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| url = https://www.nytimes.com/2003/03/25/business/co-president-at-goldman-announces-his-retirement.html }}</ref>
| url = https://www.nytimes.com/2003/03/25/business/co-president-at-goldman-announces-his-retirement.html }}</ref>


Thornton joined the board of trustees of the Brookings Institution in May 2000,<ref>{{Cite web|url=https://www.brookings.edu/news-releases/brookings-board-of-trustees-gains-six-new-members/|title=Brookings' Board of Trustees Gains Six New Members|last=|first=|date=1 May 2000|website=Brookings|access-date=}}</ref> and became chairman in June 2003.<ref>{{Cite web|url=https://www.brookings.edu/news-releases/john-thornton-to-succeed-james-a-johnson-as-chairman-of-the-brookings-board/|title=John Thornton to Succeed James A. Johnson as Chairman of the Brookings Board|last=|first=|date=11 June 2003|website=Brookings|access-date=}}</ref> Brookings established the John L. Thornton China Center in 2006. The center has offices in Washington and Beijing and provides recommendations to decision makers in China and the West.<ref>{{Cite web|url=https://www.brookings.edu/news-releases/brookings-launches-john-l-thornton-china-center/|title=Brookings Launches John L. Thornton China Center|last=|first=|date=9 October 2006|website=|access-date=}}</ref><ref>{{Cite web|url=https://www.brookings.edu/news-releases/brookings-opens-beijing-office/|title=Brookings Opens Beijing Office|last=|first=|date=24 October 2006|website=|access-date=}}</ref> In November 2018, Thornton stepped down as board chair and became chair emeritus.<ref>{{Cite web|url=https://www.brookings.edu/news-releases/brookings-institution-board-of-trustees-elects-new-board-co-chairs/|title=Brookings Institution Board of Trustees Elects New Board Co-Chairs|last=|first=|date=16 November 2018|website=Brookings|access-date=}}</ref>
Thornton joined the board of trustees of the Brookings Institution in May 2000,<ref>{{Cite web|url=https://www.brookings.edu/news-releases/brookings-board-of-trustees-gains-six-new-members/|title=Brookings' Board of Trustees Gains Six New Members|last=|first=|date=1 May 2000|website=Brookings|access-date=}}</ref> and became chairman in June 2003.<ref>{{Cite web|url=https://www.brookings.edu/news-releases/john-thornton-to-succeed-james-a-johnson-as-chairman-of-the-brookings-board/|title=John Thornton to Succeed James A. Johnson as Chairman of the Brookings Board|last=|first=|date=11 June 2003|website=Brookings|access-date=}}</ref> Brookings established the John L. Thornton China Center in 2006 with an initial $12.5M donation from John Thornton<ref>{{Cite book|last=Tao|first=Wenzhao|url=https://books.google.com/books?id=ua4sDwAAQBAJ&pg=PA28&lpg=PA28&dq=Brookings+John+Thornton+donation&source=bl&ots=8VAlH6HhQT&sig=ACfU3U0xtYbTmOHU1SLrxVDP4-tcRBQCSQ&hl=en&sa=X&ved=2ahUKEwjc-ffwvoHqAhW4RjABHdWnBvsQ6AEwBnoECAoQAQ#v=onepage&q=Brookings%20John%20Thornton%20donation$12.5&f=false|title=The US Policy Making Process for Post Cold War China: The role of US Think Tanks and Diplomacy|date=2017-07-13|publisher=Springer|isbn=978-981-10-4974-3|language=en}}</ref>. The center has offices in Washington and Beijing and provides recommendations to decision makers in China and the West.<ref>{{Cite web|url=https://www.brookings.edu/news-releases/brookings-launches-john-l-thornton-china-center/|title=Brookings Launches John L. Thornton China Center|last=|first=|date=9 October 2006|website=|access-date=}}</ref><ref>{{Cite web|url=https://www.brookings.edu/news-releases/brookings-opens-beijing-office/|title=Brookings Opens Beijing Office|last=|first=|date=24 October 2006|website=|access-date=}}</ref> In November 2018, Thornton stepped down as board chair and became chair emeritus.<ref>{{Cite web|url=https://www.brookings.edu/news-releases/brookings-institution-board-of-trustees-elects-new-board-co-chairs/|title=Brookings Institution Board of Trustees Elects New Board Co-Chairs|last=|first=|date=16 November 2018|website=Brookings|access-date=}}</ref>


In 2009, he became an innaugural member of the International Advisory Council of the Chinese [[sovereign wealth fund]] [[China Investment Corporation]].<ref>{{cite web
In 2009, he became an innaugural member of the International Advisory Council of the Chinese [[sovereign wealth fund]] [[China Investment Corporation]].<ref>{{cite web

Revision as of 14:17, 14 June 2020

John Lawson Thornton
Born (1954-01-02) January 2, 1954 (age 70)[1]
NationalityAmerican
Alma materHarvard College (A.B.)
Oxford University (B.A., M.A.)
Yale University (M.P.P.M.)

