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Meg Whitman's ties to [[Goldman Sachs]], the Wall Street investment bank now under SEC scrutiny for alleged financial misdeeds, has led to some controversy. Goldman has major investments in California's state finance. It has been the underwriter of $78.9 billion in bonds issued by the state since 2006, records show, second to [[Merrill Lynch]], now a division of [[Bank of America]], which was underwriter of $79.3 billion in the same period.<ref>{{cite news|author=Lance Williams and Carla Marinucci|title=Whitman's fortune entwined with Goldman Sachs|url=http://californiawatch.org/money-and-politics/whitmans-fortune-entwined-goldman-sachs|date=April 10, 2010|work=californiawatch.org}}</ref> While Whitman was on Goldman’s board, she served on the compensation committee, which approved multi-million dollar bonus packages for then-CEO [[Henry Paulson]] and his top aides. The financial report she filed as a candidate requires Whitman to provide a general estimate of the value of her investments. Her lawyer declined to disclose the total value of her Goldman portfolio but documents show Whitman has a multi-million dollar stake in 21 different investment funds managed by Goldman.<ref>{{cite news|author=Lance Williams and Carla Marinucci|title=Whitman's fortune entwined with Goldman Sachs|url=http://californiawatch.org/money-and-politics/whitmans-fortune-entwined-goldman-sachs|date=April 10, 2010|work=californiawatch.org}}</ref>
Meg Whitman's ties to [[Goldman Sachs]], the Wall Street investment bank now under SEC scrutiny for alleged financial misdeeds, has led to some controversy. Goldman has major investments in California's state finance. It has been the underwriter of $78.9 billion in bonds issued by the state since 2006, records show, second to [[Merrill Lynch]], now a division of [[Bank of America]], which was underwriter of $79.3 billion in the same period.<ref>{{cite news|author=Lance Williams and Carla Marinucci|title=Whitman's fortune entwined with Goldman Sachs|url=http://californiawatch.org/money-and-politics/whitmans-fortune-entwined-goldman-sachs|date=April 10, 2010|work=californiawatch.org}}</ref> While Whitman was on Goldman’s board, she served on the compensation committee, which approved multi-million dollar bonus packages for then-CEO [[Henry Paulson]] and his top aides. The financial report she filed as a candidate requires Whitman to provide a general estimate of the value of her investments. Her lawyer declined to disclose the total value of her Goldman portfolio but documents show Whitman has a multi-million dollar stake in 21 different investment funds managed by Goldman.<ref>{{cite news|author=Lance Williams and Carla Marinucci|title=Whitman's fortune entwined with Goldman Sachs|url=http://californiawatch.org/money-and-politics/whitmans-fortune-entwined-goldman-sachs|date=April 10, 2010|work=californiawatch.org}}</ref>


Goldman Sachs, who has donated $100,00.00 to the Whitman campaign, manages a part of Whitman's fortune. She has stated that this share would be placed in a [[blind trust]] if she is elected governor.<ref>http://cbs5.com/politics/whitman.goldman.sachs.2.1659766.html</ref>
Goldman Sachs, whose executives have donated $100,000 to the Whitman campaign, manages a part of Whitman's fortune. Whitman's campaign has stated that she will sell her Goldman stock and put her Goldman-managed investments in a [[blind trust]] if she is elected governor.<ref>http://cbs5.com/politics/whitman.goldman.sachs.2.1659766.html</ref><ref>{{cite news|author=Lance Williams and Carla Marinucci|title=Whitman's fortune entwined with Goldman Sachs|url=http://californiawatch.org/money-and-politics/whitmans-fortune-entwined-goldman-sachs|date=April 10, 2010|work=californiawatch.org}}</ref>


==References==
==References==

Revision as of 06:25, 27 June 2010

Meg Whitman
Personal details
Born
Margaret Cushing Whitman

(1956-08-04) August 4, 1956 (age 68)
Long Island, New York, U.S.
Political partyRepublican
SpouseGriffith Rutherford Harsh IV
ChildrenGriffith Rutherford Harsh V
William Whitman Harsh
Residence(s)Atherton, California, U.S.
Alma materPrinceton University (B.A.)
Harvard Business School (M.B.A.)
OccupationFormer President and CEO of eBay

Margaret Cushing "Meg" Whitman (born August 4, 1956) is an American Business magnate and politician. Whitman was Chief Executive Officer and President of eBay from 1998 to 2008, and served on the company's board of directors. She is the fourth wealthiest woman in the state of California.

