![DeryckMaughan](https://upload.wikimedia.org/wikipedia/commons/f/f6/DeryckMaughan.jpg)
Sir Deryck Charles Maughan (born 20 December 1947) is an English businessman.
Early life
Maughan was born in
Consett
Consett is a town in County Durham, England, about south-west of Newcastle upon Tyne. It had a population of 27,394 in 2001 and an estimate of 25,812 in 2019.
History
Consett sits high on the edge of the Pennines. Its' name originates in the ...
,
County Durham
County Durham ( ), officially simply Durham,UK General Acts 1997 c. 23Lieutenancies Act 1997 Schedule 1(3). From legislation.gov.uk, retrieved 6 April 2022. is a ceremonial county in North East England.North East Assembly â€About North East E ...
to a
working class
The working class (or labouring class) comprises those engaged in manual-labour occupations or industrial work, who are remunerated via waged or salaried contracts. Working-class occupations (see also " Designation of workers by collar colou ...
family.
His father worked as a coal miner.
He moved with his parents to
Richmond, North Yorkshire
Richmond is a market town and civil parish in North Yorkshire, England, and the administrative centre of the district of Richmondshire. Historically in the North Riding of Yorkshire, it is from the county town of Northallerton and situated on t ...
, where they managed the Fleece Hotel.
He attended
Richmond Grammar School.
Maughan won a
scholarship
A scholarship is a form of financial aid awarded to students for further education. Generally, scholarships are awarded based on a set of criteria such as academic merit, diversity and inclusion, athletic skill, and financial need.
Scholarsh ...
and studied
sociology
Sociology is a social science that focuses on society, human social behavior, patterns of Interpersonal ties, social relationships, social interaction, and aspects of culture associated with everyday life. It uses various methods of Empirical ...
and
geography
Geography (from Greek: , ''geographia''. Combination of Greek words ‘Geo’ (The Earth) and ‘Graphien’ (to describe), literally "earth description") is a field of science devoted to the study of the lands, features, inhabitants, and ...
at
King's College London
King's College London (informally King's or KCL) is a public research university located in London, England. King's was established by royal charter in 1829 under the patronage of King George IV and the Duke of Wellington. In 1836, King's ...
.
He then earned a MS from
Stanford Graduate School of Business
The Stanford Graduate School of Business (also known as Stanford GSB) is the graduate business school of Stanford University, a private research university in Stanford, California. For several years it has been the most selective business schoo ...
in 1978, where he was a
Harkness Fellow
The Harkness Fellowship (previously known as the Commonwealth Fund Fellowship) is a program run by the Commonwealth Fund of New York City. This fellowship was established to reciprocate the Rhodes Scholarships and enable Fellows from several coun ...
.
Career
Maughan worked at
HM Treasury
His Majesty's Treasury (HM Treasury), occasionally referred to as the Exchequer, or more informally the Treasury, is a department of His Majesty's Government responsible for developing and executing the government's public finance policy and ec ...
from 1969.
Considered the most elite of the British civil services, Maughan was one of only three men hired to join that year.
He went to work as a bond salesman at the London office of
Goldman Sachs
Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...
from 1979 to 1983.
Maughan left Goldman Sachs for
Salomon Brothers
Salomon Brothers, Inc., was an American multinational bulge bracket investment bank headquartered in New York. It was one of the five largest investment banking enterprises in the United States and the most profitable firm on Wall Street duri ...
in
New York
New York most commonly refers to:
* New York City, the most populous city in the United States, located in the state of New York
* New York (state), a state in the northeastern United States
New York may also refer to:
Film and television
* '' ...
from 1983, where he worked as an international bond sales manager.
Salomon Brothers promoted Maughan to managing director of their small Asian subsidiary in 1986.
It was here then Maughan made his reputation, as Solomon Brothers Asia grew into one of the top five
securities
A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...
firms in Japan, eventually accounting for 15 to 20 percent of Salomon Brothers profits.
Maughan returned to New York from 1991.
