Paul Hazen
Encyclopedia
Paul Mandeville Hazen is chairman of the board of directors of Accel-KKR
and KKR Financial Holding Corporation and the former chairman and chief executive officer of Wells Fargo & Company.
Hazen was born in Lansing, Michigan
. He received his BS degree in finance from the University of Arizona
in 1963 and his MBA degree from the University of California
at Berkeley
in 1964. Starting his banking career with Security Pacific National Bank in 1964, he joined Union Bank
in 1966 and Wells Fargo & Company in 1970.
At Wells Fargo, Hazen was an executive with several of the banks subsidiaries, including serving as president of the Wells Fargo Real Estate Investment Trust, a publicly traded REIT, from 1973 to 1978. Moving up to the parent company, he was elected executive vice president of Wells Fargo in 1978 and vice chairman in 1981.
Elected president and chief operating officer of Wells Fargo in 1984, Hazen led the bank through mergers with Crocker National in 1986 and Barclays Bank of California in 1988 and the recession
of the early 1990s. He succeeded Carl E. Reichardt
as chairman and chief executive officer in January 1995. While president of Wells Fargo, Hazen was elected a director of Safeway, Inc., in 1990 and AirTouch Communications in April 1993.
From February 1997 to November 1998, Hazen was president as well as chairman and CEO of Wells Fargo. He continued to serve as chairman until retirement in May 2001.
With Vodafone
Group Plc Hazen was elected a director in June 1999 and deputy chairman and lead independent director in May 2000, serving until 2006.
Hazen was elected a director of Xstrata AG in 2000 and Xstrata Plc
in 2002. He was also elected a director of Willis Group Holdings
Ltd. in 2001.
In July 2004, Hazen was elected chairman of Accel-KKR
Company and KKR Financial Holding Corporation, both subsidiaries of Kohlberg Kravis Roberts. Hazen was elected a director of Prosper Marketplace, Inc., in 2006, the year he retired from the boards of Vodafone Group Plc and Willis Group Holdings Ltd.
In addition to the directorships already mentioned, Hazen formerly served on the boards of E.piphany
Inc., KSL Recreation Group, Pacific Telesis
, Phelps Dodge
Corporation, and Shanghai Commercial Bank
Active in Democratic politics, Hazen has been a member of Gore
2000, Hillary Clinton for President, and the Progressive Patriots Fund.
Currently, Hazen is chairman of Accel-KKR Company and KKR Financial Holding Corporation, leading independent director of Safeway Inc., and a director of Xstrata Plc and Prosper Marketplace, Inc.
Accel-KKR
Accel-KKR is a technology-focused private equity firm focused on control investments in middle-market companies. The firm invests primarily in software and IT-enabled businesses...
and KKR Financial Holding Corporation and the former chairman and chief executive officer of Wells Fargo & Company.
Hazen was born in Lansing, Michigan
Lansing, Michigan
Lansing is the capital of the U.S. state of Michigan. It is located mostly in Ingham County, although small portions of the city extend into Eaton County. The 2010 Census places the city's population at 114,297, making it the fifth largest city in Michigan...
. He received his BS degree in finance from the University of Arizona
University of Arizona
The University of Arizona is a land-grant and space-grant public institution of higher education and research located in Tucson, Arizona, United States. The University of Arizona was the first university in the state of Arizona, founded in 1885...
in 1963 and his MBA degree from the University of California
University of California
The University of California is a public university system in the U.S. state of California. Under the California Master Plan for Higher Education, the University of California is a part of the state's three-tier public higher education system, which also includes the California State University...
at Berkeley
Berkeley, California
Berkeley is a city on the east shore of the San Francisco Bay in Northern California, United States. Its neighbors to the south are the cities of Oakland and Emeryville. To the north is the city of Albany and the unincorporated community of Kensington...
in 1964. Starting his banking career with Security Pacific National Bank in 1964, he joined Union Bank
Union Bank
Union Bank was established in 1991 and had its headquarters in Karachi, Sindh, Pakistan. Prior to the merger with Standard Chartered Bank , it was Pakistan's eighth largest bank and had 65 branches in some 22 cities, about US$2 billion in assets, and about 400,000 customers.In 2006, Standard...
in 1966 and Wells Fargo & Company in 1970.
