Paul Vollmer Applegarth (born April 21, 1946) is an American business executive, financial consultant, banker, and lawyer. He was the first chief executive officer of the

Millennium Challenge Corporation The Millennium Challenge Corporation (MCC) is a bilateral United States foreign aid agency established by the U.S. Congress in 2004. It is an independent agency separate from the State Department and USAID. It provides grants to countries that h ...

, President

George W. Bush George Walker Bush (born July 6, 1946) is an American politician who served as the 43rd president of the United States from 2001 to 2009. A member of the Republican Party, Bush family, and son of the 41st president George H. W. Bush, he ...

's flagship project to provide development aid to poor countries.

Early life

Applegarth was born in Wilkinsburg, Pennsylvania. He is the son of Alice (née Vollmer) and William "Bill" Francis Applegarth, an engineer, college professor, and manufacturer of air conditioners. The family moved to

Atlanta, Georgia Atlanta ( ) is the capital and most populous city of the U.S. state of Georgia. It is the seat of Fulton County, the most populous county in Georgia, but its territory falls in both Fulton and DeKalb counties. With a population of 498,715 ...

in 1947 where Applegarth was raised. He attended the Christ the King School, before going to the Marist School where he was manager of the football team and graduated in 1964. Applegarth attended

Yale University Yale University is a private research university in New Haven, Connecticut. Established in 1701 as the Collegiate School, it is the third-oldest institution of higher education in the United States and among the most prestigious in the wo ...

, receiving a B.A.

cum laude Latin honors are a system of Latin phrases used in some colleges and universities to indicate the level of distinction with which an academic degree has been earned. The system is primarily used in the United States. It is also used in some Sou ...

in economics, with a minor in corporate finance and development, in 1968. While there, he was a member of the fraternity of

St. Anthony Hall St. Anthony Hall or the Fraternity of Delta Psi is an American fraternity and literary society. Its first chapter was founded at Columbia University on , the Calendar of saints, feast day of Anthony the Great, Saint Anthony the Great. The frater ...

. From 1968 to 1970, he served as a lieutenant, then captain, in the

United States Army The United States Army (USA) is the land service branch of the United States Armed Forces. It is one of the eight U.S. uniformed services, and is designated as the Army of the United States in the U.S. Constitution.Article II, section 2, cla ...

during the

Vietnam War The Vietnam War (also known by #Names, other names) was a conflict in Vietnam, Laos, and Cambodia from 1 November 1955 to the fall of Saigon on 30 April 1975. It was the second of the Indochina Wars and was officially fought between North Vie ...

. He describes his role in Vietnam as "part

Peace Corps The Peace Corps is an independent agency and program of the United States government that trains and deploys volunteers to provide international development assistance. It was established in March 1961 by an executive order of President John F. ...

and part

Special Forces Special forces and special operations forces (SOF) are military units trained to conduct special operations. NATO has defined special operations as "military activities conducted by specially designated, organized, selected, trained and equip ...

." In addition to combat, he built schools and trained village chiefs. Applegarth received an M.B.A. from

Harvard Business School Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston, Massachusetts. It is consistently ranked among the top business schools in the world and offers a large full-time MBA p ...

and a J.D. from

Harvard Law School Harvard Law School (Harvard Law or HLS) is the law school of Harvard University, a private research university in Cambridge, Massachusetts. Founded in 1817, it is the oldest continuously operating law school in the United States. Each class ...

in 1974. He received First Year Honors and was a

Baker Scholar Harvard Business School (HBS) is the graduate business school of Harvard University, a private research university in Boston, Massachusetts. It is consistently ranked among the top business schools in the world and offers a large full-time MBA ...

from

Career

Applegarth began his career with

World Bank The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Interna ...

in 1974, remaining there until 1983. From 1981 through 1982, he was a

White House Fellow The White House Fellows program is a federal fellowship program established via Executive Order by President of the United States Lyndon B. Johnson in October 1964, based upon a suggestion from John W. Gardner, then the president of Carnegie Corp ...

. He worked for

Secretary of Defense A defence minister or minister of defence is a cabinet official position in charge of a ministry of defense, which regulates the armed forces in sovereign states. The role of a defence minister varies considerably from country to country; in som ...

Robert McNamara Robert Strange McNamara (; June 9, 1916 – July 6, 2009) was an American business executive and the eighth United States Secretary of Defense, serving from 1961 to 1968 under Presidents John F. Kennedy and Lyndon B. Johnson. He remains the Lis ...

at the

International Finance Corporation The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries. The IFC is a member of t ...

(IFC). He was also a senior advisor to Secretary of State

Colin Powell Colin Luther Powell ( ; April 5, 1937 – October 18, 2021) was an American politician, statesman, diplomat, and United States Army officer who served as the 65th United States Secretary of State from 2001 to 2005. He was the first African ...

at the

United States Department of State The United States Department of State (DOS), or State Department, is an executive department of the U.S. federal government responsible for the country's foreign policy and relations. Equivalent to the ministry of foreign affairs of other n ...

. He worked at

Bank of America The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank w ...

