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Revision as of 21:03, 15 July 2010 by Epeefleche (talk | contribs) (age)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff)| Joseph J. "Joe" Plumeri II | |
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| Born | 1944 (age 80–81) Trenton, New Jersey |
| Alma mater | The College of William & Mary (B.A., 1966) |
| Employer | Willis Group Holdings |
| Known for |
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| Title | Chairman & Chief Executive Officer |
| Predecessor | John Reeve |
| Spouse | Nancy (née Walton) Plumeri |
| Children | Christian J. "Chris" (deceased), Jay, and Leslie |
| Parent(s) | Samuel J. Pulmeri, Sr., and Josephine Plumeri |
| Relatives |
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Joseph J. "Joe" Plumeri II (born in Trenton, New Jersey, in 1944) is the Chairman and CEO of Willis Group Holdings (Willis), a New York Stock Exchange-listed insurance broker with 400 offices in 120 countries. As of July 2008, the company placed third in the world among insurance brokers by brokerage revenues.
Earlier in his career, Plumeri spent 32 years as an executive with Citigroup Inc. and its predecessors. During that time he was President & Managing Partner of Shearson, Chairman & CEO of Travelers Group's Primerica Financial Services division, and CEO of Citibank North America.
Plumeri is also the owner of the New York Yankees Double-A minor league team affiliate, the Trenton Thunder, which plays in Samuel J. Plumeri, Sr. Field, and funded the construction of Plumeri Park, the baseball stadium of the William and Mary Tribe baseball team.
Early life
He is the son of Samuel J. Plumeri, Sr., (a Trenton City Commissioner and local businessman, who died in 1988) and Josephine Plumeri, and the grandson of immigrants who came to the United States from Villalba, Sicily. He was raised in a blue collar, ethnically mixed, middle class neighborhood in North Trenton, New Jersey to a working class family.
Plumeri first attended Trenton Catholic Academy and Bordentown Military Institute (1962). He then studied at The College of William & Mary, graduating with a B.A. in History and Education in 1966 with mediocre grades. While an undergraduate, he played on the William & Mary Tribe football team (on scholarship as a halfback for Lou Holtz) and baseball team (as a second baseman and outfielder).
Upon graduation, he first taught History for two years at Langhorne's Neshaminy High School in Bucks County in rural Pennsylvania. There, he also coached football and two other sports.
In 1968, he was in the Army Reserves for six months at Fort Jackson, South Carolina. When he got out, he decided to go to law school. He then attended New York Law School, enrolling in 1966.
Business career
Plumeri spent 32 years as an executive with Citigroup Inc. and its predecessors, before becoming CEO of Willis in 2000.
Carter, Berlind & Weill/Shearson
While in law school, seeking part-time employment, he began knocking on doors in the Wall Street area. Entering 55 Broad Street, he looked at the lobby directory and saw the name Carter Berlind & Weill. Assuming (incorrectly) that if a firm had three names or more it must be a law firm, he spoke to the receptionist who forwarded him to see a member of the very small firm. The man took the time to listen to his story. When Plumeri finished his speech as to how he wanted to learn about the law, the man said it was a great story, but asked: "What makes you think you'll learn the law here?" Plumeri replied, "Well, this is a law firm." The man corrected him, saying that actually it was a small brokerage house.
The man was Sandy Weill. He hired the 24-year-old Plumeri as a part-time clerk and gofer, took the door off a closet and had him sit there, mentored him, and later went on to become CEO of Citigroup. The two ended up working together for many years. The small brokerage became Shearson. Soon after starting to work at the brokerage firm, Plumeri dropped out of law school.
At Carter, Berlind & Weill, Plumeri rose through the retail ranks with a reputation as a hard-working, market-savvy manager. It became Shearson, and was acquired by American Express. Plumeri became the President & Managing Partner of Shearson in 1990.
