A Conversation with Frank A. Bennack, Jr. and Jamie Dimon

Frank A. Bennack Jr. is executive vice chairman of Hearst, one of the nation’s largest private companies engaged in a broad range of publishing, broadcasting, cable networking and diversified media and information activities. He is also chairman of the company’s executive committee, a director of Hearst and a trustee of the Hearst Family Trust, established under the will of William Randolph Hearst. In addition, he sits on a number of corporate committees and the Hearst Foundations board, where he has served for more than 25 years.

Bennack served as Hearst’s CEO for more than 28 years. He directed the company through an unprecedented period of growth from when he began his first tenure as CEO in 1979 through June 2013, when he stepped down—increasing revenues 14 times and growing earnings more than 30 times, through investments, acquisitions and startups. Today, Hearst comprises some 360-plus businesses and 20,000 employees.

Under his leadership, the company launched three leading cable networks with its partner ABC (now the Walt Disney Company), A&E, HISTORY and Lifetime and invested in the ESPN family of networks, now in 190 countries and territories. On Bennack’s watch, Hearst marched toward diversification and global expansion, including its nearly $1 billion acquisition in 2011 of Lagardère’s 100 international titles outside of France, its purchase of healthcare information leader MCG and ownership of global ratings agency Fitch Group. Bennack was also instrumental in the decision to create what today is Hearst Television,Inc., one of the nation’s largest non-network-owned television station groups, which operates 33 television stations. During his tenure, Hearst launched such magazines as Country Living, Food Network Magazine, HGTV Magazine, Marie Claire and O, The Oprah Magazine.

Bennack's operating talent and ability to envision and oversee transformation extend beyond his role at Hearst. His influence on corporate boards of directors—many lasting decades—has impacted the worlds of finance, at J.P. Morgan Chase and its predecessor companies Chemical Bank, Manufacturers Hanover and Chase; retail, as an outside director of Allied Stores, which became the modern-day Federated/Macy’s Inc. and was the parent company of Brooks Brothers, Jordan Marsh, Stern’s and Le Bon Marché; and pharmaceuticals, as a director of Wyeth, formerly American Home Products, which was acquired by Pfizer in 2009.

Bennack is currently a director of Ralph Lauren Corporation. He is chairman of Hearst Magazines UK, a wholly owned subsidiary of Hearst. Bennack is also a governor and chairman of NewYork-Presbyterian Hospital and its Healthcare System, a managing director of the Metropolitan Opera of New York, chairman emeritus of Lincoln Center for the Performing Arts and chairman of the Paley Center for Media (formerly the Museum of Television & Radio). He was the 1992–93 chairman of the Newspaper Association of America (formerly the American Newspaper Publishers Association).

Jamie Dimon is Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., a global financial services firm with assets of $3.2 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers, small business, commercial banking, financial transaction processing and asset management.

Dimon became CEO on January 1, 2006 and one year later also became Chairman of the Board. He was named President and Chief Operating Officer upon the company’s merger with Bank One Corporation on July 1, 2004. Dimon joined Bank One as Chairman and CEO in 2000.

Dimon began his career at American Express Company. Next, he served as Chief Financial Officer and then President at Commercial Credit, which made numerous acquisitions and divestitures, including acquiring Primerica Corporation in 1987 and The Travelers Corporation in 1993. Dimon served as President and Chief Operating Officer of Travelers from 1990 through 1998 while concurrently serving as Chief Operating Officer of its Smith Barney Inc. subsidiary before becoming co-Chairman and Co-CEO of the combined brokerage following the 1997 merger of Smith Barney and Salomon Brothers. In 1998, Dimon was named President of Citigroup Inc., the global financial services company formed by the combination of Travelers Group and Citicorp.

Dimon earned his bachelor’s degree from Tufts University and holds an MBA from Harvard Business School. He serves on the boards of directors of a number of non-profit institutions including the Business Roundtable, Bank Policy Institute and Harvard Business School. Additionally, he serves on the executive committee of the Partnership for New York City, and is a member of the Business Council, Financial Services Forum and Council on Foreign Relations.