Stephen Robert

Stephen Robert (born June 13, 1940)[1] is an American financial business executive, academic administrator, and philanthropist. He was Chairman and CEO of Oppenheimer & Co. from 1983 to 1997, and Chancellor of Brown University from 1998 to 2007. As a philanthropist he heads his Source of Hope Foundation, which provides basic services to communities in great need around the world. As a journalist, he has published articles on Israeli–Palestinian relations, and on the U.S. economy, in major national and international publications.

Early life and education

Stephen Robert was born in 1940 in Haverhill, Massachusetts.[1][2] He has stated, "I grew up in a typically Jewish family in New England [...] My father was president of the local synagogue; my mother was president of the local Hadassah."[3]

He attended Phillips Exeter Academy, where he graduated in 1958.[4] He received a BA in political science from Brown University in 1962. He did post-graduate studies at the London School of Economics (1962–1963) and Columbia Business School (1963–1965).[5][1]

In 2004, Brown University bestowed upon him an honorary Doctor of Humane Letters degree.[6]

Business career

Robert began his career in 1965 on Wall Street, as a securities analyst at the investment firm of Faulkner, Dawkins & Sullivan.[7][8][9]

In 1968 he began working at the investment bank Oppenheimer & Co. as a portfolio manager, later becoming chief investment officer.[5] He became head of research in 1976.[5] In 1979 he was appointed President, and was groomed for the position of Chairman and CEO, since the company's longterm head, Jack Nash, wished to eventually retire.[5][10] During Robert's presidency, in 1982 Oppenheimer was acquired by Mercantile House Holdings in London, and Robert joined the Mercantile House board of directors.[11][12][13]

He became Oppenheimer's Chairman and CEO in 1983.[5] In 1986, Robert and Nathan Gantcher, Oppenheimer's president, led a management group that purchased an 82% interest in the company from its parent Mercantile House Holdings.[2][13] The buyout returned Oppenheimer to private ownership, and Robert became the company's principal owner.[2][14][15] In 1997 he and Gantcher sold Oppenheimer to the Canadian Imperial Bank of Commerce (CIBC),[16][17] and Robert resigned from the firm.[14]

From 2005 to 2009, he was Chairman and CEO of Renaissance Institutional Management, an investment firm that advises high net-worth and institutional investment clients, which is a subsidiary of Renaissance Technologies. He retired in 2009 to focus on philanthropic work.[18][19][20]

Robert is Chairman and CEO of his own investment firm, Robert Capital Management, based in Manhattan.[21][22][6][23]

Brown University

Robert was Chancellor of Brown University from 1998 to 2007, having previously been on the university's board of trustees from 1984–1994 and on its board of fellows since 1994.[9][24] He had also been on numerous committees at the university, including the committee on investment, which he chaired from 1986 to 1997.[25][6][24]

As Chancellor, he co-launched the Stephen Robert Initiative for the Study of Values, a multi-pronged and ongoing campus initiative to study moral and ethical values and integrate the study of human values into the college curriculum.[8][22][26][27] He also guided the university through the sudden resignation of its president, E. Gordon Gee, and chaired the 2000 presidential selection committee that named Ruth J. Simmons as Gee's successor.[8][28][24] In 2004 he donated $500,000 to create and endow the Chancellor Stephen Robert Fellowship, a fellowship for graduate students in any discipline.[29]

In 2007 the Brown faculty bestowed on him its highest honor, the Susan Colver Rosenberger Medal for "specially notable or beneficial achievement".[25][24] The chair of the faculty executive committee stated, "The Brown faculty is proud to honor the leadership of Stephen Robert. His stewardship has led this university through the many extraordinary accomplishments in pursuit of the Plan for Academic Enrichment, including its emphasis on recruiting the best minds, and recruiting the best scholars."[24][25]

In 2007 he also provided the lead gift, along with three anonymous donors, for a $20-million renovation of Faunce House, a historic building on campus, in order to create a space for the entire Brown community to gather.[24][30][31][32][33] In the fall of 2010 the newly renovated building was renamed the Stephen Robert Campus Center, in honor of his leadership and achievements.[24][30][34][35][36] Robert's intention for the extensive renovation was to foster greater interaction among Brown's students, faculty, and staff, and to achieve academic enrichment by building a shared sense of community.[34][37]

