Michael D. Dingman
|Michael D. Dingman|
|Born||New Haven, Connecticut, United States|
|Nationality||Bahamian (1995-) - formerly American (1931-1995)|
|Alma mater||University of Maryland - did not graduate|
|Occupation||Businessman, Investor, and Philanthropist|
|Known for||President and CEO of Shipston Group Limited|
Michael David Dingman (born September 19, 1931) is an international investor, businessman and philanthropist. He is President of Shipston Group Ltd., a diversified international holding company based in Nassau, Bahamas.
He was born in New Haven, Connecticut, September 19, 1931. Following his early education at The Hun School in Princeton, New Jersey, Dingman enrolled at the University of Maryland, joining the Theta Chi fraternity. When 20, he left the university before graduating to work for the Wall Street investment firm of Burnham & Company.
Dingman became a Burnham partner in 1970 and was assigned to the initial public stock offering of the predecessor of Temple-Inland Inc. While at Burnham, he also became president and chief executive officer of Equity Corp.
He combined its Wheelabrator industrial-cleaning and air-pollution-control units with Frye Copysystems, a manufacturer of printing inks and carbon paper, to create Wheelabrator-Frye Inc. Dingman became chief executive officer of the new company, a position he held until 1983, when Wheelabrator was acquired by The Signal Companies, an aerospace and industrial firm based in La Jolla, Calif. Dingman then became Signal's president.
Allied Corporation and Signal merged in 1985, and in 1986 35 units of the combined company were spun off as The Henley Group, headed by Dingman. He built on the most profitable of these companies and sold the rest. Henley's initial public offering raised 1.2 billion United States dollars.
Henley's Wheelabrator Technologies (now a unit of Waste Management, Inc.) was a leading company in the waste-to-energy market. Fisher Scientific International Inc. completed more than 60 acquisitions after becoming a public company in 1991. It merged with Thermo Electron Corporation in 2006. Now doing business as Thermo Fisher Scientific, the company reported 2009 revenues of more than $10 billion.
Beginning in the 1990s, Dingman began to invest internationally, particularly in Russia and other countries in the former Soviet bloc. In Russia, Shipston joined a consortium investing in OAO Sidanco, a large oil company. Shipston later sold its interest in OAO Sidanco to British Petroleum and Tyumen Oil Company (TNK).
Dingman was also a major shareholder in Segezha Pulp and Paper, later sold to AssiDoman AB, a Swedish company. Other activities ranged from property investments to the Russian water company Saint Springs, later sold to Nestle. Dingman and Shipston also became the founding venture investors in Renaissance Capital, one of Russia’s leading investment companies. Shipston was also a member of an investment consortium that acquired a minority interest in the telecom OAO Svyazinvest.
Dingman then began to invest in the Czech Republic. Under the umbrella of paper giant Stratton Company which he headed, Dingman invested $100 million of his own money into newly privatized utilities and other companies.
Shipston is now heavily invested in mainland China, focusing on its internal growth and consumption, and continues to invest in a range of industries. With offices in Nanjing and Beijing, the company has acquired a portfolio of businesses in education, medical technologies and heavy industry.
Michael Dingman and his wife, Elizabeth Tharp Dingman, contributed to the Lyford Cay School near their home in the Bahamas. They helped to rebuild it, doubling its class size and helping it attain international accreditation.
In 1989, Dingman endowed the eponymous Michael D. Dingman Center for Entrepreneurship at the R.H. Smith School of Business at the University of Maryland, the school he attended.
Family and personal life
Dingman and his wife are Catholics who were awarded the Order of Saint Sylvester by Pope John Paul II for their work with the Catholic Church in the Bahamas. Dingman has three children, Jamie, David, and Patrick.
Dingman is a former director of Ford Motor Company (21 years), and of Time Inc. and then Time Warner Inc. (24 years), and he has served as a director of Mellon Bank Corporation, Temple Industries Inc., Temple-Inland Inc., Continental Telephone Company and Teekay Shipping Corporation.
He is a benefactor and former trustee of the John A. Hartford Foundation and of Boston Museum of Fine Arts.
- "CNN's Most Fascinating Business People". January 5, 1987. Retrieved June 1, 2010.
- "The Henley Group Inc. Company History". Retrieved June 1, 2010.
- "Stratton acquires control of Europe's largest paper sack mill.". Retrieved June 1, 2010.[dead link]
- "Robert H. Smith School of Business". Retrieved June 1, 2010.
- "Some of Rich Find A Passport Lost Is A Fortune Gained". The New York Times. 12 April 1995.
- "Businessweek Investor Profile". Retrieved June 1, 2010.