George David Woods (July 27, 1901[1] – August 20, 1982[1]) was n American investment banker and financier. He served as President of the World Bank from January 1963 until March 1968. Prior to that he had a 46-year career in investment banking, rising to chairman of First Boston Corporation.
George Woods | |
|---|---|
| President of the World Bank Group | |
| In office January 1, 1963 – March 31, 1968 | |
| Preceded by | Gene Black |
| Succeeded by | Robert McNamara |
| Personal details | |
| Born | July 27, 1901 Boston, Massachusetts, U.S. |
| Died | August 20, 1982 (aged 81) Lisbon, Portugal, New York, U.S. |
Early life and education
editGeorge Woods was born in Boston, Massachusetts in 1901.[1] He grew up Brooklyn, New York City, where his father, who died when Woods was three,[2] had moved the family to find shipyard work.[1]
He attended high school at Commercial High School in Brooklyn.[1]
Career
editAfter graduating from high school, at the age of 17 Woods was employed on Wall Street as an office boy at the investment firm Harris, Forbes & Co.[1] At the company's urging, he attended night school in banking theory and finance,[2] and in the firm's underwriting department he drafted prospectuses, did statistical work, and drew up contracts.[2] in 1927, at the age of 26, he was promoted to a vice president position and given major projects.[2] In 1930 Harris, Forbes & Co. was acquired by Chase Bank, and Woods was made vice president of the new firm.[2]
In 1933, the firm was dissolved after the passage of the Glass–Steagall Act, and Chase transferred what remained of its securities business to the Bank of Boston's newly formed First Boston Corporation.[2] Woods was included in the transfer and became vice president and a member of the board of First Boston Corporation.[2]
First Boston became one of the largest investment banking firms in the United States, and Woods played a major role in that expansion.[2] In 1947 he became one of two executive vice presidents,[2] and in 1948 became chairman of the executive committee.[2] In 1951 Woods became chairman of the board.[2][1]
World Bank
editWoods was first called to the World Bank by Eugene Black, the World Bank's president from 1949 to 1962, who was an old associate and friend from Harris, Forbes.[1] While at the World Bank, Black had asked him to help out on special assignments for the bank.[1] Woods had thereby become familiar with the workings of the World Bank.[1] In the summer of 1962, Black asked Woods to meet with the Kennedy Administration, which subsequently nominated him for president of the World Bank, and he accepted.[1] He took office January 1, 1963.[3]
Woods's tenure at the World Bank accompanied its transformation into a more global institution.[citation needed] One emphasis he had was to work to correct the disparity between rich and poor, and North and South.[citation needed] Under Woods, there was an increasing focus on economic analysis in determining root causes for constrained growth in developing nations,[citation needed] and less focus on the basis determination of country creditworthiness.[citation needed]
Under his tenure, the International Centre for Settlement of Investment Disputes (ICSID) was established,[citation needed] which provided assurance for nervous private investors.[citation needed]
Woods was also leader of the World Bank during the effort to assist India,[citation needed] which resulted in the devaluation of the rupee in 1966.[citation needed]
Honors
edit
Malaysia : Honorary Grand Commander of the Order of Loyalty to the Crown of Malaysia (1973)[4]
Personal life
editWoods married Louise Taraldson in 1935.[5] They had no children.[5]
Woods never moved to Washington DC, not even during his tenure as World Bank president.[1] The couple lived in Manhattan, and had a second home in Lisbon.[1][5]
Woods died in Lisbon in 1982 at the age of 81.[1] His wife died in Manhattan in 1986 at the age of 78.[5]
References
edit- ^ a b c d e f g h i j k l m n "George D. Wood, 81, Dies; Ex-President of World Bank". The New York Times. August 21, 1982. Retrieved September 12, 2024.
- ^ a b c d e f g h i j k https://books.google.com/books?id=2Wghq0-OAvEC&pg=PA120
- ^ "George D. Woods". World Bank. Retrieved September 14, 2024.
- ^ "Senarai Penuh Penerima Darjah Kebesaran, Bintang dan Pingat Persekutuan Tahun 1973" (PDF).
- ^ a b c d "Louise Woods, 78, the Widow Of Former World Bank Chief". The New York Times. August 24, 1986. Retrieved September 16, 2024.