Gary Winnick
 | This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these template messages)
|
Gary Winnick is an American billionaire businessman, industrialist, and investment banker.[1] He is the chairman and CEO of Winnick & Company, a private equity firm that he originally established as Pacific Capital Group in 1985.[2] He founded WCO Spectrum in 2020, which invests in wireless spectrum licenses in the United States.[3][4]
Early life
Winnick was raised in a Jewish family on Long Island, New York, son of Blanche and Arnold Winnick.[5] His father owned a restaurant supply business in the greater New York Metropolitan Area.
Gary Winnick | |
|---|---|
| Born | October 13, 1947 New York City, U.S. |
| Education | B.A. C.W. Post College, Long Island University (LIU Post) |
| Occupation | Financier |
| Known for | Senior Vice President, Drexel Burnham Lambert, Founder and Chairman, Global Crossing, Chairman, Winnick & Company |
| Spouse | Karen Winnick |
| Children | 3 |
Winnick’s first business was a snow-removal operation when he was 12 years old, employing other children in his neighborhood to clear local roads and driveways.
Winnick attended public schools in Long Island and graduated from Roslyn High School in Roslyn, New York, in 1965. He attended CW Post College, graduating in 1969.[6][7]
Investment career
Winnick’s first job in financial services was as a bond salesman with Drexel Burnham Lambert. In 1978, he joined the staff of Michael Milken at Drexel’s high-yield bond operation in California.[8][9]
Winnick’s work at Drexel provided initial capital and mid-cap financing to new U.S. companies in the fields of telecommunications, healthcare and gaming. Winnick is also credited with proposing the design of the California unit’s X-shaped trading desk in Beverly Hills.
In 1985, Winnick founded his own private equity firm which for nearly 40 years has provided capital and leadership to companies in a wide range of industries, including telecommunications, financial services, healthcare, real estate, consumer products, digital technologies, and entertainment.
In 1998, Winnick founded the first of two companies that would go on to build and operate the first global fiber optic network, connecting four continents by advanced undersea cables and managing an owned network in more than 50 countries and connections to more than 70 countries in North America, Europe, Latin America and Asia.[10][11] The company he co-founded filed for bankruptcy in 2002 amid allegations of accounting fraud and other financial irregularities. Winnick was not accused of any wrongdoing in relation to the bankruptcy,[12] and he settled a lawsuit related to the case for $55 million without admitting guilt.[13]
In 1996, Winnick formed a partnership the AFL-CIO that was responsible for recovering the Playa Vista development in Los Angeles, the largest new planned community to be established on the Westside of Los Angeles in more than 50 years.
Personal life
Winnick is married to Karen B. Winnick, chairman of the Los Angeles Zoo Commission and author of more than a dozen books for children.[14] The two recently celebrated their 50th anniversary of their marriage. The couple have three sons: venture capital investor Adam Winnick, fashion-brand founder Matthew Winnick, and attorney Alexander Winnick. Gary and Karen Winnick have eight grandchildren.
In 2000, Winnick and his wife purchased and restored Casa Encantada, the former Conrad Hilton estate – a 40,000-square-foot, 1930s-era trophy property in the Bel Air neighborhood of Los Angeles.[15]
Philanthropy
The Winnick Family Foundation, founded by Karen B. Winnick and Gary Winnick in 1983, focuses on giving in the areas of education, literacy, health care, art, culture, animal welfare and the needs of the worldwide Jewish community.[16][17][18]
In May 2000, Gary Winnick received the Simon Wiesenthal Center’s highest honor, its Humanitarian Laureate Award. He also sat on the boards of directors of the U.S. Chamber of Commerce, Hillel International, and the Special Olympics.
Mr. Winnick has been a member of the Board of Trustees of the Museum of Modern Art (MoMA) for more than 20 years, one of the premiere arts institutions in the world.
He has received an Honorary doctorate from his alma mater, the C.W. Post Campus of Long Island University.
References
- ^ "The $20 billion crumb". Forbes. Retrieved May 2, 2023.
- ^ "Gary Winnick, Winnick & Company: Profile and Biography". Bloomberg.com. Retrieved May 2, 2023.
- ^ Dano, Mike (July 15, 2022). "Gary Winnick takes aim at spectrum licenses". lightreading.com.
{{cite web}}: CS1 maint: url-status (link) - ^ Hardesty, Linda (February 3, 2023). "T-Mobile clashes with 2.5 GHz spectrum owners". fiercewireless.com.
{{cite web}}: CS1 maint: url-status (link) - ^ "Gary Winnick Steps Out Front | Articles | Jewish Journal". web.archive.org. May 4, 2016. Retrieved May 2, 2023.
- ^ "LIU Magazine - Fall 2014 by Long Island University - Issuu". issuu.com. Retrieved May 2, 2023.
- ^ Pollak, Michael; Arenson, Karen W. (May 17, 2000). "BULLETIN BOARD". The New York Times. ISSN 0362-4331. Retrieved May 2, 2023.
- ^ "Wealthiest Angelenos". Los Angeles Business Journal. May 26, 2002. Retrieved May 2, 2023.
- ^ "LA500". Los Angeles Business Journal. Retrieved May 2, 2023.
- ^ Friedman, Thomas L. (2007). The world is flat : a brief history of the twenty-first century. Internet Archive. New York : Picador/Farrar, Straus and Giroux : Distributed by Holtzbrinck Publishers. ISBN 978-0-312-42507-4.
- ^ "Microsoft Partners with Softbank and Global Crossing to Increase Broadband Connectivity in Asia". web.archive.org. February 2, 2009. Retrieved May 2, 2023.
- ^ Gaither, Chris (December 14, 2004). "Founder Escapes Charges in Global Crossing Failure". Los Angeles Times. Retrieved May 2, 2023.
- ^ Lashinsky, Adam (October 28, 2002). "The Rise and Fall of Gary Winnick". Fortune. p. 1. Retrieved May 4, 2009.
- ^ "The Winnick Family Foundation Announces Major New Gift to Los Angeles Public Library | Reuters". web.archive.org. October 11, 2008. Retrieved May 2, 2023.
- ^ Beale, Lauren (February 20, 2013). "Bel-Air estate is said to be for sale at $225 million". Los Angeles Times. Retrieved May 2, 2023.
- ^ Wagener, Karen (April 4, 2008). "Philanthropist Gary Winnick Supports LA Police Foundation Community College Scholarship Program". archive.today.
{{cite web}}: CS1 maint: url-status (link) - ^ "Karen Winnick Appointed Chairwoman of Winnick Family Foundation". web.archive.org. July 2, 2016. Retrieved May 2, 2023.
- ^ authors (January 22, 2001). "The 2000 Slate 60: The 60 largest American charitable contributions of 2000". Slate. ISSN 1091-2339. Retrieved May 2, 2023.