Tom Clausen
President of the World Bank Group
In office
July 1, 1981 – June 30, 1986
Preceded byRobert McNamara
Succeeded byBarber Conable
Personal details
Born
Alden Winship Clausen

(1923-02-17)February 17, 1923
Hamilton, Illinois, U.S.
DiedJanuary 21, 2013(2013-01-21) (aged 89)
Burlingame, California, U.S.
Political partyRepublican
EducationCarthage College (BA)
University of Minnesota, Twin Cities (LLB)

Alden Winship "Tom" Clausen[1] (February 17, 1923 – January 21, 2013)[2] 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.

Education

Clausen was born in Hamilton, Illinois to a family of Norwegian and 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 attended the Harvard University's six-week Advanced Management Program in 1966.[3]

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.[4][5]

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

References

  1. ↑ Alden Winship ("Tom") Clausen, World Bank, Accessed November 27, 2010.
  2. ↑ Laurence Arnold (1923-02-17). "Tom Clausen, BofA, World Bank head, dies". SFGate. Retrieved 2013-01-24.
  3. ↑ "Tom Clausen, Bank of America CEO, World Bank Chief". BloombergBusiness. January 23, 2013. Retrieved August 19, 2015.
  4. ↑ "Bank of America Adds Senior Vice President". New York Times. 18 June 1965. ProQuest 116880348.
  5. ↑ Eric Skjei. "Alden Winship Clausen". Carthage College. Archived from the original on October 10, 2021. Retrieved August 19, 2015.
  6. ↑ "Golden Plate Awardees of the American Academy of Achievement". www.achievement.org. American Academy of Achievement.
  7. ↑ "A.W. Clausen Center for World Business". Carthage College. Retrieved August 19, 2015.
  8. ↑ "Clausen Center for International Business and Policy". Haas School of Business. January 23, 1998. Retrieved August 19, 2015.

world Bank project water supply scheme

Mattershem group (HISAR HARYANA INDIA) Inaugurated by Mr. A.W.CLAUSEN (PRESIDENT WORLD BANK) ON 20TH.JANUARY 1982


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