Gary Winnick Wiki
Gary Winnick is an American financier best known for founding and being Chairman of Global Crossing between 1997 and 2002, although he resigned from the company in 2002 just before the company filed for bankruptcy protection.
Gary Winnick Biography
Winnick joined Drexel Burnham in 1972, where he was senior vice president and a partner of Michael Milken. In 1985, he formed Pacific Capital Group, a private investment firm focused on private equity and restructuring. In 2013 the name of Pacific Capital Group changed to Winnick & Company. Winnick & Company invests in a select group of industries, including digital media, entertainment, technology, telecommunications, health care, and real estate.
In 1997, Winnick founded Global Crossing Limited which laid the first privately financed underwater fiber optic cable network across the Atlantic Ocean and partnered with Microsoft and Softbank Corp. to build a high capacity telecommunications network in Asia. The company, which Winnick served as Chairman, went public in 1998 and Global Crossing was profitable its first year in operation.
In January 2002, Global Crossing reorganized under Chapter 11 bankruptcy protection and announced that Singapore Technologies Telemedia would take a controlling interest in the company. Winnick resigned as Chairman of Global Crossing in December 2002 where he made $734 million by selling his shares in the company nine months before it collapsed, and donated $25 million to Global Crossing employees who lost money in the company’s 401k retirement plan.
He is a global philanthropist who has funded hospitals, museums, schools, and college scholarships. The Winnick Family Foundation has funded scholarships in a various institution like Stanford University, Cornell University, Brown University, Tufts University, and LIU Post, and endowed a faculty position at Columbia University.
As of April 1999, Winnick had amassed the fastest billion-dollar fortune in history with $4.5 billion in 18 months from a $15 million investment in Global Crossing. He reached the mark faster than Jeff Bezos (4 years), Mark Zuckerberg (4 years) and Bill Gates (12 years). Currently, he is Chairman and Chief Executive Officer of Winnick & Company, a Los Angeles-based private investment firm founded in 1985.
Gary Winnick Age
Winnick was born on October 13, 1947, in New York, New York.
Gary Winnick Family
Winnick was born and raised in New York, New York by a Jewish family and His father owned a restaurant-supply business. Details about his family members are still under review.
Gary Winnick Wife
Winnick is married to his wife Karen Beth Winnick, an author, illustrator, and publisher of children’s books.
Gary Winnick Children
They have three sons together.
Gary Winnick Height
Information will be updated soon.
Gary Winnick Salary
Gary’s salary is estimated to be between $10k to $50k per year.
Gary Winnick Net Worth
Winnick’s net worth is estimated to around 1.44 billion dollars.
Gary Winnick Social Conscience
Winnick founded The Winnick Family Foundation in 1983 and as Chairman, he funds such initiatives as The Winnick Family Clinical Research Center at Cedars-Sinai Medical Center and The Winnick International Conference Center of the Simon Wiesenthal Center, Jerusalem. He has also endowed a Winnick Faculty Scholar at the Graduate School of Business at Stanford University. Winnick serves on several boards, including The Museum of Modern Art, The Simon Wiesenthal Center, Hillel International, and The Greatest Generations Foundation.
Winnick has funded student scholarships in institutions like Brown University, Cornell University, Syracuse University and the C.W. Post campus of Long Island University. At Long Island University, he restored the Post Mansion and transformed the main cafeteria into the Arnold S Winnick Student Center, named in memory of his late father. Among the many grantees the foundation supports are the Winnick Popular Library at the Los Angeles Central Library, Teach for America, the Winnick Family Children’s Zoo in Los Angeles Zoo, Skirball Cultural Center’s Winnick Hall, the Los Angeles Police Foundation and The Greatest Generations Foundation.