Gregory J. Fleming ’88, President and Chief Executive Officer, Rockefeller Capital Management
(From left) Jonathan R. Macey ’82, Roberta Romano ’80, Harold Hongju Koh, Gregory J. Fleming ’88, Dean Cristina Rodríguez ’00, and Robert J. Giuffra Jr. ’87.
In presenting the award, Roberta Romano ’80, YLS Sterling Professor of Law and Center Co-Director, stated that “Greg has created an important wealth management institution out of close to nothing, an accomplishment that required imagination and disciplined execution of a vision. His distinguished career parallels the accomplishments of Simeon Baldwin, a leader in one of the most critical sectors in the economy of their times, while also engaging in public and professional service.” Her introduction was followed by remarks from Sterling Professor of International Law and former Dean, Harold Hongju Koh, and Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law, Jonathan Macey ’82.
In his remarks, Professor Koh asked, “Why does Greg Fleming deserve the Center’s highest honor: the Simeon Baldwin Award? My answer is because he has four distinctive qualities, any one of which is rare in a corporate leader, but are combined [here] in elegant unity…The first is Greg’s constant ability to Reassess, and thereby to focus in on what really matters even in the most stressful situations…Greg’s second rare quality is his keen sense of what is Right. His high school baseball coach once told him, of course ‘we want to win as much as possible; we all are very competitive. But what is equally important is how we carry ourselves, how we conduct ourselves, the integrity with which we approach the game, the values we stand for.’ In his life and work, Greg has lived that message… Greg’s third great capacity is his constant focus on Renewal: renewing his companies, himself, and all those with whom he works…Fourth, and perhaps most important, Greg believes in Relationships, not just transactions.”
As Professor Koh stated, “When you put these four qualities together – Reassessment, Renewal, Relationships, and an unwavering commitment to doing Right – this is what leadership looks like.” During the Global Financial Crisis, when Merrill Lynch was teetering, “Greg told his boss in a tense Saturday morning call, ‘This is not about you or me. We need to do the right thing for our 65,000 employees and shareholders.’” These qualities enabled him to “reimagine Rockefeller Capital Management as a leader in both philanthropy and sustainability: as a place where people love to work, and a business that would last forever.”
Professor Macey began his remarks by also focusing on Greg’s accomplishments during the Global Financial Crisis. As Professor Macey stated: “Virtually every sophisticated analyst and market professional at the time, and every scholar studying the financial crisis since has recognized that Merrill Lynch was days away from bankruptcy,” when Greg successfully sold the firm to Bank of America at a price that “represented a 70% premium over Merrill’s stock price and a valuation of twice the company’s book value at the time of the transaction.” He continued, “No other transaction executed in the context of the financial crisis was as successful as this one… Ultimately, Merrill Lynch provided Bank of America with a stable, high-net-worth client base and over $3 trillion in client balances by 2023, both of which have contributed substantially to Bank of America’s growth.” Moreover, Professor Macey added: “This was not just a business transaction; it was a lifeline that secured thousands of jobs and helped restore confidence in the financial markets.”
Professor Macey continued with observations about Greg from his experience co-teaching for over a decade. He stated that, “Greg is a gifted and generous teacher,” and his “commitment to education extends beyond the classroom. He fosters a culture of mentorship, guiding students and colleagues alike in their professional journeys.” Professor Macey concluded by noting: “[Greg’s] magic sauce is that he truly and genuinely cares about people.”