Robert Lehman
| Robert Lehman | |
|---|---|
| Born |
Robert Owen Lehman September 29, 1891 New York City |
| Died | August 9, 1969 (aged 77) |
| Nationality | United States |
| Education |
Hotchkiss School (1908) Yale University (1913) |
| Occupation | Banker |
| Known for | CEO of Lehman Brothers |
| Spouse(s) | Ruth S. Lamar Rumsey (divorced) Ruth Leavitt Meeker Lee Anz Lynn |
| Children |
with Meeker: --Robert Owen Lehman, Jr. |
| Parent(s) | Carrie Lauer Lehman Philip Lehman |
Robert Owen Lehman, Sr. (September 29, 1891 – August 9, 1969) was an American banker, head of Lehman Brothers for decades and a notable race-horse owner, art-collector and philanthropist.
Lehman was born to a Jewish family in New York City. He was the son of Philip Lehman (1861–1947), son of Emanuel Lehman, cofounder of Lehman Brothers investment bank, and Carrie Lauer (1865–1937).
He graduated from Hotchkiss School in 1908 and was a 1913 graduate of Yale University and member of Delta Kappa Epsilon fraternity (Phi chapter). When his father retired in 1925, "Bobbie" Lehman assumed the leadership role of the family-owned business. He took over the bank during a time when Lehman Brothers, like its competitors Goldman Sachs and Morgan Stanley, was essentially a one-office firm.
While sound financial principles were essential, Robert Lehman was often quoted as saying that he "bet on people." One of those people he believed in was Juan Trippe who would build Pan American World Airways into an industry powerhouse. Robert Lehman understood that to maximize Lehman Brothers' growth he needed additional investor capital. While still maintaining voting control, he was the first to invite non-family members to become partners. He understood too that the right partners could expand the company's opportunities through interlocking directorships. As such, he sold an interest in Lehman Brothers to John D. Hertz who had sold his Yellow Cab Company and The Hertz Corporation for a fortune and who sat on the board of directors of General Motors. Under Robert Lehman, the bank concentrated on rapidly developing consumer industries with financing deals arranged in retailing, airlines, and the entertainment business notably with the Keith-Albee-Orpheum theatre group 1928 deal that sold the majority of its stock to Joseph P. Kennedy which led to the creation of RKO motion picture studios. And, when Lehman put together start-up financing for Paramount Pictures, John D. Hertz would be their connection on Paramount's board.
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