Frank N. Newman
Frank Newman served for 5 years as Chairman of the Board of Directors and CEO of Shenzhen Development Bank (SDB). SDB, a national, listed bank with operations in 20 major cities in China, had been seriously troubled. After a U.S.-based private equity firm purchased approximately 20% of the bank’s shares, Mr. Newman led the team that turned the bank around to become healthy and highly profitable – without any government funding or guarantees. After the successful sale of the majority interest in the bank, Mr. Newman announced his retirement, and became an independent Senior Advisor to SDB. He now also serves as Chairman – China, for Promontory Financial Group, an IBM company.
Mr. Newman earlier served as an active director of Korea First Bank, then controlled by a U.S.-based private equity firm, as that bank also recovered from substantial problems to become healthy and profitable.
Previously, Mr. Newman served as Chairman and CEO of Bankers Trust Corporation (BT), a major international bank based in New York. When Mr. Newman was asked to join BT, it was in a difficult, unprofitable position, facing substantial business, regulatory, and legal challenges. Mr. Newman led the resolution of the legal and regulatory issues as well as the recovery to a broader, profitable business foundation. Mr. Newman then managed the successful sale of the bank to Deutsche Bank, realizing a strong return for shareholders.
From early 1993 through late 1995, Mr. Newman served as Undersecretary, then Deputy Secretary, of the United States Treasury Department. As Deputy Secretary, Mr. Newman was the second ranking official of the Treasury Department and represented the Treasury on a broad range of issues domestically and internationally, including economic and banking policy. He also served as Chief Operating Officer of the Department. Upon completion of his service with Treasury, he was awarded the Alexander Hamilton Award, the Department’s highest honor.
Prior to his government service, Mr. Newman served as Vice Chairman of the Board and Chief Financial Officer of BankAmerica Corporation, San Francisco. Mr. Newman was a senior member of a new team that, in 1986, led the troubled bank to substantial recovery and success – again without any government funding. Mr. Newman earlier served as Executive Vice President and CFO of Wells Fargo Bank.
Mr. Newman has served as a director of a number of corporations in the U.S. and other countries, including the Dow Jones & Company, and as a member of the Board of Trustees and Investment Committee of Carnegie Hall. Mr. Newman graduated from Harvard University with a BA, magna cum laude, in economics.