Type Public Area served Worldwide | Industry Conglomerate Founded 1968 | |
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Traded as NYSE: LUK
S&P 500 Component Key people Richard B. Handler (CEO)
Brian P. Friedman (President)
Joseph S. Steinberg (Chairman) Revenue US$ 10.429 billion (2013) Stock price LUK (NYSE) US$ 26.94 +0.15 (+0.56%)15 Mar, 4:02 PM GMT-4 - Disclaimer CEO Richard B. Handler (1 Mar 2013–) Headquarters New York City, New York, United States Subsidiaries Jefferies Group, Crimson Wine Group Ltd Founders Ian M Cumming, Joseph S. Steinberg | ||
Company profile leucadia national corp nyse luk
Leucadia National Corporation is an American holding company that, through its subsidiaries, engages in mining & drilling services, telecommunications, healthcare services, manufacturing, banking and lending, real estate, and winery businesses with a market cap of about $8.0 billion as of June 15, 2011. Largest current investments include Jefferies. The company is sometimes called a "baby Berkshire Hathaway" for the wide range of its holdings.
Contents
History
Leucadia executives Ian Cumming and Joseph S. Steinberg both graduated in the same Harvard Business School Class of 1970. They joined Leucadia around 1979. Ian Cumming (a Vancouver native) and Joseph Steinberg each own about 13% of Leucadia's shares.
Leucadia is headquartered in New York City, but has additional offices in Salt Lake City, Utah. The company's name comes from the seaside town in Southern California and was chosen randomly after several other choices were rejected during the incorporation process. Cumming and Steinberg spotted the sign along the freeway and suggested it as an alternative.
Leucadia's highest profile move as of 2005 was a bid in 2004 to acquire 50 percent of telecommunications company MCI's common stock. However, after MCI received higher bids from other companies, Leucadia withdrew from the bidding process.
Subsidiaries and investments
Merger with the Jefferies Group
On November 12, 2012, Jefferies Group announced its merger with Leucadia, its largest shareholder. Jefferies was valued at $3.8 billion at the time of the acquisition. Jefferies remains independent and is the largest operating company within Leucadia. On March 1, 2013, Leucadia bought the Jefferies Group for $3.6 billion. The company’s founders, Ian M. Cumming and Joseph S. Steinberg, stepped down from their management roles after the merger, with Mr. Steinberg staying on as chairman. The number of directors also increased to 11 from eight, including the addition of nine new directors. Richard B. Handler became chief executive of Leucadia, while remaining chief executive of Jefferies.