A native of Long Island, New York, Whitman is a graduate of Princeton University and Harvard Business School. She has worked for numerous international companies, including Procter & Gamble, The Walt Disney Company, DreamWorks, and Hasbro, before joining eBay in March 1998.

In September 2009 she officially announced her candidacy for Governor of California, as a Republican. She won the primary on June 8, 2010 with more than 64% of the vote.


Early life and education

Whitman was born on Long Island, New York, the daughter of Hendricks Hallett Whitman and Margaret (née Goodhue) Whitman.[1][2] She attended Cold Spring Harbor High School in Cold Spring Harbor, New York, graduating after only three years in 1974. She was in the top ten of her class.[3] She had wanted to be a doctor, so she studied physics and mathematics at Princeton University.[4] However, after spending a summer selling advertisements for a magazine, she switched to studying economics,[5] earning a BA with honors in 1978. Whitman then obtained an MBA from Harvard Business School in 1979.[6][7]

Whitman is married to Griffith Harsh IV, a neurosurgeon at Stanford University Medical Center.[8] They have two sons. She has lived in Atherton, California, since March 1998. Meg Whitman is not related to former Republican Governor of New Jersey Christine Todd Whitman.

Career

Beginning her career in 1979 as a brand manager at Procter & Gamble in Cincinnati, Ohio, Whitman later moved on to work as a consultant at Bain & Company's San Francisco office. She then rose through the ranks to achieve a senior Vice President position.[9]

In 1989, Whitman became vice president of strategic planning at The Walt Disney Company and in 1991, joined Stride Rite Corporation, before becoming president and CEO of Florists' Transworld Delivery in 1995.[10]

In January 1997, Whitman joined Hasbro's Playskool Division as a General Manager. Here she oversaw global management and marketing of two children's brands, Playskool and Mr. Potato Head as well as importing the Teletubbies into the U.S.[11]

eBay

Whitman joined eBay in March 1998, when it had 30 employees[12] and revenues of approximately $4 million. During her time as CEO, the company grew to approximately 15,000 employees and $8 billion in annual revenue by 2008.[13]Originally, when Whitman had joined eBay, she found the website as a simple black and white webpage with courier font. On her first day, the site crashed for eight hours.[14] She believed the site to be confused and began by building a new executive team.[11] Whitman organized the company by splitting it into twenty-three business categories. She then assigned executives to each, including some 35,000 subcategories.[15] In 2004 Meg Whitman made several key changes in her management team. Jeff Gordon took over PayPal, Matt Bannick took control of international operations and Bill Cobb was placed in control of U.S. operations,[16] which has the colorful U.S. logo, while each international site has its own unique branding.[17]

eBay's logo.

Shortly after taking the company public, Whitman retold how stock for the company would rise 80 points and fall 50 points in a single day. Soon after, Whitman received a call at her eBay office from Arthur Levitt, Jr., Chairman of the U.S. Securities and Exchange Commission (SEC). She called in her general counsel and the two sat down and answered the line on speaker phone. Instead of any perceived negative reaction to stock volatility, Levitt was calling to ask about the company going public and was concerned about whether the SEC was customer-friendly. He also discussed his interest in collectible Depression era glass, post 1929.[18]

In June 2007, while preparing for an interview with Reuters, Whitman allegedly shoved her subordinate, communications employee Young Mi Kim. Of the incident, Whitman related, "In any high-pressure working environment, tensions can surface." Kim also stated, “Yes, we had an unfortunate incident, but we resolved it in a way that speaks well for her and for eBay”.[19][20]

Whitman resigned as CEO of eBay in November 2007, but remained on the Board and served as an Advisor to new CEO John Donahoe until late 2008. She was inducted into the U.S. Business Hall of Fame in 2008. "I've said for some time that 10 years is roughly the right time to stay at the helm at a company like ours", adding that "it's time for new leadership, a new perspective and a new vision", she said in an interview with the San Francisco Chronicle.[21]

