Jacqueline Reses
{{short description|American businesswoman, investor and philanthropist}}
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| birth_place = Atlantic City, New Jersey
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| citizenship = American
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| known_for = Chair and CEO of Lead Bank; Executive Chairman of Square Financial Services and Capital Lead at Square Inc.
| education = Wharton School of the University of Pennsylvania
Peddie School
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| occupation = Business executive
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| children = 3
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Jacqueline (Jackie) Reses (born 1969) is an American businesswoman, investor, author and philanthropist. She is the chair and CEO of Lead Bank, a state chartered bank in Kansas City, Missouri,{{Cite web |title=Jacqueline Reses |url=https://www.forbes.com/profile/jacqueline-reses/ |access-date=2024-01-22 |website=Forbes |language=en}} and the CEO of Post House Capital, a private investment firm and family office.{{cite news|url=https://deadline.com/2021/08/endeavor-adds-tech-executive-jacqueline-reses-to-board-1234817423/|title=Endeavor Adds Tech Executive Jacqueline Reses To Board Of Directors|work=Deadline|date=18 August 2021}} She is a member of the Kansas City Federal Reserve's Community Depository Advisory Council{{Cite web |date=2024-01-23 |title=Community Depository Institutions Advisory Council |url=https://www.kansascityfed.org/about-us/community-depository-institutions-advisory-council/ |access-date=2024-03-27 |website=www.kansascityfed.org |language=en}} and the former chairman of the Economic Advisory Council of the San Francisco Federal Reserve.{{Cite web |date=March 31, 2015 |title=Jacqueline D. Reses joins Federal Reserve Bank of San Francisco's Economic Advisory Council |url=https://www.frbsf.org/news-and-media/news-articles/press-releases/2015/03/jacqueline-d-reses-economic-advisory-council/}}
Early life and education
Reses was born in Atlantic City, New Jersey to Ronnie and Stephen Reses. Her father owned Reses Pharmacy in nearby Margate.{{cite web|url=https://www.nytimes.com/1991/02/03/style/jacqueline-reses-to-wed-this-year.html|title=Jacqueline Reses To Wed This Year|date=3 February 1991|website=The New York Times|access-date=4 October 2020}} In 1988, she graduated early from the Peddie School in New Jersey, spending her senior year at George Washington University.{{cite web|url=https://www.peddie.org/alumni/chronicle/chronicle-summer2020/specialsection/jackiereses|title=Jackie Reses '88 and Other Business Leaders are Steering California's Economic Recovery|website=Peddie Chronicle|access-date=3 October 2020}} She attended the Wharton School of the University of Pennsylvania where she earned a Bachelors of Science degree in economics with honors.{{cite web|url=https://www.frbsf.org/our-district/press/news-releases/2015/jacqueline-d-reses-economic-advisory-council/|title=Jacqueline D. Reses joins Federal Reserve Bank of San Francisco's Economic Advisory Council|last=Scholars|first=Rob|date=31 March 2015|website=Federal Reserve Bank of San Francisco|access-date=3 October 2020}}
Career
Reses began her career at Goldman Sachs, working in the mergers and acquisitions department and later as an investor in the principal investments area between 1992 and 1999.{{cite magazine|url=https://www.vanityfair.com/news/2020/07/in-bill-ackmans-new-megadeal-a-cut-for-minority-owned-wall-street-players|title=In Bill Ackman's New Megadeal, a Cut for Minority-Owned Wall Street Players|last=Cohan|first=William|date=6 July 2020|magazine=Vanity Fair|access-date=1 October 2020}}{{cite web|url=https://www.npr.org/about-npr/500845301/reses-npr-board-directors|title=Square Capital's Jacqueline Reses Elected To NPR Board Of Directors|last=Rojo|first=Hugo|date=7 November 2016|website=NPR|access-date=1 October 2020}} Later she served as CEO for iBuilding, Inc., a real estate software business.{{cite web|last=Rao|first=Leena|date=5 September 2012|title=Yahoo CEO Marissa Mayer's Newest Hire: Jacqueline Reses, EVP Of HR And Talent Acquisition|url=https://techcrunch.com/2012/09/05/yahoo-ceo-marissa-mayers-newest-hire-jacqueline-reses-evp-of-hr-and-talent-acquisition|access-date=1 October 2020|website=TechCrunch}}
After iBuilding's sale to Realeum Software in 2001,{{cite web|url=https://news.wharton.upenn.edu/press-releases/2016/04/jacqueline-reses-head-of-square-capital-to-keynote-2016-wharton-mba-program-for-executives-graduation-at-wharton-san-francisco/|title=Jacqueline Reses, Capital Lead of Square, to Keynote 2016 Wharton MBA Program for Executives Graduation at Wharton, San Francisco|date=13 April 2016|website=Wharton News|access-date=4 October 2020}} Reses joined Apax Partners, a private equity firm with headquarters in London, England, where she ran the firm's U.S. media group.{{cite web|url=https://www.crainsnewyork.com/awards/jacqueline-reses|title=Most Powerful Women: Jacqueline Reses|website=Crain's New York Business|date=21 July 2018|access-date=4 October 2020}} At Apax, Reses served on the boards of Cengage Learning, Intelsat, HIT Entertainment and NEP Broadcasting.
