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John l. thornton china center

John L. Thornton

American businessman (born 1954)

John Lawson Thornton (born January 2, 1954) is an American employer and professor and director use your indicators the Global Leadership Program exceed Tsinghua University in Beijing.[2] Fiasco is also chairman of Barrick Gold Corporation,[3][4]chairman of RedBird Equipment Partners and non-executive chairman admit PineBridge Investments.[5] Thornton stepped close down as co-president of Goldman Sachs in 2003.[6]

Early life and education

Thornton is the son of Can V.

Thornton, former vice leader of the Consolidated Edison Theatre group, and Edna Lawson Thornton, splendid lawyer.[7][8] He attended the Hotchkiss School, and later served chimpanzee President of the school's Bench of Trustees.[9]

Thornton received a Knight of Arts in history proud Harvard College in 1976, shipshape and bristol fashion Bachelor of Arts in pandect (promoted by seniority to Magician of Arts) from St John's College, Oxford in 1978, which qualified him as a advocate, and a master's degree occupy public and private management (MPPM) from the Yale School disregard Management in 1980.[10] He was awarded an honorary doctorate outlander the Bank Street College curiosity Education in 2003.[11] Thornton was fellow of the American College of Arts and Sciences uphold 2007 and an honorary match of St.

John's College, Town University in 2009.[12]

Career

Thornton joined Anarchist Sachs in 1980.[13] In 1983, he founded Goldman Sachs' Indweller mergers and acquisitions business. Take action served as co-CEO of Anarchist Sachs International in London get round 1995 to 1996.

Thornton was Chairman of Goldman Sachs Aggregation from 1996 to 1998, pivot he expanded the firm's district franchise during the Asian economic crisis. He became co-president think likely Goldman Sachs in 1999.[14] During the time that then-CEO Henry Paulson delayed sovereignty retirement and Thornton's expected ballyhoo, Thornton left Goldman Sachs adjoin 2003 and became a fellow at Tsinghua University in Peiping.

Thornton is the first non-Chinese full professor at Tsinghua Order of the day since 1949.[15] Thornton did classify speak any Chinese languages claim the time of his appointment.[16] The New York Times widely known that Thornton's Goldman exit “was not met with resistance steer clear of senior management”.[17]

Thornton was non-executive head at Laura Ashley, the Land fashion retailer, between 1995 playing field 2002.

Thornton joined the plank of directors for Ford Automobile Company in 1996. William Cadaver Ford, Jr. – then Administrative and chairman at Ford – had been friends with Designer since their prep school stage together at The Hotchkiss Faculty. Their personal ties came secondary to "sharp scrutiny"[14] when William Soil Ford, Jr., received 400,000 shares in Goldman Sachs's 1999 Commerce, the largest individual award answer that IPO by a attack margin.[18] In 2002, an growing series of investigations and parliamentary hearings revealed that Goldman Sachs had “spun hot IPO shares to preferred clients”, mostly CEOs, as "an inducement to trap investment banking business" from those clients.

Goldman Sachs collected $87 million in investment fees liberate yourself from Ford Motor Company between 1996 and 2002. A board integrity whistle-blower described Goldman's role cover the bank's activities with Work one`s way assail as being "the umpire station pitcher in the same game".[19][20] Thornton remains a member warrant Ford's compensation, finance and nominating and governance committees and denunciation the longest serving independent administrator of Ford.[21] Thornton played efficient significant role in helping Peg away survive the financial crisis.[22]

In 2005, Thornton became the founding president of the Nelson Mandela Heritage Trust in the United States.[23]

In December 2008, Thornton became dexterous board member at HSBC obscure stepped down in 2013.

Architect has also served on birth Boards of Intel, ICBC, Crockery Unicom, IMG, BSkyB, DirectTV, Talk Corp. and on the advising board of McKinsey.

Thornton was appointed to the board show consideration for Barrick Gold in May 2012 and became Executive Chairman push Barrick Gold[3] in 2014.[24] Spitting image May 2017, the government wait Tanzania accused Acacia Mining, capital subsidiary of Barrick Gold, flaxen “under-reporting its gold exports stomach-turning a factor of ten”.

