The Honourable Paul V. Applegarth | |
|---|---|
| Personal details | |
| Born |
Paul Vollmer Applegarth April 21, 1946 Wilkinsburg, Pennsylvania, US |
| Occupation | business executive, financier |
| Education |
Harvard Business School |
Paul Vollmer Applegarth (born April 21, 1946) is an American business executive, financial consultant, banker, and lawyer.[1][2] He was the first chief executive officer of the Millennium Challenge Corporation, President George W. Bush's flagship project to provide development aid to poor countries.[3][4]
Early life[]
Applegarth was born in Wilkinsburg, Pennsylvania. He is the son of Alice (née Vollmer) and William "Bill" Francis Applegarth, an engineer, college professor, and manufacturer of air conditioners.[5][6] The family moved to Atlanta, Georgia in 1947 where Applegarth was raised.[7][8][9]
He attended the Christ the King School, before going to the Marist School where he was manager of the football team and graduated in 1964.[5] Applegarth attended Yale University, receiving a B.A. cum laude in economics, with a minor in corporate finance and development, in 1968.[2][5][7] While there, he was a member of the fraternity of St. Anthony Hall.
From 1968 to 1970, he served as a lieutenant, then captain, in the United States Army during the Vietnam War.[3] He describes his role in Vietnam as "part Peace Corps and part Special Forces."[3] In addition to combat, he built schools and trained village chiefs.[3]
Applegarth received a M.B.A. from Harvard Business School and a J.D. from Harvard Law School in 1974.[2][3] He received First Year Honors and was a Baker Scholar from Harvard Business School.[2][7]
Career[]
Applegarth began his career with World Bank in 1974, remaining there until 1983.[3] From 1981 through 1982, he was a White House Fellow.[2] He worked for Secretary of Defense Robert McNamara at the International Finance Corporation (IFC).[2] He was also a senior advisor to Secretary of State Colin Powell at the United States Department of State.[5]
He worked at Bank of America in San Francisco as head of North American investment banking and head of the global project finance business from 1983 to 1986.[2] He was also a financier with American Express/Lehman Brothers in New York City from 1987 to 1994.[3][2] Applegarth was a loaned executive, becoming the chief financial officer of the United Way of America and helping the nonprofit recover from a financial scandal.[3][4][5] In 1994, He became managing director of the Emerging Markets Partnership, working in England, Hong Kong, and Washington D.C. until 2003.[2][5]
Applegarth was managing director and chief operating officer of the Emerging Africa Infrastructure Fund from 2001 to 2002.[2] Sponsored by European governments, this fund combined private sector money with public funding to build power plants, roads, and other infrastructure in Sub-Saharan Africa.[3] Applegarth then became chief executive officer of the consulting firm, Value Enhancement International.[4]
In 2004, President George W. Bush appointed Applegarth as the first chief executive officer of the Millennium Challenge Corporation (MCC).[3] A new approach to foreign aid, MCC was established as an independent government organization.[3] It awarded grants to partners, some of the poorest countries in the world, who are committed to economic and political freedom.[3][10] Applegarth said the job “represents a culmination of an awful lot I’ve done in my life. The job and the whole mission seemed to be made for me.”[3] In June 2005, he announced that he would be stepping down from his CEO position after just eleven months.[10]
He was a Senior Transatlantic Fellow at the German Marshall Fund from 2005 to 2006.[2] In 2009, Applegarth joined Finnacle Financial Advisors, an international investment bank group.[2]
Awards and honors[]
- Alumnus of Year, Marist School, 2000[5]
- White House Fellows, 1981–1982[2]
- Baker Scholar, Harvard Business School, 1974[2]
Personal life[]
His family lived in Greenwich, Connecticut.[5] However, they moved to Naples, Florida sometime before 2015.[6][9] He is president of The Applegarth Tubman Medicine Hill Preservation and Educational Foundation in Maryland.[11] He speaks Chinese, French, Spanish, Tagalog, and Vietnamese.[5]
References[]
- ↑ "Katharine Applegarth and Matthew Simons". The New York Times. January 27, 2008. https://www.nytimes.com/2008/01/27/fashion/weddings/27APPLEGARTH.html.
- ↑ 2.00 2.01 2.02 2.03 2.04 2.05 2.06 2.07 2.08 2.09 2.10 2.11 2.12 2.13 "Honourable Paul V Applegarth". http://finnaclecapital.com/P-V.html.
- ↑ 3.00 3.01 3.02 3.03 3.04 3.05 3.06 3.07 3.08 3.09 3.10 3.11 3.12 Stern, Seth (April 1, 2005). "Government Startup: Paul V. Applegarth J.D./M.B.A. ’74 runs a government corporation with a new approach to foreign aid" (in en-US). https://today.law.harvard.edu/government-startup/.
- ↑ 4.0 4.1 4.2 Kessler, Glenn (August 10, 2004). "Reinventing US Foreign Aid at Millenium Challange Corp.". https://archive.globalpolicy.org/component/content/article/211-development/45038-reinventing-us-foreign-aid-at-millenium-challange-corp.html.
- ↑ 5.0 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 "Marist Alumnus To Help U.S. Government Tackle World’s Poverty, Assist Developing Nations" (in en-US). https://georgiabulletin.org/news/2004/05/marist-alumnus-help-u-s-government-tackle-worlds-poverty-assist-developing-nations/.
- ↑ 6.0 6.1 "William Francis "Bill" Applegarth". The Atlanta Constitution. January 13, 2019. pp. B6. https://www.newspapers.com/clip/102601643/obituary-for-william-francis-applegarth/.
- ↑ 7.0 7.1 7.2 "2 Atlanta Youths Receive Harvard University Honors". The Atlantic Constitution. November 1, 1971. pp. 63. https://www.newspapers.com/clip/102600255/applegarth/.
- ↑ "'People Who Have Hope Don't Become Terrorists'". The Atlanta Constitution. June 29, 2005. pp. F4. https://www.newspapers.com/clip/102600703/applegarth/.
- ↑ 9.0 9.1 "Alice V. Applegarth". Dorchester Star (Cambridge, Maryland). April 17, 2015. pp. 13. https://www.newspapers.com/clip/102602076/obituary-for-eugene-william-tolley-1966/.
- ↑ 10.0 10.1 "Millennium Challenge Corporation CEO Paul Applegarth Announces He Plans To Step Down in Future" (in en). https://www.mcc.gov/news-and-events/release/release-061505-mccceoapplegarthannounces.
- ↑ "Bartus Trew Fund Provides Grant for Applegarth Tubman Project". Kent County News (Chestertown, Maryland). March 11, 2021. pp. A7. https://www.newspapers.com/clip/102601156/applegarth/.
External sources[]
Paul Applegate C–SPAN interview
The original article can be found at Paul V. Applegarth and the edit history here.