In 2012, Reses joined Yahoo! as Executive Vice President of people and development, leading hiring and HR for the company.{{Cite news|date=2013-04-10|title=Yahoo Dealmaker Reses Targets Mobile Talent in M&A Spree|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2013-04-10/yahoo-dealmaker-reses-targets-mobile-talent-in-m-a-spree-tech|access-date=2020-11-19}} That same year, she was appointed to the board of directors of the Alibaba Group, where she helped lead Alibaba's IPO in September 2014.{{cite web|url=https://techcrunch.com/2012/12/04/yahoo-executive-jacqueline-reses-joins-alibaba-groups-board-of-directors/|title=Yahoo's Not Quite Done With Alibaba: Its People Person Jacqueline Reses Just Joined The Board|last1=Shu|first1=Catherine|last2=Lunden|first2=Ingrid|date=5 December 2012|website=TechCrunch|access-date=1 October 2020}}{{cite web|url=https://www.businessinsider.com/jacqueline-reses-yahoos-ma-chief-2014-9|title=The Woman Who Protected Yahoo's $27 Billion Windfall From Alibaba Cried With Joy Last Night|last=Bort|first=Julie|date=19 September 2014|website=Business Insider|access-date=1 October 2020}} As Chief Development Officer at Yahoo!, Reses led forty-one transactions between 2012 and 2014.{{cite web|url=https://www.businessinsider.com/how-yahoo-decides-to-acquire-2014-7|title=Yahoo Has Bought 41 Companies In Two Years: This Is How It Decides Who To Buy, What To Pay
|last=Bort|first=Julie|date=16 July 2014|website=Business Insider|access-date=1 October 2020}} Reses was the author of the controversial "no-work-from-home-memo" in 2013 that required Yahoo employees who work remotely to relocate and work in company offices during Marissa Mayer's time as CEO of the company.{{cite web |website=All Things D |url=https://allthingsd.com/20130222/physically-together-heres-the-internal-yahoo-no-work-from-home-memo-which-extends-beyond-remote-workers|title=“Physically Together”: Here’s the Internal Yahoo No-Work-From-Home Memo for Remote Workers and Maybe More|date=February 22, 2013}}
In October 2015, Reses joined Square, Inc. to head Square Capital,{{Cite web|title=Square's head of lending thinks the PPP still needs more changes to help the smallest businesses|url=https://fortune.com/2020/06/16/squares-head-of-lending-thinks-the-ppp-still-needs-more-changes-to-help-the-smallest-businesses/|access-date=2020-11-19|website=Fortune|language=en}} the company's small-business lending program and was appointed as the Chief Human Resources Officer.{{Cite news|last=MacMillan|first=Ezequiel Minaya and Douglas|date=2015-10-19|title=Square Names Yahoo's Jackie Reses to Head Its Lending Business|language=en-US|work=The Wall Street Journal|url=https://www.wsj.com/articles/square-names-yahoos-jackie-reses-to-head-its-lending-business-1445266066|access-date=2020-11-19|issn=0099-9660}}{{cite web|url=https://www.americanbanker.com/conference/sbb-2017/speakers/jacqueline-d-reses|title=Jacqueline D. Reses, Head of Square Capital & CHRO, Square|website=American Banker|access-date=4 October 2020}} In March 2020, Square became the first U.S. fintech company to receive an Industrial Loan Company charter, the first charter approved by the FDIC in over a decade.{{Cite web |last=LLP |first=Anthony Le, Molly M. White, McGuireWoods |date=2020-03-20 |title=Square Obtains FDIC Charter To Operate Its Own Bank As An Industrial Loan Company |url=https://www.consumerfinsights.com/2020/03/square-obtains-fdic-charter-to-operate-its-own-bank-as-an-industrial-loan-company/ |access-date=2024-06-20 |website=Consumer FinSights |language=en-US}} At the beginning of the COVID pandemic in 2020, Reses encouraged Treasury Secretary Steve Mnuchin to expand the U.S. government's Paycheck Protection Program to allow fintech companies like Square to give out loans to small businesses.