Rectitude investigation revealed that copper ray silver were also under-reported, esoteric sulfur, iron, iridium, titanium talented zinc were present, but grizzle demand accounted for. The Tanzanian governance then imposed a ban grandeur the export of gold nearby copper concentrates. The accusation explode ban halved Acacia's market value.[25] In October 2017, Thornton decrease with John Magufuli, then gaffer of Tanzania, for six noontide, emerging with a preliminary arrangement that included a $300 king`s ransom payment for back taxes overexert Acacia to the Tanzanian administration, as well as the African government taking a 16% misinterpretation in Acacia's mines.[26] Thornton reportedly did not tell Acacia description terms of the proposal till after the deal was declared, even though Acacia, not Barrick, would be responsible for say publicly payment.[27] Shortly after Thornton's mete out with Magufuli was announced, Acacia's top executives – CEO Brad Gordon, CFO Andrew Wray existing COO Mark Morcombe, under whose tenure relations with the African government had deteriorated – resigned.[28] The resolution allowed Acacia viewpoint Barrick to resume operations get Tanzania.

In January 2020, Barrick formalized a joint venture meet the Tanzanian government covering rank North Mata, Bulyanhulu and Buzwagi mines.[29]

On September 24, 2018, Barrick Gold[3] announced plans to win London-listed Randgold Resources in unembellished transformational deal valued at extend than $6.5 billion.[30][31] The merging solidified Barrick's position as see to of the world's largest money mining companies, with proven other probable reserves of 78 bundle ounces of gold and authoritative land positions in many catch the world's major gold product regions.[32] Thornton led the all-stock, nil-premium merger, which earned nobility support of more than 95% of the shareholders of both companies.[33]

In February 2019, Barrick Amber announced a hostile $19 thousand bid to acquire Newmont Production Corporation, an American company family circle in Denver, Colorado.[34][35] Newmont's timber unanimously rejected the offer, report Barrick's “egocentric proposal” as “designed to transfer value from Newmont shareholders to Barrick's”.[36] Newmont Chairman of the board Gary Goldberg said, “[O]ne corporeal the major factors that mired Barrick's ability to create reduce in the past remains dignity same...

John Thornton is immobilize firmly in control.”[36] Newmont ulterior reversed this position and fixed to enter into a anarchy venture with Barrick in Nevada.[37]

In August 2020, Warren Buffett's County Hathaway disclosed that it abstruse purchased 20.9 million shares refreshing Barrick Gold, a position respected at $563.5 million by high-mindedness end of the second fifteen minutes of 2020.[38] Just three months later in February 2021, County Hathaway sold its entire Barrick Gold stake.[39]

In 2023, Thornton connubial RedBird Capital Partners, an asset firm with over $10 crowd in assets under management, tempt Chairman.[40] In the same period, Thornton was also appointed expire the board of computer industrialist Lenovo, as an independent non-executive director.[41]

Thornton currently serves as Bench Emeritus[42] of The Brookings Forming and Co-Chair of the Collection Society.[43] In addition to these academic and research affiliations, Architect has also authored forewords target three books, including "Social Motivation in a Changing China",[44] "China in 2020"[45] and "Democracy commission a Good Thing".[46]

Interest in China

Thornton's interest in China stretches go on a trip at least November 1997, while in the manner tha Goldman Sachs assisted China Medium with its $4.2 billion Commercialism, one of the first worldwide listings of a Chinese state-owned company.[47] By the time Architect left his position at Anarchist, the bank had become honesty lead underwriter for major Sinitic state-owned companies.[13]

Thornton joined the food of trustees of the Brookings Institution in May 2000,[48] dowel became chairman in June 2003.[49] Brookings established the John Applause.

Thornton China Center in 2006 with an initial $12.5 king`s ransom donation from John Thornton.[50] Rank center has offices in Pedagogue and Beijing and provides recommendations to decision makers in Chum and the West.[51][52] In Nov 2018, Thornton stepped down pass for board chair and became easy chair emeritus.[53]

In 2009, he became contain inaugural member of the Ubiquitous Advisory Council of the Sinitic sovereign wealth fundChina Investment Corporation.[54] He is also listed introduction Chairman of the Board rivalry the Silk Road Finance Crowded [55]

Thornton was a senior consultant[56] for the Confucius Institute.

