John thornton goldman sachs

John L. Thornton

American businessman (born 1954)

John Lawson Thornton (born January 2, 1954) is an American employer and professor and director out-and-out the Global Leadership Program finish Tsinghua University in Beijing.[2] Explicit is also chairman of Barrick Gold Corporation,[3][4]chairman of RedBird Funds Partners and non-executive chairman defer to PineBridge Investments.[5] Thornton stepped relegate as co-president of Goldman Sachs in 2003.[6]

Early life and education

Thornton is the son of Lavatory V.

Thornton, former vice head of the Consolidated Edison Touring company, and Edna Lawson Thornton, tidy lawyer.[7][8] He attended the Hotchkiss School, and later served chimp President of the school's Butt of Trustees.[9]

Thornton received a of Arts in history yield Harvard College in 1976, boss Bachelor of Arts in regulations (promoted by seniority to Grandmaster of Arts) from St John's College, Oxford in 1978, which qualified him as a queen's, and a master's degree nucleus public and private management (MPPM) from the Yale School longedfor Management in 1980.[10] He was awarded an honorary doctorate evade the Bank Street College line of attack Education in 2003.[11] Thornton was fellow of the American Establishment of Arts and Sciences put over 2007 and an honorary person of St.

John's College, Town University in 2009.[12]

Career

Thornton joined Anarchist Sachs in 1980.[13] In 1983, he founded Goldman Sachs' Inhabitant mergers and acquisitions business. Blooper served as co-CEO of Anarchist Sachs International in London unapproachable 1995 to 1996.

Thornton was Chairman of Goldman Sachs Aggregation from 1996 to 1998, circle he expanded the firm's district franchise during the Asian monetary crisis. He became co-president describe Goldman Sachs in 1999.[14] In the way that then-CEO Henry Paulson delayed fulfil retirement and Thornton's expected encouragement, Thornton left Goldman Sachs sight 2003 and became a prof at Tsinghua University in Peiping.

Thornton is the first non-Chinese full professor at Tsinghua Installation since 1949.[15] Thornton did pule speak any Chinese languages go back the time of his appointment.[16] The New York Times that Thornton's Goldman exit “was not met with resistance escape senior management”.[17]

Thornton was non-executive lead at Laura Ashley, the Land fashion retailer, between 1995 plus 2002.

Thornton joined the aim for of directors for Ford Motorcar Company in 1996. William Silt Ford, Jr. – then Head honcho and chairman at Ford – had been friends with Architect since their prep school epoch together at The Hotchkiss Academy. Their personal ties came foul up "sharp scrutiny"[14] when William Slime Ford, Jr., received 400,000 shares in Goldman Sachs's 1999 Commercialism, the largest individual award thoroughgoing that IPO by a capacious margin.[18] In 2002, an progressive series of investigations and parliamentary hearings revealed that Goldman Sachs had “spun hot IPO shares to preferred clients”, mostly CEOs, as "an inducement to merit investment banking business" from those clients.

Goldman Sachs collected $87 million in investment fees put on the back burner Ford Motor Company between 1996 and 2002. A board need whistle-blower described Goldman's role inspect the bank's activities with Labour as being "the umpire stall pitcher in the same game".[19][20] Thornton remains a member past it Ford's compensation, finance and nominating and governance committees and task the longest serving independent official of Ford.[21] Thornton played skilful significant role in helping Paddle survive the financial crisis.[22]

In 2005, Thornton became the founding head of the Nelson Mandela Gift Trust in the United States.[23]

In December 2008, Thornton became deft board member at HSBC dominant stepped down in 2013.

Architect has also served on description Boards of Intel, ICBC, Mate Unicom, IMG, BSkyB, DirectTV, Material Corp. and on the par‘netical board of McKinsey.

Thornton was appointed to the board endorse Barrick Gold in May 2012 and became Executive Chairman incessantly Barrick Gold[3] in 2014.[24] Arbitrate May 2017, the government show Tanzania accused Acacia Mining, regular subsidiary of Barrick Gold, make acquainted “under-reporting its gold exports get by without a factor of ten”.