At Wells Fargo, Hazen was an executive with several of the banks subsidiaries, including serving as president of the Wells Fargo Real Estate Investment Trust, a publicly traded REIT, from 1973 to 1978. Moving up to the parent company, he was elected executive vice president of Wells Fargo in 1978 and vice chairman in 1981.
Elected president and chief operating officer of Wells Fargo in 1984, Hazen led the bank through mergers with Crocker National in 1986 and Barclays Bank of California in 1988 and the recession
Recession
In economics, a recession is a business cycle contraction, a general slowdown in economic activity. During recessions, many macroeconomic indicators vary in a similar way...
of the early 1990s. He succeeded Carl E. Reichardt
Carl E. Reichardt
Carl E. Reichardt is a retired American business executive. He was president of Wells Fargo & Company from 1978 to 1984 and then chairman of the board of directors until the end of 1994....
as chairman and chief executive officer in January 1995. While president of Wells Fargo, Hazen was elected a director of Safeway, Inc., in 1990 and AirTouch Communications in April 1993.
From February 1997 to November 1998, Hazen was president as well as chairman and CEO of Wells Fargo. He continued to serve as chairman until retirement in May 2001.
With Vodafone
Vodafone
Vodafone Group Plc is a global telecommunications company headquartered in London, United Kingdom. It is the world's largest mobile telecommunications company measured by revenues and the world's second-largest measured by subscribers , with around 341 million proportionate subscribers as of...
Group Plc Hazen was elected a director in June 1999 and deputy chairman and lead independent director in May 2000, serving until 2006.
Hazen was elected a director of Xstrata AG in 2000 and Xstrata Plc
Xstrata
Xstrata plc is a global mining company headquartered in Zug, Switzerland and with its registered office in London, United Kingdom. It is a major producer of coal , copper, nickel, primary vanadium and zinc and the world's largest producer of ferrochrome...
in 2002. He was also elected a director of Willis Group Holdings
Willis Group Holdings
Willis Group Holdings is a global insurance broker headquartered in the Willis Building, London, United Kingdom. It has more than 400 offices in 120 countries, and approximately 17,000 employees...
Ltd. in 2001.
In July 2004, Hazen was elected chairman of Accel-KKR
Accel-KKR
Accel-KKR is a technology-focused private equity firm focused on control investments in middle-market companies. The firm invests primarily in software and IT-enabled businesses...
Company and KKR Financial Holding Corporation, both subsidiaries of Kohlberg Kravis Roberts. Hazen was elected a director of Prosper Marketplace, Inc., in 2006, the year he retired from the boards of Vodafone Group Plc and Willis Group Holdings Ltd.
In addition to the directorships already mentioned, Hazen formerly served on the boards of E.piphany
Epiphany, Inc.
Epiphany, Inc. , previously known as E.piphany and Epiphany Marketing Software, was a company developing Customer Relationship Management software. On September 29, 2005, Epiphany was acquired by SSA Global Technologies. Epiphany CRM software is now produced by Infor, which acquired SSA Global...
Inc., KSL Recreation Group, Pacific Telesis
Pacific Telesis
Pacific Telesis Group was one of the seven Regional Bell Operating Companies, sometimes also referred to as "RBOCs" or "Baby Bells", created in 1983 in preparation of the breakup of AT&T as a holding company for Pacific Bell and Nevada Bell, Pacific Telesis International and several other...
, Phelps Dodge
Phelps Dodge
Phelps Dodge Corporation was an American mining company founded in 1834 by Anson Greene Phelps and William Earle Dodge, Sr.. On March 19, 2007, it was acquired by Freeport-McMoRan and now operates under the name Freeport-McMoRan Copper & Gold Inc.-History:...
Corporation, and Shanghai Commercial Bank
Shanghai Commercial Bank
The Shanghai Commercial Bank and its subsidiary companies are engaged in the provision of banking and related financial services in Hong Kong, United States, United Kingdom and the People’s Republic of China. As a group, it employs over 1,790 people. The bank is a financial institution...
Active in Democratic politics, Hazen has been a member of Gore
Al Gore
Albert Arnold "Al" Gore, Jr. served as the 45th Vice President of the United States , under President Bill Clinton. He was the Democratic Party's nominee for President in the 2000 U.S. presidential election....
2000, Hillary Clinton for President, and the Progressive Patriots Fund.
Currently, Hazen is chairman of Accel-KKR Company and KKR Financial Holding Corporation, leading independent director of Safeway Inc., and a director of Xstrata Plc and Prosper Marketplace, Inc.