Smith Barney
In 1993 Weill bought Shearson back from American Express, and merged it into its fellow stockbroker Smith Barney. Weill offered him the presidency of Smith Barney. "That was the most satisfying moment of my life," recalls Plumeri. "I cried—as usual—and I remember that Sandy shed a tear, too." Plumeri managed the merger, and became the President of the merged company (the predecessor of Citigroup's Salomon Smith Barney unit) that year.
Plumeri only lasted a year. In August 1994, Weill abruptly removed him. He made Plumeri a Vice Chairman of Travelers Group Inc.. Plumeri said he was dismissed because he was uncooperative with fellow Smith Barney executives. He said: "I was so intent on getting the job done that I eliminated the input of other people. If I'd done better at nurturing relationships, who knows how it would have turned out?"
Primerica Financial Services
Plumeri was was then made Chairman & CEO of Travelers Group's Primerica Financial Services (PFS) division, a position he held from 1995 to 1999. Plumeri ran PFS giving 10 to 20 speeches a week around the country, rallying his employees, and hosting his own monthly TV talk show, which was beamed from PFS headquarters to thousands of agents nationwide. In 1997, he earned at least $3 million ($5,694,030 in current dollar terms) in compensation. Speaking of his approach in business, he said: "I am an emotional person with a lot of drive, and that has caused some problems in my career. But I come from the view that you've got to be yourself, for better or worse. And what got me where I am today was my emotion."
Citigroup
Plumeri headed the integration of the consumer businesses of Travelers Group and Citicorp after the $70 billion ($128,030,363,564 in current dollar terms) 1999 merger of the two to form Citigroup Inc.
Following the integration, he was CEO of Citibank North America. He oversaw its network of 450 retail branches. He retired from Citibank in January 2000.
Willis
In Paris on vacation, window-shopping with his wife on Rue Saint-Honoré, he ran into Henry Kravis whose leveraged buyout firm, Kohlberg Kravis Roberts (KKR), had bought the Willis Group a year prior. When Kravis asked what he was doing, Plumeri's wife jokingly said: "Find him a job". Kravis called him two weeks later, and suggested that Plumeri run Willis. Initially, Plumeri had no interest in the position, but the more he examined it the more appealing it became.
Plumeri assumed the post of Chairman & Chief Executive Officer at Willis on October 15, 2000, replacing John Reeve, who retired, and becoming the company's first non- British CEO. The 200-year-old British-based company was being run like a British gentlemen's club and suffering through hard times, having just suffered a loss of $104 million ($190,216,540 in current dollar terms) in 1999.
"This is exactly the kind of leadership opportunity I've been looking for to focus the next stage of my career," Plumeri said. His five-year contract provided for an annual base salary of $1 million, guaranteed bonuses of $1 million annually, further incentive bonuses, and stock options for 5.16 million Willis shares at approximately $2.80 per share.
He began his Willis career without much background in insurance brokering. Plumeri admitted, "I don't know what I don't know, so I've asked a lot of questions," but noted that "When you are in virgin territory without any baggage, sometimes that is better because you don't have a sense of what you can't do."
Plumeri upon arriving at Willis did a number of things to change the company's staid culture. He had everyone wear Willis lapel pins, reportedly buying more than 33,000 of them, to emphasize that the company was a team. To encourage communication and cooperation, he cut down the walls of office cubicles to half-size. He also recruited 1,000 new brokers and acquired smaller brokerage firms, especially in markets felt to be critical to long-term success.
At Willis he has been an outspoken supporter of banning contingent commissions, and a vocal advocate of financial transparency.
In June 2001, he brought the company back to public ownership in an IPO.
Through February 2007, he had grown the company at an annual rate of 12% per year. In 2008, Plumeri headed Willis' $2.1 billion acquisition of Hilb, Rogal & Hobbs Co. (HRH). In his first eight years at Willis, the company's net worth doubled, its margins rose from 7% to 32%, and its stock price rose from $3 per share to $32 per share.
In 2009, he received compensation of $10.9 million, consisting of a salary of $1 million, bonus of $1.7 million, restricted stock awards of $7.3 million, other compensation of $.9 million. He had received compensation of $19.9 million in 2008, and $8.1 million in 2007. Willis extended his contract in January 2010 until July 7, 2013. As of March 2010, Plumeri owned 3.8 million shares of the company, representing 2.3%.
