Marion Sandler
Encyclopedia
Marion Sandler is the former co-CEO (with her husband Herbert Sandler) of Golden West Financial Corporation
and World Savings Bank. In 2004, after 43 years running Golden West Financial Corporation, she was described by the Columbia School of Journalism as “the first and longest-serving woman chief executive officer in the United States.”
Sandler was born in Biddeford, Maine
, and has a Bachelor's degree from Wellesley College and an MBA from New York University
.
magazine's annual list of the United States' most admired companies. The Sandlers were also named "2004 CEOs of the Year" by Morningstar, Inc.
Golden West was sold in 2006 for $24 billion to Wachovia Bank. The acquisition was completed in October 2006. The Sandlers owned about 10% of the company at the time of the sale, making their share of the sale price worth about $2.4 billion. Of this the Sandlers gave $1.3 billion to the Sandler Foundation.
, a nonprofit, nonpartisan organization fighting predatory mortgage lending, payday loan
s, and other products that prey on consumers; the Center for American Progress
, a progressive think tank); ProPublica
, an investigative reporting newsroom; and the American Asthma Foundation
. In addition, the Sandlers or their foundation support organizations involved in medical research, the environment, human rights, and civil liberties.
Golden West Financial
Golden West Financial was the second largest savings and loan in the United States, operating branches under the name of World Savings Bank.-History:...
and World Savings Bank. In 2004, after 43 years running Golden West Financial Corporation, she was described by the Columbia School of Journalism as “the first and longest-serving woman chief executive officer in the United States.”
Sandler was born in Biddeford, Maine
Biddeford, Maine
Biddeford is a town in York County, Maine, United States. It is the largest town in the county, and is the sixth-largest in the state. It is the most southerly incorporated town in the state and the principal commercial center of York County. The population was 21,277 at the 2010 census...
, and has a Bachelor's degree from Wellesley College and an MBA from New York University
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
.
Career
In 1963, the Sandlers created Golden West Financial Corporation, a savings and loan holding company, to acquire Golden West Savings and Loan Association, the predecessor to World Savings Bank. Since that time, Golden West grew into one of the largest thrifts in the U.S. with assets of approximately $125 billion, deposits of $60 billion, and 12,000 employees. Under the Sandlers' management, Golden West generated a 19 percent average annual compound growth in earnings per share over a 39-year period. The company was described as "one of the most efficient and productive money machines on the planet", and was included 10 times in FortuneFortune (magazine)
Fortune is a global business magazine published by Time Inc. Founded by Henry Luce in 1930, the publishing business, consisting of Time, Life, Fortune, and Sports Illustrated, grew to become Time Warner. In turn, AOL grew as it acquired Time Warner in 2000 when Time Warner was the world's largest...
magazine's annual list of the United States' most admired companies. The Sandlers were also named "2004 CEOs of the Year" by Morningstar, Inc.
Golden West was sold in 2006 for $24 billion to Wachovia Bank. The acquisition was completed in October 2006. The Sandlers owned about 10% of the company at the time of the sale, making their share of the sale price worth about $2.4 billion. Of this the Sandlers gave $1.3 billion to the Sandler Foundation.
Philanthropic work
The Sandlers helped found and are among the largest benefactors of the Center for Responsible LendingCenter for Responsible Lending
The Center for Responsible Lending is a nonprofit organization non-partisan research and policy group based in Durham, North Carolina and with offices in Washington DC and Oakland, Calif. Its purpose is to educate the public about financial products and to push for policies that curb predatory...
, a nonprofit, nonpartisan organization fighting predatory mortgage lending, payday loan
Payday loan
A payday loan is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. The loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card...
s, and other products that prey on consumers; the Center for American Progress
Center for American Progress
The Center for American Progress is a progressive public policy research and advocacy organization. Its website states that the organization is "dedicated to improving the lives of Americans through progressive ideas and action." It has its headquarters in Washington D.C.Its President and Chief...
, a progressive think tank); ProPublica
ProPublica
ProPublica is a non-profit corporation based in New York City. It describes itself as an independent non-profit newsroom that produces investigative journalism in the public interest. In 2010 it became the first online news source to win a Pulitzer Prize, for a piece written by one of its...
, an investigative reporting newsroom; and the American Asthma Foundation
American Asthma Foundation
The American Asthma Foundation is a national advocacy group funding basic research focused on asthma. The mission of the American Asthma Foundation, a non-profit organization, is to improve treatment, prevent, and find a cure for asthma, a chronic lung condition affecting 25 million Americans.To...
. In addition, the Sandlers or their foundation support organizations involved in medical research, the environment, human rights, and civil liberties.