What is John J. Mack's Net Worth?
John J. Mack is a businessperson who has a net worth of $200 million. John Mack serves as a senior advisor to the investment firm Kohlberg Kravis Roberts. Previously, he was the CEO and chairman of the board of the investment bank and financial services company Morgan Stanley, which he led through the 2007-08 financial crisis. Mack has also made numerous charitable donations through his Christy and John Mack Foundation.
Early Life and Education
John J. Mack was born on November 17, 1944 in Mooresville, North Carolina as the youngest of six sons of Alice and Charles. His father was a Lebanese immigrant who came to the United States when he was 12; he went on to run a wholesale supermarket in Mooresville called John Mack & Son.
For his higher education, Mack went to Duke University on a football scholarship. However, due to a cracked vertebra, he had to discontinue his football career. Mack graduated from Duke in 1968 with a degree in history.
Morgan Stanley
Mack worked at a number of firms around Wall Street before he became a salesman at Morgan Stanley in 1972. He rose steadily through the ranks at the company over the ensuing years, and in 1985 became the head of Morgan Stanley's worldwide taxable fixed income division. Due to his knack for cost-cutting while managing the division, he was nicknamed "Mack the Knife." In 1987, Mack became a member of Morgan Stanley's board of directors, and in 1992 he started overseeing the firm's day-to-day operations as the chairman of the operating committee. The next year, in mid-1993, Mack was named president of the firm. After Morgan Stanley merged with Dean Witter in 1997, Mack became the president, COO, and director of the merged company, Morgan Stanley Dean Witter & Co.
In the wake of a power struggle with Morgan Stanley CEO Phil Purcell, Mack left the firm in 2001. However, he returned four years later as the new CEO and chairman of the board, replacing Purcell. In his roles, Mack was credited with stabilizing Morgan Stanley and invigorating its culture and client base. Notably, he led the firm through the 2007-08 financial crisis, building its capital position and steering its transition into a bank holding company. During this time, Mack was advised to sell the firm by US Treasury Secretary Hank Paulson, Federal Reserve Bank chairman Ben Bernanke, and New York Federal Reserve president Tim Geithner; however, he refused. Mack continued as CEO of Morgan Stanley until he retired at the start of 2010.
(SAUL LOEB/AFP via Getty Images)
Credit Suisse
Six months after he left Morgan Stanley in 2001, Mack became the new CEO of Credit Suisse First Boston. In his role there, he oversaw significant restructuring and dealt with compliances issues that had been created by Frank Quattrone's Technology Group.
Kohlberg Kravis Roberts
In 2012, after leaving Morgan Stanley for the second time, Mack became a senior advisor to the investment firm Kohlberg Kravis Roberts.
Rosneft
In 2013, Mack joined the Russian energy company Rosneft, which has BP as one of its investors. However, after CEO Igor Sechin had sanctions imposed upon him by the United States in 2014, Mack left the company.
Board Appointments
Mack is a member of a number of boards. He sits on the boards of trustees of New York-Presbyterian Hospital and Duke University, and on the boards of University Hospital of Columbia University, University Hospital of Cornell University, and the Bloomberg Family Foundation. Mack also serves on the advisory councils of China Investment Corporation and the Monetary Authority of Singapore.
Philanthropy
Mack has made many charitable donations through his Christy and John Mack Foundation, including to his alma mater Duke University. In 2005, he donated to the United States Naval Academy Foundation, and in 2007 gave $5 million to support academic scholarships at the HBCU Shaw University.
Media Depictions
Mack has been portrayed in some media properties covering the 2007-08 financial crisis. In the 2009 BBC television film "The Last Days of Lehman Brothers," he was played by Henry Goodman, and in the 2011 HBO television film "Too Big to Fail," he was portrayed by Tony Shalhoub.
Personal Life
With his wife Christy, Mack has three children and resides in New York City. In 2022, he published his memoir "Up Close and All In: Life Lessons from a Wall Street Warrior."
Caribbean Estate
In 2019, John and his wife Christy completed a $10 million project building a mansion in the Caribbean. They listed this house for sale in September 2024 for a little under $30 million.
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