Gary Winnick

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This article is about the financier. For the game developer, see Gary Winnick (game developer). For the film director, see Gary Winick.
Gary Winnick
Born (1947-10-13) October 13, 1947 (age 67)
Brooklyn, New York
Nationality United States
Ethnicity Jewish
Education B.A. Long Island University
Occupation Investor
Known for Chairman of Global Crossing
founder of Winnick & Company
Spouse(s) Karen Winnick
Children 3

Gary Winnick is an American financier best known for founding and being Chairman of Global Crossing between 1997 and 2002. He is Chairman and Chief Executive Officer of Winnick & Company, a diversified private investment management firm founded in 1985. He is also Chairman of a concrete technology company, iCrete.

Early life[edit]

Winnick was born to an Jewish family[1] in 1952 and grew up in Brooklyn, New York. His father owned a restaurant-supply business.[1] When he was 16, he got his first job at a Howard Johnson's on Northern Boulevard.[2] He graduated from the C.W. Post University, part of Long Island University, in 1969.[3]

Career[edit]

Drexel Burnham Lambert[edit]

Winnick joined Drexel Burnham in the 1980s and became head Lambert's convertible bonds department. There he was a partner of Michael Milken who at that time used the junk bond business to rapidly increase revenue for the brokerage.[4]

Winnick & Company[edit]

In 1985, Winnick formed Pacific Capital Group, which was initially involved with private equity and restructuring. In 2013 the name of Pacific Capital Group changed to Winnick & Company. Winnick & Company has invested in a select group of industries, such as material science, health care, real estate and telecommunications.

Global Crossing Limited[edit]

In 1997, Winnick founded Global Crossing Limited. Global Crossing laid the first privately financed underwater fiber optic cable network across the Atlantic Ocean[5] and partnered with Microsoft and Softbank Corp. to build a high capacity telecommunications network in Asia.[6] The company, which Winnick served as Chairman, went public in 1998.

In January 2002, Global Crossing reorganized under Chapter 11 bankruptcy protection and announced that Singapore Technologies Telemedia would take a controlling interest in the company. Winnick resigned as Chairman of Global Crossing in December 2002. Winnick made approximately $734 million by selling his shares in the company nine months before it collapsed,[7][8] and donated $25 million to Global Crossing employees who lost money in the company’s 401k retirement plan.[9]

In March 2004, Winnick and other former company executives agreed to pay a combined $325 million to settle a class-action lawsuit alleging fraud brought by shareholders. They did not admit wrongdoing in the settlement. Winnick agreed to pay $55 million under the deal.[10]

iCrete[edit]

In 2006, Winnick founded a new company, iCrete. iCrete advanced concrete technology is being used to build One World Trade Center (Known now as the Freedom Tower) in New York City.[11] Additional projects include 8 Spruce Street, designed by Frank Gehry, and Eleven Times Square.[12]

Philanthropy[edit]

Winnick founded The Winnick Family Foundation in 1983. As Chairman, he funds such initiatives as The Winnick Family Clinical Research Center at Cedars-Sinai Medical Center and The Winnick International Conference Center of the Simon Wiesenthal Center, Jerusalem.[13] He has endowed a Winnick Faculty Scholar at the Graduate School of Business at Stanford University. Winnick serves on several boards, including The Museum of Modern Art, The Simon Wiesenthal Center and Hillel International.

Winnick has funded student scholarships at Brown University, Cornell University, Syracuse University and the C.W. Post campus of Long Island University.[14] At Long Island University, he restored the Post Mansion and transformed the main cafeteria into the Arnold S Winnick Student Center, named in memory of his late father.[15] Among the many grantees the foundation supports are the Winnick Popular Library at the Los Angeles Central Library,[16] Teach for America, the Winnick Family Children's Zoo in Los Angeles Zoo, Skirball Cultural Center's Winnick Hall, and the Los Angeles Police Foundation.[17]

Personal life[edit]

He received an honorary doctorate from his alma mater, C.W. Post University, in 2004.[18] He is married to his wife, Karen Beth Winnick; they have three sons.[1] Karen is an author, illustrator, and publisher of children's books.[19][20]

References[edit]

External links[edit]