Robert is also chairman of the Watson Institute for International and Public Affairs at Brown.[38] In 2015 he was one of a consortium of three donors who jointly donated $50 million to the institute, to fund construction of a new building, expansion of the institute's faculty, and expansion and creation of initiatives aimed at addressing some of the world's most difficult policy challenges.[39][40][41] In May 2019, Brown University named the new building the Stephen Robert Hall in his honor.[42]

Advisorships, philanthropy, and journalism

Robert is a member of the Council on Foreign Relations,[43] a member of the Foreign Policy Program Leadership Committee at the Brookings Institution,[14][44] and a member of the Investment Committee of the Peter G. Peterson Foundation.[14][44] He is a trustee of the Solomon R. Guggenheim Foundation,[45] and a trustee of and substantial donor to New York-Presbyterian Hospital.[46][47] He has formerly been on the boards of directors of Xerox,[14][44][24] The Manhattan Institute,[22] the New York Philharmonic,[14][44] and WNET/THIRTEEN.[14][44] He was formerly a member of the advisory board of Blackstone Alternative Asset Management,[24] and formerly on the President's Advisory Council at Teachers College, Columbia University.[29]

Robert and his wife Pilar Crespi Robert are the founders of the Source of Hope Foundation, which provides assistance to communities lacking resources such as health care, education, water, food, and micro-financing opportunities.[48][44][49][14] In partnership with non-governmental organizations, the foundation has done humanitarian relief, including relief for those affected by natural disasters, in areas such as sub-Saharan Africa, Israel, Palestine, Haiti, Colombia, and New York City.[48][44][50][14] The Roberts are co-Chairs of the foundation; they are actively involved in its projects, and travel frequently to follow up.[50][51][48] The Roberts are also heavily involved in, and have made large donations to, the Henry Street Settlement, a nonprofit social service agency which serves persons in need in Manhattan's Lower East Side.[50] Robert was previously a director of Millennium Promise, a foundation dedicated to meeting the basic needs of the world's poorest people.[52][14][44]

As a journalist, Robert has written articles for a variety of national and international publications. In the wake of the recession, he has published analysis and advice regarding the U.S. economy in Forbes[53][54] and The Daily Beast.[55]

In the 2010s, he has published several articles critical of Israel's policies on Palestine, in venues including The Nation,[56][57] Haaretz,[58][59][60] and the New York Times.[61][62] He has also spoken at the Watson Institute for International and Public Affairs at Brown University, with the same critiques.[3][63] From his standpoint as a Jew, a supporter of Israel, a benefactor and director of the Museum of Jewish Heritage,[22] a director of the U.S./Middle East Project,[14][44] and a governor of the American Jewish Committee,[3] he has maintained that Israel is an apartheid state.[56] Citing the UN's specific definition of apartheid – a system where "one institutionalized racial group deprives another racial group of their rights" – he has pointed out, among other deprivations, Palestinians' inability to receive secondary and tertiary medical care; their lack of freedom of movement; restrictions on trade, water, and farming; and the arbitrary arrest they are subject to.[3][63] He believes that Israel needs a Palestinian state in order to remain a democratic Jewish state.[60] His 2018 opinion piece in Haaretz noted Israel's turn towards right-wing extremism and Donald Trump's complicity in that.[64]

In May 2019, New York-Presbyterian Hospital launched the Pilar Crespi Robert and Stephen Robert Center for Community Health Navigation. The program "supports and empowers vulnerable families by helping them receive appropriate, continuous care and access services that address social barriers to care, such as food insecurity, domestic violence, immigration challenges, and substandard housing."[65]

In October 2019, Stephen Robert and Pilar Crespi Robert received the Tzedek v’Shalom Award for their work with justice and peace at the 2019 J Street National Gala.[66][67]

Personal life

Robert lives in the Hamptons, New York with his wife, Pilar Crespi Robert.[50][68][51][69][70] He has two children from his former marriage to Eileen Robert.[2][71]