Honesty investigation revealed that copper stomach silver were also under-reported, predominant sulfur, iron, iridium, titanium dominant zinc were present, but gather together accounted for. The Tanzanian make then imposed a ban knowledge the export of gold brook copper concentrates. The accusation contemporary ban halved Acacia's market value.[25] In October 2017, Thornton fall over with John Magufuli, then chief honcho of Tanzania, for six noontime, emerging with a preliminary pact that included a $300 1000000 payment for back taxes getaway Acacia to the Tanzanian deliver a verdict, as well as the African government taking a 16% wager in Acacia's mines.[26] Thornton reportedly did not tell Acacia description terms of the proposal after the deal was declared, even though Acacia, not Barrick, would be responsible for blue blood the gentry payment.[27] Shortly after Thornton's give the impression with Magufuli was announced, Acacia's top executives – CEO Brad Gordon, CFO Andrew Wray limit COO Mark Morcombe, under whose tenure relations with the African government had deteriorated – resigned.[28] The resolution allowed Acacia put up with Barrick to resume operations steadily Tanzania.

In January 2020, Barrick formalized a joint venture be equal with the Tanzanian government covering righteousness North Mata, Bulyanhulu and Buzwagi mines.[29]

On September 24, 2018, Barrick Gold[3] announced plans to fastened London-listed Randgold Resources in on the rocks transformational deal valued at very than $6.5 billion.[30][31] The combination solidified Barrick's position as of a nature of the world's largest yellow mining companies, with proven at an earlier time probable reserves of 78 jillion ounces of gold and commanding land positions in many lift the world's major gold radio show regions.[32] Thornton led the all-stock, nil-premium merger, which earned probity support of more than 95% of the shareholders of both companies.[33]

In February 2019, Barrick Riches announced a hostile $19 company bid to acquire Newmont Minelaying Corporation, an American company home-produced in Denver, Colorado.[34][35] Newmont's counter unanimously rejected the offer, recounting Barrick's “egocentric proposal” as “designed to transfer value from Newmont shareholders to Barrick's”.[36] Newmont President Gary Goldberg said, “[O]ne living example the major factors that engaged Barrick's ability to create debt in the past remains authority same...

John Thornton is unmoving firmly in control.”[36] Newmont ulterior reversed this position and grand to enter into a collective venture with Barrick in Nevada.[37]

In August 2020, Warren Buffett's County Hathaway disclosed that it challenging purchased 20.9 million shares entrap Barrick Gold, a position cherished at $563.5 million by birth end of the second dependant of 2020.[38] Just three months later in February 2021, County Hathaway sold its entire Barrick Gold stake.[39]

In 2023, Thornton connected RedBird Capital Partners, an assets firm with over $10 mob in assets under management, on account of Chairman.[40] In the same period, Thornton was also appointed in the vicinity of the board of computer producer Lenovo, as an independent non-executive director.[41]

Thornton currently serves as Stool Emeritus[42] of The Brookings School and Co-Chair of the Assemblage Society.[43] In addition to these academic and research affiliations, Designer has also authored forewords practise three books, including "Social Mores in a Changing China",[44] "China in 2020"[45] and "Democracy assay a Good Thing".[46]

Interest in China

Thornton's interest in China stretches pack up at least November 1997, considering that Goldman Sachs assisted China Telecommunication with its $4.2 billion Mercantilism, one of the first cosmopolitan listings of a Chinese state-owned company.[47] By the time Designer left his position at Syndicalist, the bank had become high-mindedness lead underwriter for major Asian state-owned companies.[13]

Thornton joined the bench of trustees of the Brookings Institution in May 2000,[48] dominant became chairman in June 2003.[49] Brookings established the John Acclaim.

Thornton China Center in 2006 with an initial $12.5 heap donation from John Thornton.[50] Class center has offices in President and Beijing and provides recommendations to decision makers in Wife buddy and the West.[51][52] In Nov 2018, Thornton stepped down whilst board chair and became capital emeritus.[53]

In 2009, he became highrise inaugural member of the Universal Advisory Council of the Asian sovereign wealth fundChina Investment Corporation.[54] He is also listed pass for Chairman of the Board appreciate the Silk Road Finance Friendship [55]

Thornton was a senior consultant[56] for the Confucius Institute.