Speaking of his philosophy of life, Plumeri said: "I’m from the school of anything’s possible. I’m from the group that says it doesn’t matter where you are from, but that it does matter how big you dream."
Boards
His directorships and corporate board responsibilities include Commerce Bancorp and the American Institute for Chartered Property Casualty Underwriters.
Sports interests
Plumeri owns a Double-A minor league team affiliated with the New York Yankees, the Trenton Thunder. It plays at the 6,341-seat stadium that was named Samuel J. Plumeri, Sr. Field in 1999, which he named after his father.
He also is co-owner of another New Jersey minor league baseball teams, the Lakewood BlueClaws, the Single-A affiliate of the Philadelphia Phillies which is on the Jersey Shore.
He was Commissioner of the New Jersey Sports and Exposition Authority from 1997 to 2004.
Plumeri made an investment of £100,000 to assist in purchasing a minority interest in the Plymouth Argyle Football Club in the United Kingdom, giving him an indirect ownership interest in the club of less than 1%.
Restaurant
In December 2001, he opened a down-to-earth family restaurant named "Plumeri" in TriBeCa with his son Jay. His son runs the day-to-day operations. In 2010 his son opened a restuarant named "Race Lane" in East Hampton, New York, at the site of what was formerly known as the Laundry and briefly as the Lodge.
Philanthropy
"Plumeri Park" is the 1,000-seat baseball facility of the William and Mary Tribe baseball team since 1999, constructed in large part on the basis of a donation by Plumeri in the autumn of 1996. He had it named in honor of his father.
Plumeri is a member of William and Mary's governing Board of Visitors, Business School Advisory Board, and Sir Robert Boyle Society, as well as a lifetime member of the President’s Council and a trustee emeritus of the William and Mary Endowment Association. Plumeri funded the Joseph J. Plumeri Business Scholarship and the Joseph J. Plumeri Endowment Fund for baseball scholarships for the school, as well as the W&M/Plumeri Pro-Am Golf Tournament.
He is also a board member of The National Center on Addiction and Substance Abuse at Columbia University, Mount Sinai Medical Center, the Intrepid Sea-Air-Space Museum, and American Friends of the Churchill Museum in London.
He funded with a $2 million gift the construction of the Samuel & Josephine Plumeri Wishing Place, the headquarters of the New Jersey Chapter of the Make-A-Wish Foundation (named in honor of his parents), and contributed $1 million to the College of St. Rose in Albany, New York, for the development of the school’s new Christian Plumeri Sports Complex, named in honor of his deceased son.
Awards
- 2004 Good Scout Award (Boy Scouts of America)
- 2004 Award for Special Achievement in Business (the National Italian American Foundation)
- 2006 Insurance Leader of the Year (St. John’s University School of Risk Management)
- 2006 Humanitarian of the Year (Make-a-Wish Foundation of New Jersey)
- 2007 Salute Award, in recognition of business achievements and philanthropic activities (the Intrepid Foundation)
- 2008 National Education & Leadership Award (The Sons of Italy Foundation)
- 2009 & 2010 Lists of “100 Most Influential People in Finance” (Treasury & Risk magazine)
Family
He is married to Nancy (née Walton) Plumeri, a cancer survivor. They lived in Far Hills, New Jersey, with their children Christian J. (now deceased), Jay, and Leslie. He also has an apartment in London, an apartment in New York City, and a home in Scotch Plains, New Jersey.
Speaking of his son Christian, who died in November 2008 at age 39 from drug addiction, he said: "You deal with it but it’s so difficult. I think about it all the time, think about it everyday. You always think about what you could have done differently."
His brother Samuel J. Plumeri, Jr., is the Vice Chairman of the New Jersey State Parole Board and the Chairman the Capital Health Board of Directors. He also served as Mercer County, New Jersey, Sheriff and a Trenton police officer, and for nearly a decade was Superintendent of Police/Director of Public Safety for the Port Authority of New York and New Jersey. His brother Paul Plumeri is a blues guitarist.
