Sneha Girap

Alden W Clausen

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Preceded by  Robert McNamara
Name  Alden Clausen
Succeeded by  Barber Conable

Alden W. Clausen itelegraphcoukmultimediaarchive02469clausen
Full Name  Alden Winship Clausen
Born  February 17, 1923 Hamilton, Illinois (1923-02-17)
Alma mater  Carthage College (B.A.) University of Minnesota Law School (LL.B.)
Died  January 21, 2013, Burlingame, California, United States
Books  Corrective initiatives in international trade and finance
Education  Carthage College, University of Minnesota Law School, Harvard University

Alden Winship "Tom" Clausen (February 17, 1923 – January 21, 2013) was President of the World Bank from 1981 to 1986. He was also President and CEO of Bank of America in 1970 and again in 1986.

Contents

Education

Clausen was born in Hamilton, Illinois to a family of Norwegianand German ancestry. He was the son of Morton Clausen, owner, editor and publisher of the Hamilton Press, the town’s weekly newspaper. His mother was Elsie Emma Kroll. He graduated from Carthage College in 1944 with a BA (and was awarded an honorary LLD in 1970), from the University of Minnesota Law School in 1949 with a LLB, and from Harvard University’s Advanced Management Program in 1966.

Bank of America

Clausen was certified to practice law after graduating from the University of Minnesota Law School, but instead he got a job at the Bank of America in Los Angeles, California. He became Vice President in 1961, Senior Vice President in 1965, Executive Vice President in 1968, Vice Chairman of the Board in 1969, and President and CEO in 1970.

World Bank

In 1981 Clausen was appointed President of the World Bank. He was replaced 5 years later by Barber Conable. His term as World Bank president saw the massive scaling up of structural adjustment lending that had been introduced under his predecessor Robert McNamara.

Return to Bank of America

Clausen returned to Bank of America as Chairman and CEO in 1986 but stepped back from an active executive role in 1990 to be Chairman of the Executive Committee. During his time at the bank he helped it grow to be the biggest commercial bank in the United States. Clausen was also a member of the Advisor Council of SRI International and was on the Board of Governors of United Way.

Legacy

  • A.W. Clausen Center for World Business at Carthage College in Kenosha, Wisconsin, is named in his honor.
  • Clausen Center for International Business and Policy at the Haas School of Business, University of California, Berkeley was endowed by a gift from Peggy and Tom Clausen in 1995.
  • References

    Alden W. Clausen Wikipedia


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