Directorships

Whitman also served on the board of directors of the eBay Foundation, Procter & Gamble and DreamWorks SKG, until early 2009.[6][22] She was appointed to the board of Goldman Sachs in October, 2001 and then resigned in December 2002, amidst controversy that she had received shares in several public offerings managed by Goldman Sachs.[23][24][25] Whitman earned approximately $1.78 million resulting from a practice known as spinning (IPO) whereby executives who did business with Goldman Sachs could reap profits by getting early deals before the public on hot IPOs offered by the bank.[26]

Political positions

Whitman was a supporter of former Bain & Company CEO and Massachusetts Governor Mitt Romney's presidential campaign[27] in 2008 and was on his National Finance Team.[28] She was also listed as Finance co-chair of Romney's exploratory committee.[29] However, after Romney stepped out of the race and endorsed McCain, Whitman joined McCain's presidential campaign as a national co-chair.[30]

McCain mentioned Whitman as a possible Secretary of the Treasury during the second presidential debate in 2008.[31]

Whitman has made monetary donations to various candidates and PACs. While these have gone to both Republicans and Democrats, the donations are weighted to Republicans.[32] Though Whitman has contributed to a few Democrats, including Senator Barbara Boxer; donating $4,000 to her campaign and serving on the "Friends of Boxer" committee in 2004, she donated more than $225,000.00 during the same period to Republicans, eBay's PAC and to Americans for a Republican Majority, the PAC of former Rep. Tom DeLay.[33][34]

Whitman has emphasized three major areas, job creation, reduced state government spending, and reform of the state's K-12 educational system. She has argued that it is best to start only a few things and finish them, instead of starting a lot of things and finishing few of them.[35]

Tax reform

Whitman has pledged not to raise taxes and signed the Americans for Tax Reform's "No New Taxes Pledge" on the day she announced her candidacy for governor. She also proposes lowering business taxes[36] and abolishing the state capital gains tax in order to make California a more business-friendly environment, stating that California is losing jobs not to other countries but to neighboring states with lower tax rates, such as Nevada, Arizona and Oregon[citation needed]

Environment

She said that if elected, on her first day[37] she would suspend AB 32, the Global Warming Solutions Act of 2006, to study its potential economic implications.[38] At the state GOP Convention in March 2010, Whitman described California Republican Governor Schwarzenegger's climate change bill as a "job-killer."[39] On water issues, Whitman has opposed a federal judge's ruling and supports turning on water for thousands of Central Valley farmers.[40]

Same-sex marriage

Whitman supported California's Proposition 8 in 2008, which reversed In re Marriage Cases. Whitman believes that the same-sex marriages that took place before the ban should be recognized, and that gay and lesbian couples should be permitted to adopt children.[41] Whitman is a supporter of civil unions.[41]

Abortion

She voted in favor of California Proposition 4, an initiative that requires minors to notify a parent prior to requesting an abortion, except in certain cases.[42]

Illegal immigration

Whitman states that Arizona's approach to illegal immigration with Arizona SB 1070 is wrong and that there are better ways to solve the problem.[43]

Marijuana

Southern California Public Radio states that Whitman's stance on marijuana is relatively new. She said that the legalization of marijuana is not what any law enforcement person would suggest for any reason and that "this is the worst idea [she has] ever seen".[44]

Voting record

The Sacramento Bee reported that Whitman did not vote for 28 years, after reviewing her voting records in California.[45][46] Records uncovered by conservative radio host Hugh Hewitt countered the claims of the Sacramento Bee and resulted in an interview by Hewitt with editor Amy Chance.[47] However, Whitman has described her voting record as "atrocious", apologized for it,[46] and stated that she is happy to discuss the matter.[48]

2010 campaign for California Governor

On September 22, 2009, Whitman announced she would run for governor of California in the 2010 election.[49]

Whitman's campaign is largely self-funded. As of June 6, she has spent $81 million so far, all but about $10 million of it from her own bank account.[50]

On June 8, she easily won the Republican nomination by over a million votes defeating her main challenger Insurance Commissioner, Steve Poizner.