References
- ^ "A dream comes true for Plumeri". The Times. Retrieved July 15, 2010.
- ^ "Board of Directors". willis.com. Retrieved July 15, 2010.
- ^ "Christian J. Plumeri Obituary: View Christian Plumeri's Obituary by Star-Ledger". Obits.nj.com. Retrieved July 15, 2010.
- ^ "Look Who's Talking: Samuel J. Plumeri Jr". The Trentonian News. May 17, 2010. Retrieved July 15, 2010.
- ^ "Paul Plumeri Blues Band". paulplumeri.com. June 9, 2008. Retrieved July 15, 2010.
- Plunkett's Insurance Industry Almanac 2007 (E-Book): Insurance Industry Market Research, Statistics, Trends and Leading Companies, Jack W. Plunkett, Plunkett Research, Ltd., 2006, ISBN 1593924054. Retrieved July 14, 2010.
- Basic concepts of accounting and taxation of property/casualty insurance companies, Book 2009, p. 6, Insurance Information Institute, ISBN 0932387012. Retrieved July 13, 2010.
- ^ "Joseph J. Plumeri Profile". Forbes. Retrieved July 15, 2010.
- ^ "Plumeri Park", TribeAthletics.com]
- ^ Patrick Mcgeehan (December 17, 2000). "Private Sector– A Wall St. Son at Nasdaq's Table – Biography". The New York Times. Retrieved July 15, 2010.
- ^ Dave Fairbank (March 21, 2009). "Plumeri warmly reflects on decade". Daily Press. Retrieved July 15, 2010.
- ^ L.A. Parker. "Plumeri's dreams become big reality in financial circles". The Trentonian News. Retrieved July 15, 2010.
- Christopher T. Edwards (1997). Filling in the Seams: The Story of Trenton Thunder Baseball. B B& A Publishers. ISBN 0912608978. Retrieved July 15, 2010.
{{cite book}}: Cite has empty unknown parameter:|1=(help) - ^ Leon, Masha (December 27, 2007). "A Yiddish Word For All Occasions". The Forward. Retrieved July 15, 2010.
- ^ Bianco, Anthony (March 30, 1998). "Joe Plumeri: The Apostle of Life Insurance". Business Week. Retrieved July 15, 2010.
- CEO Plumeri. Business Week. May 6, 2008. Retrieved July 15, 2010.
- ^ Roberts, Jack. "Ruffling feathers: Willis CEO Joe Plumeri elbows his way into a patriarchal and complacent "gentlemen's club" only to be rebuffed in his quest to become the world's No. 1 broker. No one believes they've seen the last of him, or that a man not even trained as an insurance broker may still have a lesson to teach the industry". CBS MoneyWatch. Retrieved July 15, 2010.
- "President's Message". Bmicadets.org. October 21, 2006. Retrieved July 15, 2010.
- "Floyd Little's Tales from the ..." Books.google.com. Retrieved July 15, 2010.
- ^ Ben Kennedy. "Plumeri tapped to lead homecoming parade". W&M Alumni Magazine. Retrieved July 15, 2010.
- ^ Treaster, Joseph B. (December 27, 2006). "Corporate Insurance Underdog Ramps Up for Challenge". New York Times. Retrieved July 15, 2010.
- ^ "Willis Group set to leave Bermuda for Ireland". NJ.com. October 11, 2009. Retrieved July 15, 2010.
- ^ Plumeri, Joe (June 23, 2002). "The Boss – An Accidental Start". The New York Times. Retrieved July 15, 2010.
- ^ "Plumeri next Willis CEO; Former Citigroup executive to succeed Reeve (Willis Group Ltd.names Joseph J. Plumeri as CEO, replacing John Reeve)". Business Insurance. October 2, 2000. Retrieved July 15, 2010.
- ^ "Willis chief discusses changes in financial services.(Willis Group Ltd. CEO Joseph J. Plumeri)(Interview)". Business Insurance. January 15, 2001. Retrieved July 15, 2010.
