Deseret Management Corporation
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The Deseret Management Corporation (DMC) is a for-profit management company of assets for The Church of Jesus Christ of Latter-day Saints. It was established in 1966[1] by then church president David O. McKay[2] to hold already-existing church assets.[3]
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[edit] Subsidiaries
The following are DMC subsidiaries:
- Beneficial Financial Group: insurance, investment, and retirement services.
- Bonneville International Corporation: owns radio stations nationwide and KSL-TV in Salt Lake City.
- Deseret Book: LDS publisher and bookstores chain.
- The Deseret Morning News: Utah's second-largest daily newspaper.
- Hawaii Reserves: manages commercial and residential properties in Lā'ie, Hawai'i.
- Temple Square Hospitality: operates downtown Salt Lake City properties such as the Lion House and the Joseph Smith Memorial Building.
- Zions Securities: Real estate company which manages apartments and commercial property, particularly in downtown Salt Lake City.
[edit] Leadership
In February 2009, Mark Willes, former head of the Los Angeles Times and General Mills, was named president of DMC.[4] Willes was also president of the Federal Reserve Bank of Minneapolis from 1977-1980.[5] He replaces 76-year-old Rodney H. Brady.[6]
[edit] Relation to LDS Church
Deseret Management Corporation is the holding company which owns the tax-paying companies that fall under the umbrella of the Church of Jesus Christ of Latter-day Saints. DMC's Board of Directors is made up of The First Presidency, three rotating members of the Quorum of the Twelve, and the Presiding Bishopric of the Church.
[edit] See also
[edit] References
- ^ "About Us". Deseret Management Corporation official web site. http://www.deseretmanagement.com/?nid=4. Retrieved 2009-09-13.
- ^ "Presidents of the Church". The Church of Jesus Christ of Latter-day Saints official website. http://www.lds.org/churchhistory/presidents/leaders.jsp. Retrieved 2009-10-25.
- ^ "Deseret Management hires former LA Times publisher". Salt Lake Tribune. 2009-02-04. http://www.sltrib.com/business/ci_11629454. Retrieved 2009-02-11.[dead link]
- ^ "Ex 'L.A. Times' Publisher To Head Mormon Paper". Around the Net. Media Post. 2009-02-11. http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=100117. Retrieved 2009-02-11.
- ^ "Leadership changing for church businesses". Deseret News. 2009-02-05. http://deseretnews.com/article/1,5143,705282932,00.html. Retrieved 2009-02-11.
- ^ "Brady retires from Deseret Management Corp.". KSL News. 2009-02-04. http://www.ksl.com/?nid=148&sid=5507551. Retrieved 2009-02-11.
[edit] External links
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