Wilbur Ross is a name that resonates in the world of finance and politics. As a billionaire investor, philanthropist, and former US Secretary of Commerce, Ross has had a storied career spanning over five decades. In this article, we will delve into the life of Wilbur Ross, exploring his childhood, family, achievements, and the milestones that have made him a household name.
Early Life and Education
Born on November 28, 1937, in Weehawken, New Jersey, Wilbur Ross grew up in a middle-class family. His father, Wilbur Louis Ross Sr., was a lawyer, and his mother, Agnes O'Neill Ross, was a schoolteacher. Ross's early life was marked by a strong emphasis on education, with his parents encouraging his academic pursuits from a young age. He attended Xavier High School in Manhattan and later graduated from Yale University in 1959 with a Bachelor of Arts degree in economics.
Career
Ross's career in finance began in the 1960s, when he worked as a stockbroker for the investment firm Glickenhaus & Co. He later joined the Rothschild Investment Trust, where he worked as a bankruptcy consultant. In 2000, Ross founded WL Ross & Co., a private equity firm that specialized in distressed investments. The firm's success was phenomenal, with Ross earning the nickname "King of Bankruptcy" for his ability to turn around failing companies.
Achievements
Throughout his career, Wilbur Ross has achieved numerous milestones. Some of his notable achievements include:
Turnaround of Bethlehem Steel: In 2002, Ross led a group of investors in purchasing the bankrupt steel company Bethlehem Steel. Under his guidance, the company was restructured and eventually sold to Mittal Steel in 2005 for $4.5 billion.
Investment in Bank of Ireland: In 2011, Ross led a consortium of investors in a $3.5 billion investment in the Bank of Ireland, helping the bank to recover from the financial crisis.
US Secretary of Commerce: In 2017, Ross was appointed as the US Secretary of Commerce by President Donald Trump, a position he held until 2021.
Personal Life and Philanthropy
Wilbur Ross is married to Hilary Geary Ross, a sports enthusiast and philanthropist. The couple has two children, Jessica and Amanda. Ross is also a well-known philanthropist, with a focus on education and healthcare. He has donated to various charitable organizations, including the Yale University School of Management and the New York-Presbyterian Hospital.
Wilbur Ross is a true American success story. From his humble beginnings in New Jersey to his rise as a billionaire investor and former US Secretary of Commerce, Ross's life is a testament to hard work, determination, and strategic thinking. Through his achievements and philanthropic efforts, Ross has left an indelible mark on the world of finance and beyond. As a role model for aspiring entrepreneurs and investors, Wilbur Ross's biography serves as a reminder that with perseverance and vision, anything is possible.
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