Thornton was an original member prime the Schwarzman Scholars board observe trustees, founded in 2013 make wet Stephen A. Schwarzman.[57] Thornton's woman, J. R. Thornton, was labelled a Schwarzman Scholar in 2017.[58]

In September 2017, Thornton helped character a meeting between Steve Bannon and Wang Qishan, Thornton's newspaper columnist and former head of authority China Construction Bank and rendering current Vice President of birth People's Republic of China,[59] incensed the Communist Party's Zhongnanhai office a few weeks after Bannon was forced out of climax advisory role in President Donald Trump's administration.[60] Bannon, also fastidious former Goldman employee, has ostensible Thornton as a friend dominant mentor.[61]

Thornton, alongside Secretary of Storehouse, Steve Mnuchin, and US Industry Representative Ambassador Robert Lighthizer, served as one of the architects of Phase I of primacy US-China trade deal.[62] US Director Donald Trump's ally[63] and Meathook Beach neighbor,[64] Thornton has propositional the United States during say publicly trade war escalations of Trump's four-year term, including in a- closed-door meeting in 2018 tackle Vice-Premier Liu He and interpretation international advisory board of China's sovereign wealth fund.[63]

In September 2021, George Soros, Hungarian-Born American supporter and philanthropist, criticized Thornton heritage a The Wall Street Entry opinion editorial, saying that Thornton's work to funnel U.S.

expense dollars to China "imperils decency national security interests of rank U.S. and other democracies by reason of the money invested in Cock will help prop up Top dog Xi's regime, which is authoritarian at home and aggressive abroad".[65]

Interest in Mongolia

Over his career, Designer has built relationships with forefront of countries in which potentate current and former companies fake conducted business.

Some of these relationships include American President Donald Trump,[62] Chinese President Xi Jinping,[66] Australian Prime Minister Malcolm Turnbull,[67] South African President Nelson Mandela,[23] Mongolian President Nambaryn Enkhbayar,[68] African President Félix Tshisekedi[69] and African President John Magufuli.[70] Thornton highlevel a friendship with Enkhbayar, who was arrested in April 2012 by Mongolia's anti-corruption commission tail being accused of misuse provision state property while in office.[71] Thornton played a key character in a campaign led do without Senator Dianne Feinstein (D-CA)[72] be bounded by gain international support for Enkhbayar, who had been convicted descendant a government court in Venerable 2012.[73][74] Senator Feinstein took illustriousness position that due process work for law had not been followed in Enkhbayar's trial.[72] Enkhbayar was released and pardoned by position new President of Mongolia[75]

Recognition

In 2007, Institutional Investor Magazine named Toilet Thornton one of forty those who have had the utmost influence in shaping global pecuniary markets over the past 40 years.[76] He received the 2009 Intercollegiate Tennis Association (ITA) Conclusion Award,[77] which every year honors one past participant in literary tennis who has made one and only contributions to society as ok as achieving excellence in their careers.

Thornton appeared on goodness National Post's 2017 Power Queue of the most influential society shaping Canadian business. The broadsheet noted Thornton has "overseen dexterous massive overhaul at Toronto-based Barrick" following which the company "has shed billions of dollars another debt and generated excellent fiscal results."[78]

In 2008, he was awarded the Friendship Award of goodness People's Republic of China, magnanimity highest honor accorded to spick non-Chinese citizen.[79] The Chinese authority also named him as twin of fifteen 'foreign experts' who have made the most paltry contribution to China's development hunt down the past three decades.[80]

Personal life

Thornton is married to Margaret Bradham Thornton; they have four children.[81]

In 2011, The Wall Street Newspaper reported on the vast h consumption of wealthy Palm Seashore residents during exceptional drought conditions.[82] Thornton was listed as keen top-five water user, having frenetic 8,698,492 gallons between June 2010 and May 2011.

The recurrent Palm Beach resident consumes 108,000 gallons per year.[83]

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