Ted Stanley

Theodore Richard Stanley (April 26, 1931 – January 3, 2016)[1][2] was an American entrepreneur and philanthropist. He co-founded the Danbury Mint[2] with business partner Ralph Glendinning, which was then a subsidiary of MBI Inc.

Ted Stanley
Born(1931-04-26)April 26, 1931
Reading, Pennsylvania
DiedJanuary 3, 2016(2016-01-03) (aged 84)
EducationUniversity of Pennsylvania

Early life

Born in Reading, Pennsylvania, Stanley graduated from University of Pennsylvania. He then served in the United States Air Force and was an intelligence officer. Stanley worked for Procter & Gamble in the marketing division in Cincinnati, Ohio.[2]

Business

Stanley became a billionaire during his lifetime, earning his wealth through the founding the Danbury Mint, which has a business of selling collectibles by mail order, such as commemorative postage stamps, decorative plates, and other such items.[3] His company's first product was a medal series that commemorated the Apollo 11 first manned moon landing. After this, the business continued to expand.[4]

Connection to mental health

In 1988, Stanley's son was diagnosed with bipolar disorder at the age of 19 after having a psychiatric episode that saw him running around New York streets for 3 days and stripping off his clothes in public.[2][3][5][6] His son was eventually able to be helped with a lithium treatment, and eventually finished college and law school,[3][6] but during the course of his son's treatment he met many parents who were not so lucky, whose children did not improve after treatment.[4] In response, Stanley started donating to mental health research.[7]

Philanthropy

Stanley died in his sleep in New Canaan, Connecticut.[5] Before he died, Stanley made a large donation to the Broad Institute of Cambridge, MA[8] of approximately $650 million for research into genetic markers of mental health.[2][4][9] It is recognized as one of the largest private donations ever, to date, to support scientific research and the largest ever for mental health research.[5] The $650 million donation comprised the majority of Stanley's financial holdings.[4] Through the years, Stanley donated over $825 million to support work and research at the Broad Institute.[5]

References
  1. "Remembering Ted Stanley". Broad Institute. January 11, 2016. Retrieved 14 January 2016.
  2. Roberts, Sam (January 8, 2016). "Ted Stanley, Whose Son's Illness Inspired Philanthropy, Dies at 84". The New York Times. Retrieved January 15, 2016.
  3. Earley, P. (2007). Crazy: A Father's Search Through America's Mental Health Madness. Berkley Publishing Group. pp. 223–224. ISBN 978-0-425-21389-6.
  4. Nickisch, Curt (July 22, 2014). "Son's Mental Illness Prompts Billionaire's Big Donation To Psychiatric Research". NPR. Retrieved January 15, 2016.
  5. ABC News. "Businessman Ted Stanley, Who Gave $650M Gift, Dies at Age 85". ABC News. Retrieved 15 January 2016.
  6. Zimmer, Carl; Carey, Benedict (July 21, 2014). "A $650 Million Donation for Psychiatric Research". The New York Times. Retrieved January 15, 2016.
  7. Rachel Zimmerman. "Ted Stanley, Who Donated Hundreds Of Millions For Mental Illness Research, Dies". Common Health. Retrieved 15 January 2016.
  8. "Broad Institute of MIT and Harvard". Retrieved 15 January 2016.
  9. Grohol, John M. (July 25, 2014). "Ted Stanley Donates $650 Million to Psychiatric Research". Psych Central. Retrieved January 15, 2016.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.