Darla Dee Moore (born August 1, 1954) is an American investor and philanthropist. She is the former president and a partner of the private investment firm Rainwater Inc. and was married to
Richard Rainwater
Richard Edward Rainwater (June 15, 1944 – September 27, 2015) was an American investor and philanthropist. With an estimated net worth of $3 billion, he ranked 211th on the Forbes 400 in 2015.
His investing style was described as "analytically ...
, who founded the firm.
Early life and education
Moore was born in
Lake City, South Carolina
Lake City is a city in Florence County, South Carolina, United States. The population was 6,675 at the 2010 census. Located in central South Carolina, it is south of Florence and included as part of the Florence Metropolitan Statistical Area.
Hist ...
, to Eugene and Loraine Moore. She was one of two daughters and was born on a farm that produced cotton, soybean, and tobacco. Her father was a schoolteacher and coach and her mother worked at the Methodist Church.
In 1972, Moore completed her high school education from Lake City High school.
She graduated at the
University of South Carolina in 1975 with a
BA in
political science
Political science is the scientific study of politics. It is a social science dealing with systems of governance and power, and the analysis of political activities, political thought, political behavior, and associated constitutions and la ...
.
Career
Early career
Moore started her career in 1976, working for the Republican National Committee in
Washington, D.C.
)
, image_skyline =
, image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...
, but decided that politics was not the field she wanted to pursue.
In 1981, Moore then received an
MBA
A Master of Business Administration (MBA; also Master's in Business Administration) is a postgraduate degree focused on business administration. The core courses in an MBA program cover various areas of business administration such as accounti ...
from
George Washington University
, mottoeng = "God is Our Trust"
, established =
, type = Private federally chartered research university
, academic_affiliations =
, endowment = $2.8 billion (2022)
, preside ...
, three years after graduating from the University of South Carolina, and joined the training program at the
Chemical Bank
Chemical Bank was a bank with headquarters in New York City from 1824 until 1996. At the end of 1995, Chemical was the third-largest bank in the U.S., with about $182.9 billion in assets and more than 39,000 employees around the world.
Beginning ...
.
She eventually served as vice-chair and subsequently as the bank's managing director.
During the 1980s, Moore made a name for herself while providing
debtor-in-possession
A debtor in possession or DIP in United States bankruptcy law is a person or corporation who has filed a bankruptcy petition, but remains in possession of property upon which a creditor has a lien or similar security interest. A debtor becomes the ...
financing
Funding is the act of providing resources to finance a need, program, or project. While this is usually in the form of money, it can also take the form of effort or time from an organization or company. Generally, this word is used when a firm uses ...
for companies going through the bankruptcy process, specializing in bankruptcy takeovers for the company.
In 1996, after running the company that he founded into deep financial trouble,
T. Boone Pickens
Thomas Boone Pickens Jr. (May 22, 1928 – September 11, 2019) was an American business magnate and financier. Pickens chaired the hedge fund BP Capital Management. He was a well-known takeover operator and corporate raider during the 1980 ...
was removed by Moore as the head of Mesa Inc, which mainly dealt with the production of oil and natural gas. Once in control, she then proceeded to make a profit off the company after investing a total of 66 million dollars.
Moore was recognized in several media outlets including ''Forbes'', ''Fortune'', ''Working Woman'', ''Worth'', ''The Wall Street Journal'', and CNN.
Her cover on ''Fortune'' magazine called her "The Toughest Babe in Business".
She is credited with dismissing future Florida Governor
Rick Scott
Richard Lynn Scott ( Myers, born December 1, 1952) is an American politician serving as the junior United States senator from Florida since 2019. A member of the Republican Party, he was the 45th governor of Florida from 2011 to 2019.
Scott ...
from
Columbia/HCA
HCA Healthcare is an American for-profit operator of health care facilities that was founded in 1968. It is based in Nashville, Tennessee, and, as of May 2020, owns and operates 186 hospitals and approximately 2,000 sites of care, including sur ...
when a Medicare-related scandal broke.
Later career (Rainwater, Inc.)
In 1998, Moore took charge of Rainwater, Inc. She served as vice president during the early stages of her marriage to Rainwater and was named president of the company in 1993.
A 1997 article in CNN Money by Patricia Sellers states: "To get a picture of Darla Moore, imagine, say, a cross between the Terminator and Kim Basinger, with a wicked South Carolina drawl. Upon first meeting, she can come across as a prima donna, tough and aloof. As she warms up she can turn fun and flirty, even girlish, though the shift is deceptive."
Moore served as vice president of Rainwater Inc. until 2012.