John Lawson Thornton (born January 2, 1954) is an American businessman and Professor and Director of the Global Leadership Program at Tsinghua University in Beijing.[2] He is also Executive Chairman of Barrick Gold Corporation[3][4] and Non-Executive Chairman of PineBridge Investments.[5] Thornton stepped down as Co-President of Goldman Sachs in 2003.[6]

Early life and education

Thornton is the son of John V. Thornton, a former vice chairman of the Consolidated Edison Company, and Edna Lawson Thornton, a lawyer.[7][8] He attended the Hotchkiss School, and later served as President of the school's Board of Trustees.[9]

Thornton received a bachelor's degree in history from Harvard College in 1976, a B.A/M.A. in jurisprudence from Oxford University in 1978, and a Master's degree in Public and Private Management (MPPM) from the Yale School of Management in 1980.[10] He was awarded an honorary doctorate from the Bank Street College of Education in 2003.[11] Thornton was elected a Fellow of the American Academy of Arts and Sciences in 2007 and an Honorary Fellow of St John's College, Oxford University in 2009.[12]

Work with Nelson Mandela Legacy Trust

In 2005, after Thornton left Goldman Sachs, he became the founding chairman of the Nelson Mandela Legacy Trust in the U.S., created to raise a permanent endowment to support the work of three foundations begun by freedom fighter and famed South African President, Nelson Mandela. These foundations were focused on development across Africa. Upon Thornton's appointment as founding Chairman, Nelson Mandela said, "The purpose of this new, independent and prestigious body will be to support the work, on the ground in Africa, of my legacy organizations. I am excited about what they can achieve if they have proper backing in the U.S. and elsewhere."[13] In a June 14, 2005 article, in recognition of this work, Institutional Investor Magazine credited Thornton with "Ensuring Mandela's Legacy".

Involvement in US-China Trade Deal

Thornton, along side Secretary of Treasury, Steve Mnuchin, and US Trade Representative Ambassador Robert Lighthizer, served as one of the architects of Phase I of the US-China trade deal. He has been involved in US-China negotiations for several years, briefing top Chinese and US officials in an effort to bring the two sides to an agreement[14]. These efforts yielded a positive outcome when on January 15, 2020, the United States and China agreed to sign the first phase of a trade agreement. In comments delivered by President Donald Trump on the grounds of the White House, Thornton was recognized for his role in bringing about the agreement. Thanking Thornton during his speech to an audience of the top business and political leaders in the US, Trump said, "And John Thornton. [..] John is great. Good job, John. (Applause.) Thank you for all the help, too. Great job, John."[15]

Interest in Mongolia

Over his career, Thornton has built relationships with leaders of countries in which his current and former companies have conducted business. Some of these relationships include South African President, Nelson Mandela[13], US President, Donald Trump[15], Chinese President Xi Jinping[16], Félix Tshisekedi,[17] president of the Democratic Republic of the Congo, John Magufuli,[18] president of Tanzania, Malcolm Turnbull[19], Prime Minister of Australia and former president of Mongolia Nambaryn Enkhbayar.[20] Thornton developed a friendship Enkhbayar, who was arrested in April 2012 by Mongolia’s anti-corruption commission after being accused of the alleged misuse of state property while in office.[21] Thornton played a key role in a human rights campaign, led by Senator Dianne Feinstein (D-Calif.)[22], to gain international support for Enkhbayar, who had been convicted by a government court in August 2012[23][24]. Senator Feinstein took the position that due process of law had not been followed in the trial of Enkhbayar and added that, "It has been deeply troubling to follow the way in which he (Enkhbayar) has been treated: summarily detained and unable to see his lawyers or family members in private on a regular basis. He has not been convicted of anything and the allegations against him have been deemed by one of his attorneys to be ‘insubstantial, stale and petty."[22] As a result of this successful campaign for President Enkhbayar's freedom, he was released from his incarceration and pardoned by the new President of Mongolia[25]. At the time of his release on bail, Senator Feinstein acknowledged John Thornton's role in the campaign to free President Enkhbayar and added that, "the former president’s jailing was to prevent him from running for parliament, and I am hopeful that he is well enough to continue his campaign.”[26]