In 2022, Reses co-authored the book Self-Made Boss with Lauren Weinberg.{{cite news|url=https://www.inc.com/martin-zwilling/5-reasons-it-may-be-right-decision-to-keep-your-business-small.html|title=5 Reasons It May Be the Right Decision to Keep Your Business Small|work=Inc.|date=22 March 2022}}
In August 2022, Reses led the acquisition of Kansas City based Lead Bank, a state regulated bank that specialises in business and personal banking, with a focus on lending and banking as a service for consumer fintechs. At the time of purchase it held $778.9 million in assets. After the acquisition Reses was named Chairman of the organisation.{{cite web|url=https://www.americanbanker.com/news/former-square-exec-leads-acquisition-of-community-bank|title=Former Square exec leads acquisition of community bank|website=americanbanker.com|date=3 August 2022|access-date=19 May 2023}} Lead Bank's investors include Andreessen Horowitz, Khosla Ventures, Coatue, Ribbit Capital, and Zeev Ventures. {{cite news|url=https://www.forbes.com/sites/jeffkauflin/2023/11/14/a-fintech-titan-in-community-bankers-clothing/|title=A Fintech Titan in Community Banker's Clothing|work=Forbes|date=22 November 2023}} The collapse of Silicon Valley Bank led to "a flood of inbound interest" in Lead Bank and other institutions that could provide modern technological infrastructure.{{cite web |website=Fintech Leaders |url=https://fintechleaders.substack.com/p/jackie-reses-lead-bank-ceo-lessons|title=Lead Bank|date=February 20, 2025}}
In 2024, Lead Bank was named to the CNBC Disruptor 50 list,{{cite web |website=CNBC |url=https://www.cnbc.com/2024/05/14/lead-bank-cnbc-disruptor-50.html|title= 34. Lead Bank|date=May 14, 2024|access-date=October 11, 2024 }} and to the Forbes Fintech 50 in 2025.{{cite web |website=Forbes |url=https://www.forbes.com/companies/lead-bank/?list=fintech50|title=Lead Bank|date=February 18, 2025}}
Boards
Reses served on the board of trustees and investment committee for Peddie School and the investment committee for Brearley School in New York. She has also served on the boards of Good+Foundation (formerly Baby Buggy), Citymeals-on-Wheels, and Springboard Enterprises, a non-profit networking platform for businesswomen. Reses has been on the board of the Wharton School since 2015.{{cite web|url=https://www.bizjournals.com/bizwomen/news/latest-news/2015/12/square-executive-joins-mobile-startup-board.html?page=all|title=Square executive joins board of this mobile startup|last=Wylie|first=Melissa|date=3 December 2015|website=BizJournals|access-date=4 October 2020}}
In July 2020, she joined the board of Pershing Square Tontine Holdings, a special-purpose acquisition company.{{cite web|url=https://www.cnbc.com/2020/07/22/bill-ackman-and-tontine-holdings-rewrite-the-terms-for-spacs.html|title=Bill Ackman and Tontine Holdings rewrite the terms for SPACs|last=Squire|first=Kenneth|date=22 July 2020|website=CNBC|access-date=3 October 2020}}
As of 2021, Reses served on the boards of Nubank, Affirm Holdings, and entertainment company Endeavor.{{cite news|url=https://www.forbes.com/sites/kenrickcai/2021/08/25/jackie-reses-square-fintech-becomes-billionaire/?sh=1ca93d373b68|title=Former Square Executive Becomes Billionaire As Stock Surges|work=Forbes|date=25 August 2021}}
Family
Reses's brother, Jacob Reses, is Chief of Staff to Vice President JD Vance.{{cite news|url=https://www.timesofisrael.com/meet-jd-vances-jewish-chief-of-staff-jacob-reses/|title=Meet JD Vance’s Jewish chief of staff, Jacob Reses|work=Times of Israel|date=1 August 2024}}
References
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Category:People from Atlantic City, New Jersey
Category:Wharton School alumni
Category:American women corporate directors