Rich Handler
{{Short description|American businessman (born 1961)}}
{{Infobox person
| name = Richard B. Handler
| birth_date = {{Birth date and age|1961|5|23|mf=y}}
| education = University of Rochester (BA)
Stanford University (MBA)
| spouse = Martha Hunt Handler
}}
Richard B. "Rich" Handler (born May 23, 1961) is an American businessman and chief executive officer (CEO) of Jefferies since 2001, making him the longest-serving CEO on Wall Street.{{cite web| title=10 Things You Didn't Know About Jefferies Financial CEO Richard Handler| url =https://moneyinc.com/jefferies-financial-ceo-richard-handler/|date=November 13, 2021|publisher=Money Inc.}}
Early life and education
The son of Alan and Jane Handler, Richard Handler grew up in New Jersey, graduating in 1979 from Pascack Hills High School in Montvale.{{Cite news|date=2011-12-19|title='Intensely Private' Handler Lifts Veil in Defense of Jefferies|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2011-12-19/jefferies-s-intensely-private-handler-lifts-firm-s-veil-to-defend-legacy|access-date=2021-10-08}} He received a BA in economics from the University of Rochester magna cum laude in 1983 and an MBA from Stanford University in 1987.{{Cite web |title=Richard B. Handler, MBA '87 |url=https://www.gsb.stanford.edu/advisorycouncil/handler.html |url-status=dead |archive-url=https://web.archive.org/web/20140326033354/http://www.gsb.stanford.edu/advisorycouncil/handler.html |archive-date=2014-03-26 |access-date=2023-08-09}} Prior to Jefferies, he was an investment banker at First Boston and later he worked for Michael Milken at Drexel Burnham Lambert in the high-yield bond department. Handler is Jewish.https://www.calcalistech.com/ctechnews/article/8hg0lizbt
Professional career
=Jefferies=
Handler joined Jefferies in April 1990 as a salesman and trader. He was appointed CEO on January 1, 2001{{Cite web |title=Jefferies Announces Leadership Change; Richard Handler Named CEO, Will Lead Firm with President and COO John Shaw; Frank Baxter Remains Chairman. |url=http://www.thefreelibrary.com/Jefferies+Announces+Leadership+Change%3B+Richard+Handler+Named+CEO,...-a065822953 |url-status=dead |archive-url=https://web.archive.org/web/20140502000157/http://www.thefreelibrary.com/Jefferies+Announces+Leadership+Change%3B+Richard+Handler+Named+CEO,...-a065822953 |archive-date=2014-05-02 |access-date=2023-08-09}} and Chairman in 2002, succeeding Frank E. Baxter. Handler also is Chairman of Jefferies' Global Diversity Council.{{Cite web |url=https://www.sec.gov/Archives/edgar/data/96223/000120677421000353/jef3845851-def14a.htm |access-date=2024-04-07 |title=DEFINITIVE PROXY STATEMENT |website=www.sec.gov}} When Handler joined as CEO, Jefferies had been primarily known as a trading firm with expertise in the energy sector.{{cite web |last1=Strongin Dodds |first1=Lynn |title=Jefferies revamps its image |url=https://www.fnlondon.com/articles/jefferies-revamps-its-image-20020204 |website=www.fnlondon.com}} As of 2022, Jefferies had become the 8th largest investment bank by revenue and the sixth busiest in mergers and acquisitions.{{cite web |last1=Russell-Walling |first1=Edward |title=Jefferies delivers cross-border M&A success |url=https://www.thebanker.com/Jefferies-delivers-cross-border-M-A-success-1647601017 |website=www.thebanker.com |language=en}} As of 2021, Handler owned more than 7% of the stock.{{cite web |last1=Natarajan |first1=Sridhar |title=Wall Street's Newest Billionaire CEO Is Beating His Banking Rivals in Best Year Ever |url=https://www.bloomberg.com/news/articles/2021-10-07/who-is-billionaire-ceo-rich-handler-and-why-is-his-firm-jefferies-up-58 |website=Bloomberg.com |language=en |date=7 October 2021}}
=Rescue of Knight Capital Group=
In August 2012, Handler played a lead role in saving Knight Capital Group after the company suffered a $440 million loss due to a 'technology glitch.' Together with Brian Friedman, the President of Jefferies Financial Group, Handler structured and led the rescue,{{Cite web |last=Popper |first=Ben Protess and Nathaniel |date=2012-08-07 |title=Quick Lunge for a Lifeline Helped Knight Capital Skirt Collapse |url=https://dealbook.nytimes.com/2012/08/06/knight-capital-skirts-collapse-as-investors-offer-lifeline/ |access-date=2023-08-09 |website=DealBook |language=en}} making Jefferies the largest shareholder with a roughly 45% stake in the company.{{Cite news |last=Philbin |first=Brett |title=Knight Deal Could Add To Jefferies' Windfall As Lead Rescuer |url=https://www.wsj.com/articles/BL-DLB-40750 |access-date=2024-04-07 |work=WSJ |language=en-US}}
=Merger with Leucadia=
