Wednesday, December 18, 2013

A00002 - George L. Shinn, Quixotic Wall Street Chief

George L. Shinn, Quixotic Wall Street Chief, Dies at 90

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George L. Shinn, who climbed from trainee to president of Merrill Lynch, the nation’s biggest securities firm, then led the First Boston Corporation, a major player on Wall Street during the 1980s, died on Monday in Scarborough, Me. He was 90.
Jack Manning/The New York Times
George L. Shinn spent 27 years at Merrill Lynch.

His son, Andrew, confirmed the death.
Mr. Shinn was also a director of The New York Times Company from 1978 to 1999 and the board chairman ofAmherst College in Massachusetts when it voted in 1974 to admit women.
Mr. Shinn spent 27 years at Merrill Lynch, rising through a series of promotions to president and chief operating officer in January 1974.
But within a year he jumped from Merrill, mainly a retail brokerage firm, to become chief executive at First Boston, an investment company more involved in raising capital for industry than trading already marketed securities.
He later acknowledged that the main reason he had left Merrill was an inability to get along with its chairman at the time, Donald T. Regan, who he thought guilty of financial improprieties. “I did not like the guy who was the chairman,” Mr. Shinn said. “He was not straight.”
Mr. Regan went on to serve as treasury secretary and White House chief of staff under President Ronald Reagan. He died in 2003.
Under Mr. Shinn, who became chairman as well as chief executive, First Boston built on its roaring success as an adviser on mergers and acquisitions largely begun in the early ’80s under Bruce Wasserstein and Joseph R. Perella. But to Wall Street’s surprise, Mr. Shinn retired at 60 in 1983 to pursue teaching and — after buying an airplane — a love of flying. (First Boston later merged with Credit Suisse, which retired the First Boston name.)
As an alumnus, Mr. Shinn led Amherst’s board at a time when all-male colleges across the country were increasingly turning coed. “We had to have coeducation,” he recalled in an oral history of the university. Students were jubilant, he said, but “I was ostracized by the alumni.”
George Latimer Shinn was born on March 12, 1923, in Newark, Ohio, to Leon Shinn and the former Bertha Latimer. He won a scholarship to Harvard, but his father, an industrial chemist, refused to let him attend. The elder Mr. Shinn disliked the Harvard men he had met as a soldier in World War I because he thought they had received preferential treatment to avoid the front lines.
Mr. Shinn enrolled instead at Amherst, where he spent three semesters as a pre-med student before joining the Marine Corps during World War II. Though eager for combat, he said, he was assigned to flight school and became a flight instructor in Pensacola, Fla., rising to captain. A flight school classmate was Ted Williams, the Boston Red Sox Hall of Famer.
After returning to Amherst for his degree — in English, having abandoned his ambitions in medicine — he joined Merrill Lynch in 1948 as part of an entry-level training program.
While at Amherst he met Clara LeBaron Sampson, a student at nearby Mount Holyoke College. They married in 1949; she died in 2010.
Besides his son, Andrew, his survivors include his daughters, Deborah Shinn, Amy Shinn, Martha Moore and Sarah Shinn Pratt, and five grandchildren. A sixth grandchild died in 2004. After retiring, Mr. Shinn taught an investment banking seminar at Columbia University and was a trustee of the New York Philharmonic and other organizations.
Returning to pursue his own studies, he earned a Ph.D. in English at Drew University in Madison, N.J., in 1992 and taught courses there in intellectual history. His dissertation was titled “William James and Henri Bergson: The Emergence of Modern Consciousness.”

Tuesday, July 16, 2013

A00001 - Douglas Dayton, First President of Target

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Douglas James Dayton (December 2, 1924 – July 5, 2013) was an American retail executive, businessman, and philanthropist and heir to the Dayton's Company fortune who was the co-founder of the Target discount stores chain. Dayton ran Target's operations during its early years and served as the company's first president. He started his career at the family company: Dayton's department stores.

Dayton served in the Army during World War II, earning a Purple Heart. After the war, he joined the family business, Dayton's department store. He held various positions in the company, and urged the company to take advantage of the emerging discount store market. In 1960, he became the first president of Dayton's new discount subsidiary, Target. He oversaw the company's expansion until 1969 when he became a vice president of Target's parent company after a merger. Dayton left the business in 1972, forming a venture capital firm in 1974. He retired in 1994 but remained active in charity work until his death in 2013.

Douglas James Dayton was born in MinneapolisMinnesota on December 2, 1924. He was youngest of five brothers. His father, George N. Dayton, became the president of the family business, Dayton Dry Goods Company, in 1938. The business, which evolved into Dayton's department store, was founded by Douglas' grandfather, George D. Dayton.[1]

Dayton graduated from the Blake School and then went to Amherst College. In 1943, he joined the Army.[1] He served as a sergeant in an Army infantry division during World War II, earning a Purple Heart after being injured fighting in Europe.[2][3]

Dayton joined the family business after the war, becoming one of six grandsons of George D. Dayton to work in the business.[1] In 1948, he and his brothers took over the company from their father.[1] In 1954, Dayton opened Dayton's first branch store and subsequently served as vice president of branch stores and merchandise vice president at different times.[4] As a store manager, he saw the rise of discounter Kmart and urged the company to reposition itself to compete with the discount chain.[2]

In 1960, Dayton and John F. Geisse teamed up to launch Target, which aimed to be an upscale discount store, in 1962.[2] Dayton became the first president of the new business, a subsidiary of Dayton's.[3] He promised that the new company would "combine the best of the fashion world with the best of the discount world."[1] The store was an instant success, leading Dayton to boast the chain would hit $100 million in annual sales. His brothers doubted his ambitious prediction, but it became a reality in 1968. Even so, competitors such as Kmart were growing at a faster rate. Dayton did not doubt his vision, remarking "I am thoroughly convinced that we are selling a superior product that will bear the test of time."[1]

