Eugene R. Black, Sr.
| Gene Black | |
|---|---|
 |
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| 3rd President of the World Bank Group | |
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In office July 1, 1949 – January 1, 1963 |
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| Preceded by | John McCloy |
| Succeeded by | George Woods |
| Personal details | |
| Born |
Eugene Robert Black May 1, 1898 Atlanta, Georgia, U.S. |
| Died | February 20, 1992 (aged 93) Oakwood, Oklahoma, U.S. |
| Education | University of Georgia (BA) |
Eugene "Gene" Robert Black, Sr. (May 1, 1898 – February 20, 1992) was President of the World Bank from 1949 to 1963. His father, a 1930s Chairman of the Federal Reserve, also named Eugene Robert Black, did not use the "Sr." suffix; Gene's son (the third in line) became Eugene Robert Black, Jr.
Black was born in Atlanta, Georgia, in 1898. He attended the University of Georgia where he was a member of the Chi Phi Fraternity and the Phi Kappa Literary Society. Upon graduating with an A.B. in 1917, enlisted in the United States Navy. During World War I he was assigned to convoy duty in the North Atlantic.
Upon leaving the Navy after the War, he joined the investment firm of Harris, Forbes, & Co. He worked as a traveling salesperson for the firm selling bonds and meeting with bankers and investors. He opened the firm's first southern office in Atlanta and later became a partner in the firm.
In 1933, he was hired by the Chase National Bank to be their vice-president. He went on to become the senior vice-president of Chase National's investment portfolio.
He became the executive director of the World Bank in 1947. When the Bank's President, John J. McCloy, resigned in 1949, Black, against his will, became the President of the Bank.
While not joining in the anti-communist fervor following World War II, Black was concerned about the spread of communism and its impact on the spread of global capitalism. He believed the economic prosperity was an essential prerequisite for political freedom. Black had wanted to return to work for Chase National but his personal commitment to the objectives of the World Bank overrode that desire and he remained as the President of the Bank.
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