairman in 2002, succeeding Frank E. Baxter.[2] Handler also is Chairman of Jefferies' Global Diversity Council.[5] When Handler joined as CEO, Jefferies had been primarily known as a trading firm with expertise in the energy sector.[6] As of 2022, Jefferies had become the 8th largest investment bank by revenue and the sixth busiest in mergers and acquisitions.[7] As of 2021, Handler owned more than 7% of the stock.[8]
Rescue of Knight Capital Group
editIn August 2012, Handler played a lead role in saving Knight Capital Group after the company suffered a $440 million loss due to a 'technology glitch.' Together with Brian Friedman, the President of Jefferies Financial Group, Handler structured and led the rescue,[9] making Jefferies the largest shareholder with a roughly 45% stake in the company.[10]
Merger with Leucadia
editIn November 2012, Jefferies announced its merger with Leucadia National Corporation, its largest shareholder and a longtime partner of Handler. In March 2013, Jefferies merged with Leucadia,[11] and Handler became CEO of both companies.[12] In 2018, Leucadia rebranded as Jefferies Financial Group Inc. to better reflect the company’s business focus.[13]
Other professional activities
editIn October 2018 Handler was named Board Chair by The University of Rochester Board of Trustees, to which he was first elected in 2005.[14][15] Previously, Handler was Chairman of the Finance Committee and as Co-Chairman of the university's $1.37 billion Capital Campaign, The Meliora Challenge that concluded in 2016.[16]
Handler is active on social media, where he often runs ‘ask me anything’ sessions on Instagram targeted at the next generation of bankers and traders.[17][18]
Philanthropy
editIn 2006, Handler and his wife, Martha, established a scholarship program at the University of Rochester. Named the Jane and Alan Handler Scholarship Fund (after his parents), the program provides financial support for undergraduates of diverse backgrounds who meet certain criteria of financial need, overcoming adversity and demonstrating leadership. The scholarship is awarded to one percent of each graduating class and covers all tuition and expenses. [16][19]
Handler is also active in conservation efforts through the Wolf Conservation Center, of which his wife presides as president.[20]
References
edit- ^ a b "10 Things You Didn't Know About Jefferies Financial CEO Richard Handler". Money Inc. November 13, 2021.
- ^ a b c d "'Intensely Private' Handler Lifts Veil in Defense of Jefferies". Bloomberg.com. 2011-12-19. Retrieved 2021-10-08.
- ^ "Richard B. Handler, MBA '87". Archived from the original on 2014-03-26. Retrieved 2023-08-09.
- ^ "Jefferies Announces Leadership Change; Richard Handler Named CEO, Will Lead Firm with President and COO John Shaw; Frank Baxter Remains Chairman". Archived from the original on 2014-05-02. Retrieved 2023-08-09.
- ^ "DEFINITIVE PROXY STATEMENT". www.sec.gov. Retrieved 2024-04-07.
- ^ Strongin Dodds, Lynn. "Jefferies revamps its image". www.fnlondon.com.
- ^ Russell-Walling, Edward. "Jefferies delivers cross-border M&A success". www.thebanker.com.
- ^ Natarajan, Sridhar (7 October 2021). "Wall Street's Newest Billionaire CEO Is Beating His Banking Rivals in Best Year Ever". Bloomberg.com.
- ^ Popper, Ben Protess and Nathaniel (2012-08-07). "Quick Lunge for a Lifeline Helped Knight Capital Skirt Collapse". DealBook. Retrieved 2023-08-09.
- ^ Philbin, Brett. "Knight Deal Could Add To Jefferies' Windfall As Lead Rescuer". WSJ. Retrieved 2024-04-07.
- ^ Alden, William (2014-04-02). "Handler, Leucadia's Chief, Takes Pay Cut in New Role". DealBook. Retrieved 2023-08-09.
- ^ Jefferies Press Release http://www.jefferies.com/News/PressReleases/201/304[dead link]
- ^ "Leucadia to shed most non-financial assets, rename as 'Jefferies'". Reuters. April 9, 2018.
- ^ "Richard Handler - Forbes". Forbes. 2013-01-19. Archived from the original on 2013-01-19. Retrieved 2022-07-22.
- ^ "About the University of Rochester". University of Rochester. Retrieved 2022-07-22.
- ^ a b "Richard Handler '83 elected University Board chair". University of Rochester. October 5, 2018.
- ^ "Meet the Jefferies boss: Rich guy without a handler". Australian Financial Review. 7 March 2024.
- ^ Rosa Royle, Orianna. "Wall Street CEO advises anyone struggling with work-life balance to 'take control of their own choices'". Fortune.
- ^ "Richard B. Handler '83". University of Rochester.
- ^ "Wolves of Wall Street Party to Save Actual Wolves of Westchester". Bloomberg L.P. June 6, 2019.