San Francisco San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...

as head of North American investment banking and head of the global project finance business from 1983 to 1986. He was also a financier with

American Express American Express Company (Amex) is an American multinational corporation specialized in payment card services headquartered at 200 Vesey Street in the Battery Park City neighborhood of Lower Manhattan in New York City. The company was found ...

Lehman Brothers Lehman Brothers Holdings Inc. ( ) was an American global financial services firm founded in 1847. Before Bankruptcy of Lehman Brothers, filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Gol ...

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 ...

from 1987 to 1994. Applegarth was a loaned executive, becoming the chief financial officer of the

United Way of America United Way is an international network of over 1,800 local nonprofit fundraising affiliates. United Way was the largest nonprofit organization in the United States by donations from the public, prior to 2016. United Way organizations raise funds ...

and helping the nonprofit recover from a financial scandal. In 1994, He became managing director of the Emerging Markets Partnership, working in

England England is a country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest and the Celtic Sea to the southwest. It is separated from continental Europe b ...

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...

, and

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, Na ...

until 2003. Applegarth was managing director and chief operating officer of the Emerging Africa Infrastructure Fund from 2001 to 2002. Sponsored by European governments, this fund combined private sector money with public funding to build power plants, roads, and other infrastructure in

Sub-Saharan Africa Sub-Saharan Africa is, geographically, the area and regions of the continent of Africa that lies south of the Sahara. These include West Africa, East Africa, Central Africa, and Southern Africa. Geopolitically, in addition to the List of sov ...

. Applegarth then became chief executive officer of the consulting firm, Value Enhancement International. In 2004,

President George W. Bush George Walker Bush (born July 6, 1946) is an American politician who served as the 43rd president of the United States from 2001 to 2009. A member of the Republican Party, Bush family, and son of the 41st president George H. W. Bush, he ...

appointed Applegarth as the first chief executive officer of the

(MCC). A new approach to

foreign aid In international relations, aid (also known as international aid, overseas aid, foreign aid, economic aid or foreign assistance) is – from the perspective of governments – a voluntary transfer of resources from one country to another. Ai ...

, MCC was established as an independent government organization. It awarded grants to partners, some of the poorest countries in the world, who are committed to economic and political freedom. Applegarth said the job “represents a culmination of an awful lot I’ve done in my life. The job and the whole mission seemed to be made for me.” In June 2005, he announced that he would be stepping down from his

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 ...

position after just eleven months. He was a Senior Transatlantic Fellow at the

German Marshall Fund The German Marshall Fund of the United States (GMF) is a nonpartisan American public policy think tank that seeks to promote cooperation and understanding between North America and the European Union. Founded in 1972 through a gift from the We ...

from 2005 to 2006. In 2009, Applegarth joined Finnacle Financial Advisors, an international investment bank group.

Awards and honors

* Alumnus of Year, Marist School, 2000 *

White House Fellows The White House Fellows program is a federal fellowship program established via Executive Order by President of the United States Lyndon B. Johnson in October 1964, based upon a suggestion from John W. Gardner, then the president of Carnegie Cor ...

, 1981–1982 *

, 1974

Personal life

His family lived in

Greenwich, Connecticut Greenwich (, ) is a New England town, town in southwestern Fairfield County, Connecticut, United States. At the 2020 United States Census, 2020 census, the town had a total population of 63,518. The largest town on Connecticut's Gold Coast (Conne ...

. However, they moved to

Naples, Florida Naples is a city in Collier County, Florida, United States. As of the 2020 census, the population of the historical city (i.e. in the immediate vicinity of downtown Naples) was 19,115. Naples is a principal city of the Naples-Marco Island, Flori ...

sometime before 2015. He is president of The Applegarth Tubman Medicine Hill Preservation and Educational Foundation in

Maryland Maryland ( ) is a state in the Mid-Atlantic region of the United States. It shares borders with Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware and the Atlantic Ocean to ...

. He speaks

Chinese Chinese can refer to: * Something related to China * Chinese people, people of Chinese nationality, citizenship, and/or ethnicity **''Zhonghua minzu'', the supra-ethnic concept of the Chinese nation ** List of ethnic groups in China, people of va ...

French French (french: français(e), link=no) may refer to: * Something of, from, or related to France ** French language, which originated in France, and its various dialects and accents ** French people, a nation and ethnic group identified with Franc ...

Spanish Spanish might refer to: * Items from or related to Spain: **Spaniards are a nation and ethnic group indigenous to Spain **Spanish language, spoken in Spain and many Latin American countries **Spanish cuisine Other places * Spanish, Ontario, Cana ...

, Tagalog, and

Vietnamese Vietnamese may refer to: * Something of, from, or related to Vietnam, a country in Southeast Asia ** A citizen of Vietnam. See Demographics of Vietnam. * Vietnamese people, or Kinh people, a Southeast Asian ethnic group native to Vietnam ** Overse ...

References

External sources

Paul Applegate C–SPAN interview
{{DEFAULTSORT:Applegarth, Paul Vollmer 1946 births Living people People from Wilkinsburg, Pennsylvania People from Atlanta Marist School (Georgia) alumni American Catholics Yale College alumni St. Anthony Hall United States Army soldiers Harvard Law School alumni Harvard Business School alumni American lawyers World Bank people White House Fellows People from Greenwich, Connecticut Bank of America executives Lehman Brothers people