In November 2012, Jefferies announced its merger with Leucadia National Corporation, its largest shareholder and a longtime partner of Handler. In March 2013, Jefferies merged with Leucadia,{{Cite web |last=Alden |first=William |date=2014-04-02 |title=Handler, Leucadia's Chief, Takes Pay Cut in New Role |url=https://dealbook.nytimes.com/2014/04/02/handler-leucadias-new-chief-takes-pay-cut-in-new-role/ |access-date=2023-08-09 |website=DealBook |language=en}} and Handler became CEO of both companies.Jefferies Press Release http://www.jefferies.com/News/PressReleases/201/304
Other professional activities
In October 2018 Handler was named Board Chair by The University of Rochester Board of Trustees, to which he was first elected in 2005. Handler was Chairman of the Finance Committee and as Co-Chairman of the university's $1.37 billion Capital Campaign, The Meliora Challenge that concluded in 2016.{{cite web |date=October 5, 2018 |title=Richard Handler '83 elected University Board chair |url=https://www.rochester.edu/newscenter/richard-handler-elected-university-board-chair-at-october-meeting-341432/ |publisher=University of Rochester}}
In 2025, Handler faced criticism for his role in union-busting activities at the University of Rochester after the university rescinded their agreement to an election process.{{Cite news |last=Harry, Bridget & George Gandy |first= |date=May 16, 2025 |title=UR grad students rally outside commencement ceremony |url=https://www.rochesterfirst.com/news/education/u-of-r-grad-student-workers-planning-to-disrupt-commencement/ |url-status=live}}{{Cite web |date=2013-01-19 |title=Richard Handler - Forbes |website=Forbes |url=http://www.forbes.com/profile/richard-handler/ |archive-url=https://web.archive.org/web/20130119051515/http://www.forbes.com/profile/richard-handler/ |archive-date=2013-01-19 |access-date=2022-07-22 }}{{Cite web |title=About the University of Rochester |url=https://www.rochester.edu/about/ |access-date=2022-07-22 |website=University of Rochester |language=en}} At that year's commencement, which started 45 minutes late, demonstrators in support of striking PhD students booed Handler. In reply, Handler laughed and remarked "I don't care. Let's keep going."{{Cite web |date=2025-05-16 |title=Disdain on full display as UR administrators and pro-union demonstrators clash on Commencement Day |url=https://www.wxxinews.org/local-news/2025-05-16/disdain-on-full-display-as-ur-administrators-and-pro-union-demonstrators-clash-on-commencement-day |access-date=2025-05-27 |website=WXXI News |language=en}}
Handler is active on social media, where he often runs ‘ask me anything’ sessions on Instagram targeted at the next generation of bankers and traders.{{cite web |title=Meet the Jefferies boss: Rich guy without a handler |url=https://www.afr.com/chanticleer/meet-the-jefferies-boss-rich-guy-without-a-handler-20240307-p5fal1 |website=Australian Financial Review |language=en |date=7 March 2024}}{{cite web |last1=Rosa Royle |first1=Orianna |title=Wall Street CEO advises anyone struggling with work-life balance to 'take control of their own choices' |url=https://fortune.com/2024/03/06/jefferies-ceo-richard-handler-advises-anyone-struggling-work-life-balance-take-take-control-own-choices/ |website=Fortune |language=en}}
Philanthropy
In 2006, Handler and his wife, Martha, established a scholarship program at the University of Rochester. Named the Jane and Alan Handler Scholarship Fund (after his parents), the program provides financial support for undergraduates of diverse backgrounds who meet certain criteria of financial need, overcoming adversity and demonstrating leadership. The scholarship is awarded to one percent of each graduating class and covers all tuition and expenses.
{{cite web| title=Richard B. Handler '83 |url=https://www.rochester.edu/commencement/richard-b-handler-83/ |website=University of Rochester}}
Handler is also active in conservation efforts through the Wolf Conservation Center, of which his wife presides as president.{{cite web| title=Wolves of Wall Street Party to Save Actual Wolves of Westchester| url =https://www.bloomberg.com/news/articles/2019-06-06/wolves-of-wall-street-party-to-save-actual-wolves-of-westchester?sref=fBWIv79e|date=June 6, 2019|publisher=Bloomberg L.P.}}
References
{{reflist|2}}
External links
- [http://www.jefferies.com Jefferies Group LLC official website]
{{DEFAULTSORT:Handler, Richard B.}}
Category:American chief executives of financial services companies
Category:American hedge fund managers
Category:American investment bankers
Category:American money managers
Category:American philanthropists
Category:Drexel Burnham Lambert
Category:Pascack Hills High School alumni
Category:People from Bergen County, New Jersey