Jackson T. Stephens
From Wikipedia, the free encyclopedia
August 9, 1923
Jackson T. Stephens | |
|---|---|
| Born | Jackson Thomas Stephens August 9, 1923 Prattsville, Arkansas, U.S. |
| Died | July 23, 2005 (aged 81) |
| Occupations | CEO, Stephens Inc. |
| Chairman of Augusta National Golf Club | |
| In office 1991–1998 | |
| Preceded by | Hord Hardin |
| Succeeded by | William "Hootie" Johnson |
Jackson Thomas Stephens, Sr. (August 9, 1923 – July 23, 2005)[1] was an American oilman and investment banker. He was the CEO of Little Rock, Arkansas-based Stephens Inc., a privately owned financial services company. He was also the chairman of Augusta National Golf Club from 1991 to 1998.
Stephens was born on a farm near Prattsville in Grant County in south Arkansas, the youngest of six children.[2] and grew up during the Depression. He graduated in 1941 from Columbia Military Academy in Columbia, Tennessee. Stephens attended the United States Naval Academy, where he met and became friends with future president of the United States Jimmy Carter.[3] Upon graduating he joined the Little Rock investment house Stephens Inc., which his brother W. R. "Witt" Stephens had started in 1933. By 1994, Stephens, Inc. was listed as one of the biggest institutional shareholders in thirty large multinationals including the Arkansas-based Worthen Bank, Tyson Foods, Wal-Mart, and Alltel. Stephens was the father of Jackson Thomas Stephens, Jr. and Warren Stephens.
Career highlights
- 1962 – became a member of the Augusta National Golf Club, the host of the annual Masters tournament. Later became the club's chairman from 1991 to 1998.
- 1968 – the Stephenses launch Systematics, Inc, a data processing company. In 1990, Systematics was sold to Alltel and became Alltel Information Services (which in turn would be sold to Fidelity Information Systems).
- 1970 – underwrote the initial public offering for Wal-Mart Stores.
- 1976 – forms Stephens Finance Ltd. in Hong Kong with Mochtar Riady.
Politics
Stephens and his wife, Mary Anne, were such outspoken backers of Republican causes, and in particular of President Ronald Reagan, that in the early 1980s they were known as "Mr. and Mrs. Republican of Arkansas."[3] In a rare interview in the early 1980s, Jackson declared that Reagan was giving the country "exactly what we need. Some of us call it tough love."[3] Stephens and his company donated $100,000 to the national Republican Party both in 1988 and 1991.[4] Stephens and his wife were key backers of the unsuccessful bid of U.S. Representative Tommy F. Robinson of Arkansas's 2nd congressional district for the Republican gubernatorial nomination in 1990.[citation needed]. The Stephens family, through Stephens Inc. and Worthen Bank, in which Stephen holds a minority ownership interest, were key financial backers and fundraisers for Bill Clinton and the Democratic Party during his presidential election in 1992.[5]