References
  1. Who's Who in the Securities Industry. Economist Publishing Company, 1987. p. 75.
  2. Hicks, Jonathan P.; Schmitt, Eric. "Oppenheimer Officers Share Parallel Paths". New York Times. December 24, 1985.
  3. "Critical Conversations on Palestine and Israel 3/5/2015" (video, 27:23–47:45). Brown University. March 5, 2015.
  4. Moriarty, Genny Beckman. "Stephen Robert". The Exeter Bulletin. Winter 2019.
  5. Cuff, Daniel F. "President Becomes Oppenheimer Chief". New York Times. February 16, 1983.
  6. "Honorary Degrees". Brown Alumni Magazine. July/August 2004.
  7. "New trustees elected". Brown Alumni Monthly. Brown University. 84 (4): 48. July 6, 1984. Retrieved May 4, 2017.
  8. "Business and Finance". Brown Alumni Magazine. November/December 2000.
  9. The Brown University News Bureau. "Corporation elects Joukowsky and Robert as chancellor, vice chancellor". News From Brown. February 15, 1997.
  10. Sonnenfeld, Jeffrey. The Hero's Farewell: What Happens When CEOs Retire. Oxford University Press, 1991. pp. 202–203.
  11. Vartan, Vartanig G. "Big Oppenheimer Deal: Its Sale". New York Times. June 2, 1982.
  12. Cuff, Daniel F. "Oppenheimer Names a President for Funds". New York Times. August 18, 1982.
  13. "Oppenheimer: Our History". Oppenheimer & Co. Retrieved May 5, 2017.
  14. "Solomon R. Guggenheim Foundation Elects Stephen Robert to the Board of Trustees". Solomon R. Guggenheim Foundation. June 18, 2014.
  15. Shidler, Lisa. "Joan Khoury gets hired as CMO to revive brand of the other Oppenheimer". RIABiz. January 5, 2016.
  16. Truell, Peter. "CIBC takes a big step toward a global securities business". New York Times. July 23, 1997.
  17. Bloomberg News. "CIBC Wood Gundy to Buy Oppenheimer". Los Angeles Times. July 23, 1997.
  18. Kouwe, Zachery. "Barclays Executive Moves to Renaissance". New York Times. March 3, 2009.
  19. "UPDATE 2-MOVES-Renaissance, Fidelity, CastleOak, Oppenheimer". Reuters. March 3, 2009.
  20. "Matthew H. Scanlan Joins Renaissance Institutional Management as President and CEO". Business Wire. March 3, 2009.
  21. "Robert Capital Management LLC". Bloomberg. Retrieved May 4, 2017.
  22. The Brown University News Bureau. "The Stephen Robert Initiative for the Study of Values". News From Brown. May 27, 1999.
  23. "Economic situation of working class will only get worse". Charleston Gazette. December 6, 2004.
  24. "Chancellor Stephen Robert ’62 Receives Faculty’s Highest Honor". Brown University. May 27, 2007.
  25. Brown University Office of the Curator. "Portrait Collection: ROBERT, STEPHEN (1940 - )". Library.Brown.edu. Retrieved May 4, 2017.
  26. Phillips, Janet M. Brown University: A Short History. Brown University, 2000. p. 112.
  27. Hulick, Doane. "Rhode Island's Brown University Announces Plans for Classes on Values". Providence Journal-Bulletin. May 30, 1999.
  28. "A Week in February". Brown Alumni Magazine. March/April 2000.
  29. "The Chancellor Stephen Robert Fellowship: Chancellor’s Gift Will Support Graduate School Fellowships, Recruitment". Brown University. December 6, 2004.
  30. "Stephen Robert '62 Campus Center Dedication". News from Brown. Brown University. September 30, 2010.
  31. "Faunce House To Be Renovated as Stephen Robert Campus Center". Brown University. February 24, 2007.
  32. Bernhard, Stephanie. "Changes to Faunce could come as soon as summer". The Brown Daily Herald. March 2, 2007.
  33. "Schwartz/Silver Architects to Design Robert Campus Center". News from Brown. Brown University. February 7, 2008.
  34. "Stephen Robert '62 Campus Center – History of Faunce House". Brown University. Retrieved May 4, 2017.
  35. Perreault, Denise. "Finally, a campus center at Brown". Providence Business News. March 19, 2011.
  36. "Stephen Robert '62 Campus Center". Brown University. Retrieved May 4, 2017.