Career

Thornton joined Goldman Sachs in 1980.[27] In 1983, he founded Goldman Sachs' European mergers and acquisitions business. He served as co-CEO of Goldman Sachs International in London from 1995 to 1996. Thornton was Chairman of Goldman Sachs Asia from 1996 to 1998, where he expanded the firm's regional franchise during the Asian financial crisis. He became co-president of Goldman Sachs in 1999.[28] When then-CEO Henry Paulson delayed his retirement and Thornton's expected promotion, Thornton left Goldman Sachs in 2003 and became a full professor at Tsinghua University in Beijing. Thornton is the first non-Chinese full professor at Tsinghua University since 1949.[29] The New York Times reported that Thornton's Goldman exit “was not met with resistance from senior management”.[30]

Thornton was non-executive chairman at Laura Ashley, the British fashion retailer, between 1995 and 2002.

Thornton joined the board of directors for Ford Motor Company in 1996. William Clay Ford, Jr. – then CEO and chairman at Ford – had been friends with Thornton since their prep school days together at The Hotchkiss School. Their personal ties came under "sharp scrutiny"[28] when William Clay Ford, Jr., received 400,000 shares in Goldman Sachs’s 1999 IPO, the largest individual award of that IPO by a large margin.[31] In 2002, an escalating series of investigations and congressional hearings revealed that Goldman Sachs had “spun hot IPO shares to preferred clients”, mostly CEOs, as "an inducement to win investment banking business" from those clients. Goldman Sachs collected $87 million in investment fees from Ford Motor Company between 1996 and 2002. A board ethics whistle-blower described Goldman's role in the bank's activities with Ford as being "the umpire and pitcher in the same game".[32][33] Thornton remains a member of Ford's compensation, finance and nominating and governance committees and is the longest serving independent director of Ford.[34] Thornton played a significant role in helping Ford survive the financial crisis. According to the Wall Street Journal[35], "When GM was skidding toward bankruptcy, Ford Motor Co. relied on a longtime board member with deep connections and multiple board seats—ex- Goldman Sachs Group Inc. President John Thornton—to help it survive its own liquidity crisis. Mr. Thornton remains on Ford’s board as its longest serving director."

In December 2008, Thornton became a board member at HSBC (the Hong Kong and Shanghai Banking Corporation) and stepped down in 2013. Thornton has also served on the Boards of Intel, ICBC, China Unicom, IMG, BSkyB, DirectTV, News Corp. and on the advisory board of McKinsey.

Thornton was appointed to the board of Barrick Gold in May, 2012 and became Executive Chairman of Barrick Gold[3] in 2014.[36] In May 2017, the government of Tanzania accused Acacia Mining, a subsidiary of Barrick Gold, of “under-reporting its gold exports by a factor of ten”. The investigation revealed that copper and silver were also under-reported, and sulfur, iron, iridium, titanium and zinc were present, but not accounted for. The Tanzanian government then imposed a ban on the export of gold and copper concentrates. The accusation and ban halved Acacia’s market value.[37] In October 2017, Thornton met with John Magufuli, then president of Tanzania, for six hours, emerging with a preliminary deal that included a $300 million payment for back taxes from Acacia to the Tanzanian government, as well as the Tanzanian government taking a 16% stake in Acacia’s mines.[38] Thornton reportedly did not tell Acacia the terms of the proposal until after the deal was announced, even though Acacia, not Barrick, would be responsible for the payment.[39] Shortly after Thornton’s deal with Magufuli was announced, Acacia’s top executives – CEO Brad Gordon, CFO Andrew Wray and COO Mark Morcombe, under whose tenure relations with the Tanzanian government had deteriorated – resigned.[40] The resolution worked by Thornton allowed Acacia and Barrick to once again win the trust of the Tanzanian government and resume operations in the country. On Jan 24, 2020, at a signing ceremony with the President of Tanzania, Dr. Magufuli, Barrick formalized a joint venture with the Tanzanian government covering the North Mata, Bulyanhulu and Buzwagi mines. The CEO of Barrick, Mark Bristow, said this new JV was a "pioneering move which would take Barrick's policy of partnership with its host countries to a new level."[41]

