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Robert S. Kapito

From Wikipedia, the free encyclopedia
Robert Kapito
Kapito in 2010
Born
Robert Steven Kapito

(1957-02-08) February 8, 1957 (age 67)
Monticello, New York, U.S.
Education
Known forCo-founder and president of BlackRock
Spouse
Ellen R. Hershey
​
(m. 1980)​
Children4

Robert Steven Kapito (born February 8, 1957)[1] is an American businessman and investor. He is a co-founder (with Larry Fink) and president of the New York City-based investment management firm BlackRock.[2][3][4]

Early life and education

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Kapito was born in Monticello, New York,[5] into a working-class Jewish family.[6] His father, aunt and two brothers ran a tire and car repair business in Monticello for 50 years, and according to Kapito, "I don't think I ever saw them [his parents] with clean hands".[7][8] When Kapito was 13, his father had a serious stroke, but continued working in the office.[7] His father died in 1986, and his mother in 1997.[7]

Kapito graduated from Monticello High School in 1975.[9] He attended the State University of New York at Buffalo for two years, before transferring to the Wharton School of the University of Pennsylvania, where he graduated with a bachelor's degree in economics in 1979.[7][10] He earned an MBA from Harvard Business School in Cambridge, Massachusetts (HBS) in 1983.[10]

Career

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Kapito joined First Boston in 1979 after graduating from Penn and started in the Public Finance Department.[7] He was hired by Larry Fink to work at First Boston, where they were instrumental in pioneering the mortgage-backed security market in the United States.[7][11]

Kapito left First Boston to complete his MBA degree and returned to the firm in 1983 in the Mortgage Products Group.[7] In 1988, Kapito left First Boston along with Fink and founded BlackRock under the umbrella of the private equity firm Blackstone Group as partners.[7] Kapito worked closely with Fink at BlackRock, where he developed a reputation as an aggressive and loyal supporter of Fink.[11]

In 2012, he received the Gustave L. Levy Award from the United Jewish Appeal Federation of New York for his donations.[12]

In 2022, he warned about product shortages and said that "a very entitled generation that has never had to sacrifice" was experiencing inflation for the first time.[13][14] The comment received backlash from news opinion pieces, which pointed out his large salary and net worth.[13][14]

Kapito was one of 200 global financial executives who attended the 2022 Global Financial Leaders' Investment Summit in Hong Kong.[15] Two members of the U.S. Congress said the executives should reconsider their attendance, stating "Their presence only serves to legitimise the swift dismantling of Hong Kong's autonomy, free press and the rule of law by Hong Kong authorities acting along with the Chinese Communist Party."[15]

Kapito serves as a member of the board of trustees of the Wharton School of the University of Pennsylvania[16] and as a member of the Harvard Kennedy School Executive Education Faculty.[17] He is also president of the board of directors for the Hope & Heroes Children's Cancer Fund,[18] and president of the board of directors for Periwinkle Theatre for Youth, a national non-profit arts-in-education organization.[19]

Personal life

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Kapito met his wife Ellen R. Hershey when she was a student at the University of Pennsylvania School of Nursing, and they married in 1980.[10] Ellen R. Hershey is the daughter of Bernard and Roslyn Hershey of North Valley Stream, New York.[20][21] Ellen Kapito is a member of the board of overseers at the University of Pennsylvania's School of Nursing.[20] They have four children.[5] Kapito's hobbies are golfing, skiing, and driving restored vintage cars.[5]

References

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  1. ^ "Find companies, search people".
  2. ^ "CBS This Morning: President of Blackrock Robert Kapito". CBS.
  3. ^ DE LA MERCED, MICHAEL J. "BlackRock Elevates Executives in Succession Planning Move". New York Times.
  4. ^ Tully, Shawn. "Inside the trillionaires' club". Fortune.
  5. ^ a b c Wigglesworth, Robin (15 January 2019). "BlackRock's Fink looks to a 'deep bench' to pick heir". Financial Times. Retrieved 23 January 2024.
  6. ^ "The ten trillion dollar man: how Larry Fink became king of Wall St". www.ft.com. Retrieved 2022-03-31.
  7. ^ a b c d e f g h "BlackRock Is Remaking the Capital Markets". Institutional Investor. Retrieved 2019-04-15.
  8. ^ "Dean Nohria Addresses the Class of 2011". Harvard Business School. 26 May 2011. Retrieved 23 January 2024.
  9. ^ "MCSD announces 2017 Hall of Distinction Inductees". Monticello High School. Retrieved 23 January 2024.
  10. ^ a b c "Born to heal". Jewishstandard.timesofisrael.com. Retrieved 12 April 2017.
  11. ^ a b Wigglesworth, Robin (2021-10-07). "The ten trillion dollar man: how Larry Fink became king of Wall St". Financial Times. Retrieved 2022-03-31.
  12. ^ Alden, William (December 11, 2012). "Wall Street Titans Toast Philanthropy at UJA-Federation Dinner". DealBook. Retrieved 29 October 2013.
  13. ^ a b "Inflation will clobber "entitled generation" of consumers, BlackRock president says". www.cbsnews.com. Retrieved 2022-03-31.
  14. ^ a b Mahdawi, Arwa (2 April 2022). "Young people struggling amid inflation are entitled, says CEO worth about $400m". The Guardian. Retrieved 2 April 2022.
  15. ^ a b "Hong Kong's finance chief, hit by Covid, aims to attend banking summit in person". South China Morning Post. 2022-10-28. Retrieved 2022-10-28.
  16. ^ "Robert S. Kapito, BlackRock President and Director, to Keynote Wharton School MBA Commencement". Archived from the original on 2010-04-30.
  17. ^ "Harvard Kennedy School Executive Education Faculty: Robert S. Kapito".
  18. ^ "Meet Our Leadership Team!". Hope & Heroes Children's Cancer Fund. Retrieved May 2, 2024.
  19. ^ Sparks, Leonard (June 5, 2011). "Children's theater creator Sunna Rasch dies". Times Herald-Record. Retrieved May 2, 2024.
  20. ^ a b "THE PENN BSN : A 75-YEAR LEGACY". Penn Nursing. Retrieved 23 January 2024.
  21. ^ "OBITUARY Roslyn Hershey October 24, 1924 – August 8, 2012". dignitymemorial.com. Retrieved 23 January 2024.
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