Alden W. Clausen
|President of the World Bank Group|
July 1, 1981 – July 1, 1986
|Preceded by||Robert McNamara|
|Succeeded by||Barber Conable|
Alden Winship Clausen
February 17, 1923
Hamilton, Illinois, U.S.
|Died||January 21, 2013 (aged 89)|
Burlingame, California, U.S.
|Education||Carthage College (BA)|
University of Minnesota, Twin Cities (LLB)
Clausen was born in Hamilton, Illinois to a family of Norwegian and German ancestry. He was the son of Morton Clausen, owner, editor and publisher of the Hamilton Press, the town's weekly newspaper. His mother was Elsie Emma Kroll. He graduated from Carthage College in 1944 with a BA (and was awarded an honorary LLD in 1970), from the University of Minnesota Law School in 1949 with a LLB, and from Harvard University's Advanced Management Program in 1966.
Bank of America
Clausen was certified to practice law after graduating from the University of Minnesota Law School, but instead he got a job at the Bank of America in Los Angeles, California. He became Vice President in 1961, Senior Vice President in 1965, Executive Vice President in 1968, Vice Chairman of the Board in 1969, and President and CEO in 1970.
In 1981 Clausen was appointed President of the World Bank. He was replaced 5 years later by Barber Conable. His term as World Bank president saw the massive scaling up of structural adjustment lending that had been introduced under his predecessor Robert McNamara.
Return to Bank of America
Clausen returned to Bank of America as Chairman and CEO in 1986 but stepped back from an active executive role in 1990 to be Chairman of the Executive Committee. During his time at the bank he helped it grow to be the biggest commercial bank in the United States. Clausen was also a member of the Advisor Council of SRI International and was on the Board of Governors of United Way.
- A.W. Clausen Center for World Business at Carthage College in Kenosha, Wisconsin, is named in his honor.
- Clausen Center for International Business and Policy at the Haas School of Business, University of California, Berkeley was endowed by a gift from Peggy and Tom Clausen in 1995.
- Alden Winship ("Tom") Clausen, World Bank, Accessed November 27, 2010.
- Laurence Arnold (1923-02-17). "Tom Clausen, BofA, World Bank head, dies". SFGate. Retrieved 2013-01-24.
- "Tom Clausen, Bank of America CEO, World Bank Chief". BloombergBusiness. January 23, 2013. Retrieved August 19, 2015.
- "Bank of America Adds Senior Vice President". New York Times. 18 June 1965. Retrieved 14 February 2018 – via Proquest. (Subscription required (help)).
- Eric Skjei. "Alden Winship Clausen". Carthage College. Retrieved August 19, 2015.
- "A.W. Clausen Center for World Business". Carthage College. Retrieved August 19, 2015.
- "Clausen Center for International Business and Policy". Haas School of Business. January 23, 1998. Retrieved August 19, 2015.
| President of the World Bank Group
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