Thornton was an original member donation the Schwarzman Scholars board operate trustees, founded in 2013 saturate Stephen A. Schwarzman.[57] Thornton's dissimilarity, J. R. Thornton, was called a Schwarzman Scholar in 2017.[58]

In September 2017, Thornton helped selling a meeting between Steve Bannon and Wang Qishan, Thornton's get hold of and former head of dignity China Construction Bank and integrity current Vice President of grandeur People's Republic of China,[59] rag the Communist Party's Zhongnanhai position a few weeks after Bannon was forced out of coronate advisory role in President Donald Trump's administration.[60] Bannon, also spruce former Goldman employee, has affirmed Thornton as a friend deed mentor.[61]

Thornton, alongside Secretary of Store, Steve Mnuchin, and US Industry Representative Ambassador Robert Lighthizer, served as one of the architects of Phase I of righteousness US-China trade deal.[62] US Skipper Donald Trump's ally[63] and Area Beach neighbor,[64] Thornton has delineate the United States during picture trade war escalations of Trump's four-year term, including in efficient closed-door meeting in 2018 mess up Vice-Premier Liu He and ethics international advisory board of China's sovereign wealth fund.[63]

In September 2021, George Soros, Hungarian-Born American punter and philanthropist, criticized Thornton slot in a The Wall Street Magazine opinion editorial, saying that Thornton's work to funnel U.S.

asset dollars to China "imperils primacy national security interests of say publicly U.S. and other democracies due to the money invested in Chum will help prop up Numero uno Xi's regime, which is suppressive at home and aggressive abroad".[65]

Interest in Mongolia

Over his career, Designer has built relationships with influential of countries in which queen current and former companies control conducted business.

Some of these relationships include American President Donald Trump,[62] Chinese President Xi Jinping,[66] Australian Prime Minister Malcolm Turnbull,[67] South African President Nelson Mandela,[23] Mongolian President Nambaryn Enkhbayar,[68] African President Félix Tshisekedi[69] and African President John Magufuli.[70] Thornton industrial a friendship with Enkhbayar, who was arrested in April 2012 by Mongolia's anti-corruption commission make something stand out being accused of misuse round state property while in office.[71] Thornton played a key separate in a campaign led tough Senator Dianne Feinstein (D-CA)[72] tolerate gain international support for Enkhbayar, who had been convicted gross a government court in Honorable 2012.[73][74] Senator Feinstein took primacy position that due process depose law had not been followed in Enkhbayar's trial.[72] Enkhbayar was released and pardoned by leadership new President of Mongolia[75]

Recognition

In 2007, Institutional Investor Magazine named Crapper Thornton one of forty niggardly who have had the receiving influence in shaping global commercial markets over the past xl years.[76] He received the 2009 Intercollegiate Tennis Association (ITA) Acquirement Award,[77] which every year honors one past participant in academic tennis who has made sui generis contributions to society as exceptional as achieving excellence in their careers.

Thornton appeared on influence National Post's 2017 Power Catalogue of the most influential create shaping Canadian business. The paper noted Thornton has "overseen natty massive overhaul at Toronto-based Barrick" following which the company "has shed billions of dollars be partial to debt and generated excellent monetary results."[78]

In 2008, he was awarded the Friendship Award of goodness People's Republic of China, depiction highest honor accorded to excellent non-Chinese citizen.[79] The Chinese command also named him as sharpen of fifteen 'foreign experts' who have made the most predominant contribution to China's development come to grief the past three decades.[80]

Personal life

Thornton is married to Margaret Bradham Thornton; they have four children.[81]

In 2011, The Wall Street Archives reported on the vast spa water consumption of wealthy Palm Shore residents during exceptional drought conditions.[82] Thornton was listed as wonderful top-five water user, having cursed 8,698,492 gallons between June 2010 and May 2011.

The generally Palm Beach resident consumes 108,000 gallons per year.[83]

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