Foundations
Moore started the
Darla Moore Foundation and
Charleston Parks Conservancy Charleston Parks Conservancy is a non-profit group supporting park renovations, improvements, and restorations in Charleston, South Carolina. It was founded in 2007 and is funded by donations. The Conservancy was started by local businesswoman Darl ...
.
Additional affiliations and memberships
Moore has served on the boards of various organizations, including:
* Hospital Organization of America
*
Martha Stewart Living Omnimedia
Martha Stewart Living Omnimedia Inc. (MSLO) is a diversified media and merchandising company founded by Martha Stewart and owned by Marquee Brands LLC since April 2019. It is organized into four business segments: publishing, Internet, broadcasti ...
*
South Financial Group
The South Financial Group, originally known as Carolina First Corporation, was a bank holding company headquartered in Greenville, South Carolina. The South Financial Group was the parent company of Carolina First, with branch locations in Nort ...
*
The University of South Carolina
*
MPS Group
The Adecco Group North America, based in Jacksonville, Florida, provides professional recruiting, staffing, consulting and business services to various industries in the United States, Canada, the United Kingdom, Europe, Australia and Asia. For 2 ...
*National Advisory Board of
JP Morgan
JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the wo ...
*Vice Chair on the Board of Trustees
New York University School of Medicine
NYU Grossman School of Medicine is a medical school of New York University, a private research university in New York City. It was founded in 1841 and is one of two medical schools of the university, with the other being the Long Island School of ...
*
Teach for America
She currently serves on the following boards:
*
Culture Shed
Philanthropy
Moore has given many gifts to institutions that benefit the public. Most notable are her donations to her alma mater, the University of South Carolina, which combined constitute nearly a record-breaking amount for a private donation to a business school.
Some of her gifts are:
*1998 — $25 million to the business school at the
University of South Carolina, which renamed it the
Moore School of Business
The Darla Moore School of Business is the official business school of the University of South Carolina. Founded in 1919, the Moore School is located in Columbia, South Carolina and currently enrolls over 5,500 undergraduate and 800 graduate stu ...
; In addition to the Moore School of Business at the University of South Carolina, Moore also has a summer business program and camp called the Wachovia Scholars Business for high school students to attend.
*2002 — Founded the Palmetto Institute, an independent non-profit organization focused on increasing the wealth of every person in South Carolina.
*2003 — $10 million to the School of Education at
Clemson University
Clemson University () is a public land-grant research university in Clemson, South Carolina. Founded in 1889, Clemson is the second-largest university in the student population in South Carolina. For the fall 2019 semester, the university enro ...
; the university has renamed the school the Eugene T. Moore School of Education in honor of her father, a Clemson alumnus and former teacher, coach, and principal in Lake City; Darla Moore's gift to Clemson's education program and the legacy of her father pushed for the start of a Creative Inquiry Program at Clemson University in the fall of 2013 called the Moore Scholars Program. The purpose of this program is for education students at Clemson University to participate in case studies and research regarding underprivileged schools and students.
*2005 — an additional $45 million to the
Moore School of Business
The Darla Moore School of Business is the official business school of the University of South Carolina. Founded in 1919, the Moore School is located in Columbia, South Carolina and currently enrolls over 5,500 undergraduate and 800 graduate stu ...
.
*2011 — $5 million to the McNair Center for Aerospace Innovation and Research Center at the
University of South Carolina.
*2012 — $1 Million to Claflin University Music Department When giving this award, Moore stated, "This is an investment, and with investments, you not only expect a return, you do your homework up front to ensure you get a solid return. This is what I desire with my investment- the opportunity to open the door to success to as many young people as possible."
*2013 — Undisclosed amount to the ArtFields Art Festival (anticipated to be an annual event celebrating artists in the Southeastern states) in her hometown of Lake City, South Carolina.
Awards and recognition
''Fortune'' magazine named Moore one of the ''50 Most Powerful Women In Business'' in 1998 and 1999. Additionally in 1998, Moore was presented with the Order of the Palmetto.
In 2005, Moore was named Business Leader of the Year by the South Carolina Chamber of Commerce and in 2007, she was inducted into the South Carolina Business Hall of Fame.
In 1997, Moore became the first woman to be on the cover o
Fortuneas "The Toughest Babe In Business" and was also named one of the Top 50 Most Powerful Women in American Business by the publication.
Miscellaneous
In 2011,
Governor Nikki Haley removed Moore from the University of South Carolina board. Moore was replaced with Tommy Cofield. In response, Moore stated, "I don't need a title or position to speak out. I just need a voice, my vision and a forum to be heard…".
During this time, she convinced Governor Haley and the South Carolina state legislature to match her donation of five million dollars to a new aerospace center at the University of South Carolina, which was named in honor of Dr. Ronald McNair, who died aboard the Space Shuttle Challenger mission of 1986 and was originally from the city of Lake City, South Carolina.