On September 24, 2018, Barrick Gold[3] announced plans to acquire London-listed Randgold Resources in a transformational deal valued at more than $6.5 billion.[42][43] The merger solidified Barrick's position as one of the world's largest gold mining companies, with proven and probable reserves of 78 million ounces of gold and dominant land positions in many of the world's major gold producing regions.[44] Thornton was the driving force behind the all-stock, nil-premium merger, which earned the support of more than 95% of the shareholders of both companies.[45] In the month following the announcement of the merger, shares of Barrick and Randgold rose by roughly 25%, reflecting widespread investor support for the deal.[46]

In February 2019, Barrick Gold announced a hostile $19 billion bid to acquire Newmont Mining Corporation, an American company based in Denver, Colorado.[47][48] Newmont’s board unanimously rejected the offer, describing Barrick’s “egocentric proposal” as “designed to transfer value from Newmont shareholders to Barrick’s”.[49] Newmont CEO Gary Goldberg said, “[O]ne of the major factors that hindered Barrick’s ability to create value in the past remains the same… John Thornton is still firmly in control.”[49] But soon thereafter, Newmont reversed this position as they agreed to enter into a joint venture with Barrick in Nevada[50].

Interest in China

Thornton's interest in China stretches to at least November 1997, when Goldman Sachs assisted China Telecom with its $4.2 billion IPO, one of the first international listings of a Chinese state-owned company.[51] By the time Thornton stepped down from his position at Goldman, the bank had become the lead underwriter for major Chinese state-owned companies.[52]

Thornton joined the board of trustees of the Brookings Institution in May 2000,[53] and became chairman in June 2003.[54] Brookings established the John L. Thornton China Center in 2006 with an initial $12.5M donation from John Thornton[55]. The center has offices in Washington and Beijing and provides recommendations to decision makers in China and the West.[56][57] In November 2018, Thornton stepped down as board chair and became chair emeritus.[58]

In 2009, he became an innaugural member of the International Advisory Council of the Chinese sovereign wealth fund China Investment Corporation.[59]

Thornton was an original member of the Schwarzman Scholars board of trustees, founded in 2013 by Stephen A. Schwarzman.[60]

In September 2017, Thornton helped arrange a meeting between Steve Bannon and Wang Qishan, Thornton’s friend and former head of the China Construction Bank and the current Vice President of the People’s Republic of China,[61] at the Communist Party’s Zhognanhai headquarters a few weeks after Bannon was forced out of his advisory role in President Donald Trump’s administration.[62] Bannon, also a former Goldman employee, has described Thornton as a friend and "mentor".[63]

Recognition

In 2007, Institutional Investor Magazine named John Thornton one of forty individuals who have had the greatest influence in shaping global financial markets over the past forty years.[64] He received the 2009 Intercollegiate Tennis Association (ITA) Achievement Award,[65] which every year honors one past participant in collegiate tennis who has made unique contributions to society as well as achieving excellence in their careers.

Thornton appeared on the National Post's 2017 Power List of the most influential people shaping Canadian business. The newspaper noted Thornton has "overseen a massive overhaul at Toronto-based Barrick" following which the company "has shed billions of dollars of debt and generated excellent financial results."[66]

In 2008, he was awarded the Friendship Award of the People's Republic of China, the highest honor accorded to a non-Chinese citizen.[67] The Chinese government also named him as one of fifteen 'foreign experts' who have made the most significant contribution to China's development over the past three decades.[68]

Role in Academia and Academic Publications

Thornton serves as a Professor[2] at Tsinghua University in Beijing, the #1 ranked Asian University according to The World University Rankings of 2020[69]. He is also the Chairman Emeritus[70] of The Brookings Institution, a world-renowned nonprofit public policy organization based in Washington, DC. focused on "in-depth research directed at solving problems facing society at the local, national and global level."[71]

In addition to these academic and research affiliations, Thornton has also authored forewords for three books, including "Social Ethics in a Changing China"[72], "China in 2020"[73] and "Democracy is a Good Thing"[74].