Awards and honors

Whitman has received numerous awards and accolades. On more than one occasion, named among the top 5 most powerful women by Fortune Magazine .[51] Harvard Business Review has named her the eighth-best-performing CEO of the past decade[52] as well as having the Financial Times write of her as one the 50 faces that shaped the decade.[53]

Ties to Goldman Sachs

Meg Whitman's ties to Goldman Sachs, the Wall Street investment bank now under SEC scrutiny for alleged financial misdeeds, has led to some controversy. Goldman has major investments in California's state finance. It has been the underwriter of $78.9 billion in bonds issued by the state since 2006, records show, second to Merrill Lynch, now a division of Bank of America, which was underwriter of $79.3 billion in the same period.[54] While Whitman was on Goldman’s board, she served on the compensation committee, which approved multi-million dollar bonus packages for then-CEO Henry Paulson and his top aides. The financial report she filed as a candidate requires Whitman to provide a general estimate of the value of her investments. Her lawyer declined to disclose the total value of her Goldman portfolio but documents show Whitman has a multi-million dollar stake in 21 different investment funds managed by Goldman.[55]

Goldman Sachs, whose executives have donated $100,000 to the Whitman campaign, manages a part of Whitman's fortune. Whitman's campaign has stated that she will sell her Goldman stock and put her Goldman-managed investments in a blind trust if she is elected governor.[56][57]