In 2012, Moore and former Secretary of State
Condoleezza Rice
Condoleezza Rice ( ; born November 14, 1954) is an American diplomat and political scientist who is the current director of the Hoover Institution at Stanford University. A member of the Republican Party, she previously served as the 66th Uni ...
became the first two female members of
Augusta National Golf Club
Augusta National Golf Club, sometimes referred to as Augusta or the National, is a golf club in Augusta, Georgia, United States. Unlike most private clubs which operate as non-profits, Augusta National is a for-profit corporation, and it does no ...
.
Prior to her invitation, Moore was known to have a friendship with one of the former chairmen of Augusta, Hootie Johnson. It was her husband, Rainwater, who originally introduced Moore to the game of golf, after they first met in the early 1990s. Moore has described her excitement to join the club in a statement to ''The New York Times'', stating:
I am honored to have accepted an invitation to join Augusta National Golf Club ... Augusta National has always captured my imagination, and is one of the most magically beautiful places in the world, as everyone gets to see during the Masters each April. I am fortunate to have many friends who are members at Augusta National, so to be asked to join them as a member represents a very happy and important occasion in my life. Above all, Augusta National and the Masters tournament have always stood for excellence, and that is what is so important to me. I am extremely grateful for this privilege.
Personal life
Moore met Richard Rainwater on a business trip to Texas.
In 1991, they were married in New York City in Park Avenue's
Brick Presbyterian Church.
Rainwater's net worth almost tripled due to his marriage to Moore, whose net worth was estimated at $2.3 billion in 2012.
From 2001 forward Moore and Rainwater lived separately, she in
South Carolina
)''Animis opibusque parati'' ( for, , Latin, Prepared in mind and resources, links=no)
, anthem = " Carolina";" South Carolina On My Mind"
, Former = Province of South Carolina
, seat = Columbia
, LargestCity = Charleston
, LargestMetro = ...
, he in
Texas
Texas (, ; Spanish language, Spanish: ''Texas'', ''Tejas'') is a state in the South Central United States, South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2 ...
and
California
California is a U.S. state, state in the Western United States, located along the West Coast of the United States, Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the List of states and territori ...
. In March 2011, a court declared him incapacitated as a result of his battle with progressive
supranuclear palsy (PSP), and his youngest child, Matthew, became his legal guardian. As his illness progressed, Rainwater's primary caregiver was his brother Walter until around-the-clock nursing care became necessary.
Rainwater died September 27, 2015. He was survived by his former wife, his son Todd, and two other children, Matthew and Courtney, from an earlier marriage.
Since around 2008, Moore spends most of her time in Lake City in a house built on a plantation that has been in the Moore family for six generations (in recent years she has invested around $100 million into the city). Moore has turned the farmland of her property into the
Moore Farms Botanical Garden
Moore Farms Botanical Garden is a botanical garden located in Lake City, South Carolina in the Pee Dee region. Founded in 2002, the garden consists of of cultivated gardens and pastoral fields. It also serves as a center for research, education, a ...
.
She also owns homes in
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
,
Folsom, California
Folsom is a city in Sacramento County, California, United States. It is commonly known for Folsom State Prison, the song "Folsom Prison Blues" by Johnny Cash, as well as for Folsom Lake. The population was 80,454 at the 2020 census.
Folsom is pa ...
, and
Charleston, South Carolina
Charleston is the largest city in the U.S. state of South Carolina, the county seat of Charleston County, and the principal city in the Charleston–North Charleston metropolitan area. The city lies just south of the geographical midpoint o ...
. Her hobbies include being a collector, mostly of 18th-century French furniture and rare books. In addition, Moore enjoyed riding with her husband in his
1957 Chevy
The 1957 Chevrolet is a car that was introduced by Chevrolet in September 1956 for the 1957 model year. It was available in three series models: the upscale Bel Air, the mid-range Two-Ten, and the One-Fifty. A two-door station wagon, the ...
, an iconic automobile, before his illness began.
Moore has one sister, Lisa.
References
External links
''Inc.'' magazine profilePortrait of Moore from a presentation at a Wharton School executive series presentation.Includes further references.
Biographical sketch from Clemson University's Eugene T. Moore School of Education.Darla Moore , The Moore School of Business , University of South Carolina
{{DEFAULTSORT:Moore, Darla
1954 births
Living people
People from Lake City, South Carolina
American bankers
American investors
American money managers
Philanthropists from South Carolina
American women bankers
Washington, D.C., Republicans
South Carolina Republicans
American women investors
University of South Carolina alumni
George Washington University School of Business alumni
20th-century American philanthropists
20th-century American businesswomen
20th-century women philanthropists