Following a corporate scandal, acting-chairman and largest shareholder
Warren Buffett
Warren Edward Buffett ( ; born August 30, 1930) is an American business magnate, investor, and philanthropist. He is currently the chairman and CEO of Berkshire Hathaway. He is one of the most successful investors in the world and has a net w ...
promoted Maughan to chairman and
CEO
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
of Salomon Brothers from 1992 to 1997.
Maughan was tasked with turning around the reputation of Solomon Brothers. He streamlined the business, with the loss of 150 jobs.
Maughan also cut his salary, managing Solomon Brothers for less than he had earned as manager of the Asian operations.
Buffett has latterly been ebullient in his praise of Maughan, describing him as "my smartest hire".
Buffett also said: "Deryck Maughan came in and I put him in total charge of running Salomon Brothers. And everything he did, you know, was perfect ... He was working 15-hour days. He never asked for any extra compensation of any kind."
During his tenure at Salomon Brothers, Maughan was profiled in ''
New York Magazine
''New York'' is an American biweekly magazine concerned with life, culture, politics, and style generally, and with a particular emphasis on New York City. Founded by Milton Glaser and Clay Felker in 1968 as a competitor to ''The New Yorker'', ...
'' as ""investment banking's
Hamlet
''The Tragedy of Hamlet, Prince of Denmark'', often shortened to ''Hamlet'' (), is a tragedy written by William Shakespeare sometime between 1599 and 1601. It is Shakespeare's longest play, with 29,551 words. Set in Denmark, the play depicts ...
", boasting and optimistic and yet curiously passive and melancholic."
Maughan served as Vice-Chairman of the
New York Stock Exchange
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...
from 1996 to 2000.
Maughan became Vice Chairman of
Citigroup
Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking ...
and CEO of Citigroup International from 1998 to 2004.
Maughan resigned his position in 2004 after regulators discovered fraud and insufficient checks against money laundering at the Japanese subsidiary.
From 2005 Maughan was the chairman of the Asian subsidiary of
Kohlberg Kravis Roberts & Co
KKR & Co. Inc., also known as Kohlberg Kravis Roberts & Co., is an American global investment company that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit, and, through its strateg ...
.
Maughan was appointed a director of
BlackRock
BlackRock, Inc. is an American Multinational corporation, multi-national investment company based in New York City. Founded in 1988, initially as a Enterprise risk management, risk management and fixed income institutional asset manager, BlackR ...
in 2006. He also served as a director of GlaxoSmithKline from 2004 to 2016
and Thomson Reuters from 2005.
Maughan retired in 2019.
Personal life
Deryck Maughan married Lorraine V Hannemann, the sister of
Mufi Hannemann
Muliufi Francis Hannemann (born July 16, 1954) is an American politician, businessman, and non-profit executive. He was elected twice as Mayor of Honolulu in 2004 and 2008. Hannemann has served as a special assistant in Washington, D.C., with t ...
, in
Hawaii
Hawaii ( ; haw, Hawaii or ) is a state in the Western United States, located in the Pacific Ocean about from the U.S. mainland. It is the only U.S. state outside North America, the only state that is an archipelago, and the only stat ...
in 1981.
Maughan is a Trustee of the British Museum
and serves on an Advisory Council at
Stanford University
Stanford University, officially Leland Stanford Junior University, is a private research university in Stanford, California. The campus occupies , among the largest in the United States, and enrolls over 17,000 students. Stanford is consider ...
. He has also served as a Trustee of Lincoln Center, Carnegie Hall and NYU Langone Medical Center. The
Maughan Library
The Maughan Library () is the main university research library of King's College London, forming part of the Strand Campus. A 19th-century neo-Gothic building located on Chancery Lane in the City of London, it was formerly the home to the headq ...
of King's College is named after him.
Honours
Maughan was knighted by Her Majesty the Queen in 2002 for his contribution to British interests in the United States.
References
{{DEFAULTSORT:Maughan, Deryck Charles
1947 births
Living people
British businesspeople
British philanthropists
Alumni of King's College London
Stanford Graduate School of Business alumni
Harkness Fellows
British expatriates in the United States
Knights Bachelor
Stanford Sloan Fellows
GSK plc people
People from Consett