- ^ "Willis Names Plumeri New Chairman/CEO". National Underwriter Property & Casualty-Risk & Benefits Management. October 9, 2000. Retrieved July 15, 2010.
- ^ "Citi Veteran to Lead U.K. Insurance Broker.(Joseph J. Plumeri moves to Willis Group)". American Banker. September 27, 2000. Retrieved July 15, 2010.
- Treaster, Joseph B. (December 27, 2006). "Corporate Insurance Underdog Ramps Up for Challenge". New York Times. Retrieved July 15, 2010.
- "Executive Changes". The New York Times. September 27, 2000. Retrieved July 15, 2010.
- ^ Roberts, Jack. "Ruffling feathers: Willis CEO Joe Plumeri elbows his way into a patriarchal and complacent "gentlemen's club" only to be rebuffed in his quest to become the world's No. 1 broker. No one believes they've seen the last of him, or that a man not even trained as an insurance broker may still have a lesson to teach the industry". CBS MoneyWatch. Retrieved July 15, 2010.
- ^ "Layout 1" (PDF). Retrieved July 15, 2010.
- "KKR, Plumeri Set to Profit from Willis' Share Sale". Insurance Journal. June 11, 2001. Retrieved July 15, 2010.
- ^ "Global reach, local service; Willis CEO sets course.(Joseph J. Plumeri)". Business Insurance. March 19, 2001. Retrieved July 15, 2010.
- ^ "def14a". Sec.gov. Retrieved July 15, 2010.
- "Willis Extends Plumeri's Contract". Insurance Journal. January 22, 2010. Retrieved July 15, 2010.
- ^ "Joseph J. Plumeri II: Executive Profile & Biography". Business Week. Retrieved July 15, 2010.
- Tom McCarthy (2003). Baseball in Trenton. Arcadia Publishing. ISBN 0738513105. Retrieved July 15, 2010.
- "Ball Parks of the Minor Leagues – Samuel J. Plumeri Field at Mercer County Waterfront Park – Trenton Thunder". Littleballparks.com. Retrieved July 15, 2010.
- Josh Pahigian (2007). The Ultimate Minor League Baseball Road Trip: A Fan's Guide to AAA, AA, A, and Independent League Stadiums. Globe Pequot. ISBN 159921024X. Retrieved July 15, 2010.
- http://www.nytimes.com/2010/05/19/dining/19off.html
- "News for Foodies Musical (Dining) Chairs – Food & Wine". The East Hampton Star. Retrieved July 15, 2010.
- "Off to the Races". Hamptons Magazine. Retrieved July 15, 2010.
- http://www.danshamptons.com/content/danspapers/issue11_2010/26.html
- "President's Day Speech August 27, 2009 | The College of Saint Rose". Strose.edu. August 27, 2009. Retrieved July 15, 2010.
- "Castle-shaped dream home closer to reality for Make-A-Wish site in Monroe". MyCentralJersey.com. December 26, 2008. Retrieved July 15, 2010.
- Crow, Kelly (December 29, 2006). "In Bonus Season, a Cut for Charity". The Wall Street Journal. Retrieved July 15, 2010.
- "The Peter J. Tobin College of Business – School of Risk Management – Insurance Leader of the Year – History – 2006 Insurance Leader of the Year Award". St. John's University. January 18, 2007. Retrieved July 15, 2010.
External links
- Willis bio
- Business Week bio
- Forbes bio
- "The Boss; An Accidental Start", by Joe Plumeri; written with Joseph B. Treaster, The New York Times, June 23, 2002
- "Joe Plumeri, playing in traffic: with his quest for adventure and 'just go for it' philosophy, the CEO of insurance broker Willis Group Holdings has got the competitive spirit kicking in again at this 175-year-old company", Directors & Boards, June 4, 2002
- L.A. Parker, "Plumeri’s dreams become big reality in financial circles", The Trentonian, May 24, 2009
- Samuel J. Plumeri Field
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