In 1969, the Dayton's merged with J.L. Hudson Company and Dayton left Target to become a senior vice president in the new company, Dayton Hudson Corporation.[1][5] During Douglas Dayton's tenure, Target expanded from its initial four stores to twelve across several states. He also oversaw the opening of the company's first distribution center.[6]

Dayton found he did not like working in administration and left Dayton Hudson in 1972. He spent the next two years leading a team of volunteer executives that helped find ways for the state government to run more efficiently.[2] In 1974, Dayton formed a venture capital firm, Dade Development Capital, which he ran until his retirement in 1994.[1] He called his time as president of Target "the most challenging, rewarding and productive" years of his career.[4]

By 1975, Target was the company's top revenue producer and by the end of the 1970s annual sales exceeded $1 billion.[1] In 2000, the parent company took the Target name from its stores.[5] At the time of Dayton's death, the company he once led was the 36th largest company in the United States.[2]

Throughout his career, Dayton was active in social activism and a wide variety of philanthropic activities. The Dayton family started one of the first corporate-giving programs in Minnesota and Douglas Dayton said he always found donating money more satisfying than making it.[2] He remained active in philanthropy after his retirement from the business world.[2]

Dayton campaigned for social justice, educational and environmental causes, and the arts.[4] He served on the boards of the Urban League, Summit Academy, the Minneapolis Urban Coalition, and Nature Conservancy, among other philanthropic organizations.[2] Dayton served as chairman of the board for the area YMCA for more than 50 years and worked with the University of Minnesota's Raptor Center on prairie restoration.[2][4] "The YMCA was like a religion for him," remarked Dayton's son David.[2]\

In 1952, Dayton married Mary Downing Haldeman (1927-2008). They had three sons: David Douglas, Steven James and Bruce Conner. They divorced on February 9, 1977. He married Shirley Deyo Whiteman (1931-1997), a divorced woman who had three daughters by her previous marriage and descendant of Louis DuBois (Huguenot), on December 17, 1977. Following her death, Dayton married Wendy Lynn White (1951-) on January 9, 1998.

Dayton died of cancer on July 5, 2013, at the age of 88.[1] He is survived by his wife, Wendy; sons, David, Steve, and Bruce; stepdaughter, Elizabeth; and six grandchildren.[1] According to a statement released by Target, "Doug was instrumental in helping to guide the strategic direction of Dayton Hudson Corporation for many years and institutionalized the values that are at the heart of Target Corporation today."[5] His nephew and governor of Minnesota, Mark Dayton, called Douglas Dayton "an extraordinary businessman, philanthropist, and leader of our family."[3] Mark Dayton said modesty prevented Douglas from claiming "the public recognition he deserved," but said his contributions had made "an enormous difference" to thousands of employees and customers of Target.[4]


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Douglas J. Dayton, First President of Target, Dies at 88

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Douglas J. Dayton, who helped expand his grandfather’s Minneapolis dry goods business into a big-box boutique known for quality products, discount pricing and a fake French nickname — though most people just call it Target — died on Friday in Wayzata, Minn. He was 88.
Dayton Family, via Associated Press
Douglas Dayton
The cause was cancer, his family said.
Mr. Dayton was one of six grandsons who went into the family business started by George D. Dayton, a New York banker and real estate investor. George Dayton moved to Minnesota in 1881 and by 1903 had established the Dayton Dry Goods Company.
Six decades later, after the dry goods store became a department store called the Dayton Company with locations around the Twin Cities, Douglas Dayton was made president of the company’s new subsidiary, a discount chain.
In May 1961, a year before the first Target store opened in Roseville, Minn., Mr. Douglas told The Minneapolis Tribune that the company would “combine the best of the fashion world with the best of the discount world, a quality store with quality merchandise at discount prices.”
By the next year, customers in Duluth were so impressed that they began calling their store “Tarzhay.” Mr. Dayton soon boasted to his skeptical brothers that Target would become a $100 million business.
It did in 1968. By 1975, Target had become the family company’s top revenue producer. By the late 1970s, its revenue exceeded $1 billion.
Even when competitors like Kmart initially grew at a faster rate, Mr. Dayton expressed confidence in Target’s strategy.
“I am thoroughly convinced that we are selling a superior product that will bear the test of time,” he told other executives in 1968, according to “On Target: How the World’s Hottest Retailer Hit a Bull’s-Eye,” a 2003 book by Laura Rowley.
Mr. Dayton left Target in 1968 to become vice president of the parent company, which had been renamed the Dayton-Hudson Corporation after a merger with another department store chain. By the late 1970s, most of the Dayton family members had given up their management positions. Douglas Dayton left the company in 1972. From 1974 to 1994 he ran a venture capital firm, Dade Development Capital.
In Target’s early years, Mr. Dayton worked closely with another executive, John F. Geisse. In 1982, Mr. Geisse helped found another discounter, the Wholesale Club, which later merged with the Sam’s Club division of Wal-Mart.
Douglas James Dayton was born on Dec. 2, 1924, in Minneapolis, the youngest of five brothers. His father, George N. Dayton, became president of the family business in 1938. Douglas Dayton graduated from the Blake School and attended Amherst College before joining the Army in 1943.
His survivors include his wife, Wendy; three sons, David, Steve and Bruce; a stepdaughter, Elizabeth; six grandchildren; and a brother, Bruce, who served on the board of Target until 1983.
Gov. Mark Dayton of Minnesota is Douglas Dayton’s nephew.