References

  1. ^ Certo, Samuel C. (February 15, 2002). Modern management: adding digital focus. Prentice Hall. p. 22. ISBN 9780130670892.{{cite book}}: CS1 maint: year (link)
  2. ^ "Meg Whitman to Wed June 7". The New York Times. April 20, 1980. Retrieved May 12, 2010.
  3. ^ Whitman, Hamilton, Meg, Joan (January 2010). The Power of Many: Values for Success in Business and in Life. Crown Publishing Group. p. 75. ISBN 9780307591210.{{cite book}}: CS1 maint: multiple names: authors list (link) CS1 maint: year (link)
  4. ^ International, Icon Group (2008). Princeton: Webster's Quotations, Facts and Phrases. ICON Group International, Inc. p. 338. ISBN 9780546665895.
  5. ^ Lewis, Elen (2008). The Ebay Phenomenon: The Story of a Brand That Taught Millions of Strangers to Trust One Another. Marshall Cavendish. p. 55. ISBN 978-1905736102.
  6. ^ a b "Meg Whitman Business Biography". Referenceforbusiness.com. {{cite web}}: Unknown parameter |access date= ignored (|access-date= suggested) (help)
  7. ^ Carr-Ruffino, Norma (October 2004). The Promotable Woman. Career Press, Incorporated. p. 76. ISBN 9781564147769.{{cite book}}: CS1 maint: year (link)
  8. ^ Cohen, Adam (2003). The Perfect Store: Inside EBay. Little, Brown & Company. p. 112. ISBN 9780316164931.
  9. ^ Hellriegel, Slocum, Don, John W. (2008). Organizational behavior. Princeton, N.J. : Recording for the Blind & Dyslexic. pp. NA. {{cite book}}: Cite has empty unknown parameter: |1= (help)CS1 maint: multiple names: authors list (link)
  10. ^ page 56, The eBay Phenomenon by Elen Lewis publ 2008 by Marshall Cavendish books
  11. ^ a b John, Frank, Thompson Martin (2005). Strategic management: awareness and change. Cengage Learning EMEA. p. 201. ISBN 9781844800834.
  12. ^ Thomas, Owen (October 8, 2009). "eBay founder fact checks John McCain". Valleywag. Gawker Media. {{cite news}}: Unknown parameter |access date= ignored (|access-date= suggested) (help)
  13. ^ Santa Maria Times. Meg Whitman right for job, ‎Dec 9, 2009‎
  14. ^ Champy, Nohria, James, Nitin (1999). The arc of ambition: defining the leadership journey. Basic Books. p. 95. ISBN 9780738201030.{{cite book}}: CS1 maint: multiple names: authors list (link)
  15. ^ Dessler, Phillips, Gary, Jean (2007). Managing Now. Cengage Learning. p. 6. ISBN 9780618741632.{{cite book}}: CS1 maint: multiple names: authors list (link)
  16. ^ Michael, Duane, Robert, Hitt, Ireland, Hoskisson (2006). Strategic management: competitiveness and globalization. Cengage South-Western. p. 82. ISBN 9780324316940.{{cite book}}: CS1 maint: multiple names: authors list (link)
  17. ^ Griffith, Jim (2007). The Official eBay Bible: The Newly Revised and Updated Version of the Most Comprehensive eBay How-To Manual for Everyone from First-Time Users to eBay Experts. Penguin Group (USA). p. 257. ISBN 9781592403011.
  18. ^ Friedman, Thomas L. (2007). The world is flat: a brief history of the twenty-first century. Picador. p. 619. ISBN 9780312425074.
  19. ^ Mehta, Seema. Meg Whitman reportedly shoved EBay employee in 2007. Los Angeles Times. June 15, 2010.
  20. ^ Stone, Brad. Settlement Was Paid in Whitman Shoving Incident. The New York Times. June 14, 2010.
  21. ^ Verne Kopytoff (January 24, 2008). San Francisco Chronicle. {{cite news}}: Missing or empty |title= (help); Text "title:Whitman quits eBay CEO post as of March 31" ignored (help)
  22. ^ Lifsher, Marc (January 6, 2009). "Ex-EBay chief Meg Whitman quits board seats". Los Angeles Times. Tribune Company. {{cite news}}: Unknown parameter |access date= ignored (|access-date= suggested) (help)
  23. ^ Bain & Company (October 1, 2001). "Meg Whitman joins Goldman Sachs' Board of Directors". Bain & Company.
  24. ^ Kane, Margaret (December 20, 2002). "Whitman resigns from Goldman Sachs board". cnet.com.
  25. ^ Lance Williams and Carla Marinucci (April 10, 2010). "Whitman's fortune entwined with Goldman Sachs". californiawatch.org.
  26. ^ West, Jackson (July 15, 2009). "Dirty Dot Com Deals May Doom Whitman Campaign". nbcbayarea.com.
  27. ^ "MTP transcript for Oct. 21, 2007 - Meet the Press, online at MSNBC - MSNBC.com". MSNBC. 2007-10-21. Retrieved 2010-05-27.
  28. ^ Kirkpatrick, David D. (April 3, 2007). "Romney Reaps $20 Million to Top G.O.P. Rivals". The New York Times. Retrieved May 12, 2010.
  29. ^ "Election Center 2008: Candidates - Election & Politics News from CNN.com". CNN. Retrieved May 12, 2010.
  30. ^ "John McCain 2008 - John McCain for President". Johnmccain.com. Retrieved 2010-05-27.
  31. ^ Reuters (2008). McCain, Obama discuss possible Treasury secretary picks. Retrieved October 8, 2008.
  32. ^ "Meg Whitman at". Newsmeat.com. 2010-05-19. Retrieved 2010-05-27.
  33. ^ Weigel, David. "Washingtonindependent.com". Washingtonindependent.com. Retrieved 2010-05-27.
  34. ^ Marinucci, Carla (2009-10-02). "''San Francisco Chronicle''". Sfgate.com. Retrieved 2010-05-27.
  35. ^ McLaughlin, Ken (November 16, 2009‎). "Campbell takes Silicon Valley in new San Jose State poll". San Jose Mercury News. Retrieved December 26, 2009. {{cite news}}: Check date values in: |date= (help)
  36. ^ [1], Meg Whitman Talks Tough And Pledges "No New Taxes": A Conversation With the Woman Who Would Be Governor, Hugh Hewitt. ‎September 24, 2009‎
  37. ^ Gardner, Michael (October 5, 2009). "Emissions initiative in Whitman's cross hairs". San Diego Union Tribune. Retrieved 2009-10-05.
  38. ^ "Whitman says she'd suspend 'green' initiative". San Diego Union Tribune. September 24, 2009. Retrieved 2009-09-24.
  39. ^ Marinucci, Carla & Garofoli, Joe"Lots of tough talk at state GOP convention". San Francisco Chronicle. Sunday, March 14, 2010. Retrieved 2010-03-15. {{cite news}}: Check date values in: |date= (help)
  40. ^ [2], Meg Whitman: Let the water flow, Fresno Bee. June 12, 2009‎
  41. ^ a b Finnegan, Michael (February 11, 2009). "GOP gubernatorial candidate Whitman outlines stands". Los Angeles Times. Tribune Company. Retrieved 2009-02-22.
  42. ^ Marinucci, Carla (February 13, 2009). "Meg Whitman makes case on how she's different". San Francisco Chronicle. Hearst. Retrieved 2009-02-22.
  43. ^ "Steve Poizner and Rival Meg Whitman Square Off". KCBS-TV. May 2, 2010. Retrieved 2010-05-13.
  44. ^ "Meg Whitman to speak in Seal Beach".
  45. ^ Meg Whitman's voting record short, sparse Andrew McIntosh. The Sacramento Bee, September 24, 2009.
  46. ^ a b Whitman registered to vote in San Francisco, Santa Clara County, records show Andrew McIntosh. The Sacramento Bee, October 8, 2009.
  47. ^ Hewitt, Hugh (October 10, 2009). "Fun With "Journalists": Sacramento Bee Edition". The Hugh Hewitt Show. Retrieved 2009=11-20. {{cite news}}: Check date values in: |accessdate= (help)
  48. ^ Cillizza, Chris (October 10, 2009). "CA-Gov: Whitman Defends Handling of Vote Story". The Washington Post. Retrieved 2009=10-10. {{cite news}}: Check date values in: |accessdate= (help)
  49. ^ Finnegan, Michael (February 10, 2009). "Meg Whitman, EBay's former CEO, joins California governor's race". Los Angeles Times. Retrieved 2009=10-10. {{cite news}}: Check date values in: |accessdate= (help)
  50. ^ Collins, Terry (June 8, 2010). "Wealthy businesswomen energize Calif. GOP voters". Yahoo!News. Retrieved June 8, 2010.
  51. ^ Benner, Katie; Levinson, Eugenia; Arora, Rupali. "The Power 50". Fortune Magazine. {{cite news}}: Unknown parameter |access date= ignored (|access-date= suggested) (help)
  52. ^ "The 100 Best-Performing CEOs in the World". Harvard Business Review. January, 2010. Retrieved 2010-01-07. {{cite news}}: Check date values in: |date= (help)
  53. ^ "Fifty Faces That Shaped The Decade". The Financial Times. December 16, 2009. {{cite news}}: Unknown parameter |access date= ignored (|access-date= suggested) (help)
  54. ^ Lance Williams and Carla Marinucci (April 10, 2010). "Whitman's fortune entwined with Goldman Sachs". californiawatch.org.
  55. ^ Lance Williams and Carla Marinucci (April 10, 2010). "Whitman's fortune entwined with Goldman Sachs". californiawatch.org.
  56. ^ http://cbs5.com/politics/whitman.goldman.sachs.2.1659766.html
  57. ^ Lance Williams and Carla Marinucci (April 10, 2010). "Whitman's fortune entwined with Goldman Sachs". californiawatch.org.