Personal life

Thornton is married to Margaret Bradham Thornton, an American author whose works include the novels, Charleston[75] and A Theory of Love.[76]

The Thorntons have four children.[77]

The Thorntons live in Palm Beach, Florida. Disputes between the Thorntons and their neighbors have led to multiple lawsuits.[78]

In 2011, The Wall Street Journal reported on the vast water consumption of wealthy Palm Beach residents during exceptional drought conditions.[79] Thornton was listed as a top-five water user, having consumed 8,698,492 gallons between June 2010 and May 2011. The average Palm Beach resident consumes 108,000 gallons per year.[80]

References

  1. ^ "NNDB Executive profile - John L. Thornton".
  2. ^ a b "School of Public Policy and Management,Tsinghua University". www.tsinghua.edu.cn. Retrieved 2016-02-20.
  3. ^ a b c Gray-Donald, David (9 May 2016). "Barrick Gold rules: horror stories from the frontline". NOW Toronto.
  4. ^ "Barrick Gold Corporation - Company - Management". www.barrick.com. Retrieved 2016-02-20.
  5. ^ "PineBridge Board of Directors - PineBridge Investments". Retrieved July 3, 2018.
  6. ^ Gasparino, Charles; Craig, Susanne (March 25, 2003). "Goldman's John Thornton Quits, Clouding CEO Succession Picture". The Wall Street Journal.
  7. ^ "John V. Thornton, 81, Con Ed Executive, Is Dead". The New York Times. June 20, 2005.
  8. ^ "Miss Thornton to Wed Joseph Downing". The New York Times. September 6, 1987.
  9. ^ "Reduce, Reuse, Rehab: Monahan Building, the Hotchkiss School, Lakeville, Connecticut". Retrieved July 3, 2018.
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  11. ^ http://www.brookings.edu/about/media-relations/news-releases/2003/20030611thornton
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  60. ^ "American Financier Stephen A. Schwarzman Endows International Scholarship Program in China". Schwarzman Scholars. 21 April 2013.
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  62. ^ Mark Landler, “In Beijing and Abu Dhabi, Signs of Bannon’s Continued Influence”, “The New York Times”, September 22, 2017
  63. ^ Kranish, Michael (3 January 2018). "Inside the Tumultuous Relationship of Donald Trump and Steve Bannon". The Washington Post. Archived from the original on 2018-01-04.
  64. ^ "The U.S.-China Policy Foundation". Retrieved July 4, 2018.
  65. ^ "John Lawson Thornton to Receive 2009 ITA Achievement Award". 2009-09-10. Retrieved July 3, 2018.
  66. ^ "Twenty-five of the biggest, buzziest and most influential movers and shakers in Canada and beyond". Financial Post. October 31, 2016.
  67. ^ "Professor John L. Thornton Honored Friendship Award". October 13, 2008. Archived from the original on October 22, 2016. Retrieved April 30, 2016.
  68. ^ Yinan, Zhao (January 22, 2014). "Premier hails work of foreign experts". China Daily USA.
  69. ^ "Tsinghua University". Times Higher Education (THE). 2020-04-14. Retrieved 2020-06-14.
  70. ^ "Brookings Board of Trustees".{{cite web}}: CS1 maint: url-status (link)
  71. ^ "About Us". Brookings. 2016-05-10. Retrieved 2020-06-14.
  72. ^ and (-001-11-30T00:00:00+00:00). "Social Ethics in a Changing China". Brookings. Retrieved 2020-06-14. {{cite web}}: Check date values in: |date= (help)
  73. ^ and (-001-11-30T00:00:00+00:00). "China in 2020". Brookings. Retrieved 2020-06-14. {{cite web}}: Check date values in: |date= (help)
  74. ^ Li, Yu Keping, John L. Thornton, and Cheng (2013-06-26). "Democracy Is a Good Thing". Brookings. Retrieved 2020-06-14.{{cite web}}: CS1 maint: multiple names: authors list (link)
  75. ^ "Charleston - Margaret Bradham Thornton - Hardcover". HarperCollins Publishers: World-Leading Book Publisher. Retrieved 2020-01-14.
  76. ^ "A Theory of Love – Margaret Bradham Thornton". HarperCollins.
  77. ^ Dargan, Michele (October 26, 2014). "Charleston native turns to roots, not reality, for first novel". Palm Beach Daily News.
  78. ^ Cohen, Ian. "Battle of Palm Beach neighbors leads to lawsuit against town". Palm Beach Daily News. Retrieved 2020-01-14.
  79. ^ Campo-Flores, Arian (July 11, 2011). "Big Water Users Get Flak in Drought: Calls for Surcharges as Vast Amounts Consumed by Wealthy Palm Beach Residents Draw Ire of Neighbors". Wall Street Journal. Retrieved June 12, 2020.{{cite web}}: CS1 maint: url-status (link)
  80. ^ "Top 5 Water Users in Palm Beach". Wall Street Journal. July 10, 2011. Retrieved June 12, 2020.{{cite web}}: CS1 maint: url-status (link)