  37. "Rooms with a View". Brown Alumni Magazine. November/December 2010.
  38. "BOARD OF OVERSEERS". Watson Institute for International and Public Affairs, Brown University. Retrieved May 4, 2017.
  39. "Watson Institute to Expand Facilities and Faculty with $50M Gift". States News Service. November 2, 2015.
  40. "Brown University Receives $50 Million Joint Gift". Philanthropy News Digest. November 4, 2015.
  41. Arditi, Lynn. "Brown’s Watson Institute to expand with $50 million gift". Providence Journal. November 2, 2015.
  42. "Brown dedicates Stephen Robert Hall ahead of Commencement and Reunion Weekend". Brown University. May 23, 2019.
  43. "Membership Roster". Council on Foreign Relations. Retrieved May 4, 2017.
  44. "Stephen Robert". Huffington Post. Retrieved May 4, 2017.
  45. "Solomon R. Guggenheim Foundation: Staff, Trustees, and Officers". Guggenheim.org. Retrieved May 4, 2017.
  46. "Board of Trustees". New York-Presbyterian Hospital. Retrieved May 4, 2017.
  47. "Reinventing Emergency Care: NewYork-Presbyterian/Columbia University Medical Center Breaks Ground on New Adult Emergency Department". New York-Presbyterian Hospital. October 7, 2013.
  48. "Private Lunch with Stephen Robert, Chairman & Co-CEO of Source of Hope Foundation in NYC". CharityBuzz. 2014.
  49. "Stephen Robert". The Nation. Retrieved May 4, 2017.
  50. "Couple's Vow to Assist the Poor". Wall Street Journal. July 11, 2011.
  51. "Founders". SourceOfHope.com. Retrieved May 4, 2017.
  52. Millennium Villages / Millennium Promise". MillenniumVillages.org. Retrieved May 4, 2017.
  53. Robert, Stephen. "There Are No Quick Fixes For The U.S. Economy". Forbes. October 6, 2010.
  54. Robert, Stephen. "The Fed's Japanese Mistake Kicks Working People In The Teeth". Forbes. November 22, 2010.
  55. Robert, Stephen. "Don't Repeat Japan's Mistake". The Daily Beast. March 17, 2009.
  56. Robert, Stephen. "Apartheid on Steroids". The Nation. August 12, 2011.
  57. Al Maeena, Tariq A. "An apartheid state on steroids". Gulf News. May 3, 2014.
  58. Robert, Stephen. "Can Moral Nations Abandon Palestine?" Haaretz. November 25, 2011.
  59. Robert, Stephen. "There'll Be More Gazas Without a Two-state Solution". Haaretz. March 8, 2014.
  60. Robert, Stephen. "Without a Palestinian State, Israel Can Never Be Jewish or Democratic". Haaretz. December 30, 2014.
  61. Robert, Stephen. "A Reset in Jewish Thinking". New York Times. April 24, 2012.
  62. Robert, Stephen. "Stephen Robert: Kerry needs support for Mideast peace efforts". Providence Journal. July 15, 2013.
  63. Chernin, Michael. "Critical Conversations on Israel and Palestine: What Is To Be Done?". Watson Institute for International and Public Affairs, Brown University. March 9, 2015.
  64. Robert, Stephen. "Israel Is Fast Becoming a Rogue State. And Trump Is Complicit in That Downfall". Haaretz. February 22, 2018.
  65. "NewYork-Presbyterian Hosted Dedication for Pilar Crespi Robert and Stephen Robert Center for Community Health Navigation". May 20, 2019. Retrieved 19 June 2019.
  66. "Pelosi, Schumer, Van Hollen, and Jayapal to speak at J Street's National Gala". J Street.
  67. "Pelosi Remarks at J Street National Gala". Nancy Pelosi: Speaker of The House.
  68. Colacello, Bob. "The Age of Elegance". Vanity Fair. September 2011.
  69. Arancio-Remkus, Patricia. "Minutes of Meeting of the Architectural and Historic Review Board of the Village of Sagaponack in the Town of Southampton, County of Suffolk and State of New York". September 2013.
  70. "Town of Southampton Assessment Roll". State of New York, County of Suffolk. April 25, 2016.
  71. "WEDDINGS: Steven Gordon, Alexandra Robert". New York Times. August 29, 1999.
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