Further reading

Certo, Samuel (2003). Modern Management. San Francisco: Ignatius Press. ISBN 9780130670892.

Whitman, Meg (2010). The Power of Many. San Francisco: Ignatius Press. ISBN 9780307591210.

Lewis, Elen (2007). Great Brand Stories: Ebay: the Story of a Brand That Taught Millions of People to Trust One Another. San Francisco: Ignatius Press. ISBN 9781905736102.

Carr-Ruffino, Norma (2004). The Promotable Woman. San Francisco: Ignatius Press. ISBN 9781564147769.

Cohen, Adam (2003). The Perfect Store. San Francisco: Ignatius Press. ISBN 9780316164931.

Thompson, John (2005). Strategic Management. San Francisco: Ignatius Press. ISBN 9781844800834.

Champy, James (2000). The Arc of Ambition. San Francisco: Ignatius Press. ISBN 9780738201030.

Dessler, Gary (2008). Managing Now!. San Francisco: Ignatius Press. ISBN 9780618741632.

Hitt, Michael (2007). Strategic Management. San Francisco: Ignatius Press. ISBN 9780324316940.

Griffith, Jim (2007). The Official Ebay Bible, Third Edition. San Francisco: Ignatius Press. ISBN 9781592403011.

Friedman, Thomas (2007). The World Is Flat. San Francisco: Ignatius Press. ISBN 9780312425074.

Business positions
Preceded by Chief Executive Officer of eBay
1998 – 2008
Succeeded by
President of eBay
1998 – 2008
Party political offices
Preceded by Republican nominee for Governor of California
2010
Succeeded by
Most recent