Pete Musser
Encyclopedia
Warren V. "Pete" Musser, born in 1928, is the past Chairman and Chief Executive Officer of Safeguard Scientifics, Inc., which he founded in 1953.
He earned a B.S. in Industrial Engineering at Lehigh University
.
He is currently Chairman and Co-Chief Executive Officer, of Epitome Systems; and the Managing Director of the Musser Group, in Wayne, Pennsylvania
, a financial consulting company. He helped the formation and success of many Fortune 500 companies, including QVC, Comcast, Novell, Inc. among others.
He faced financial ruin in 2001 as he resigned as CEO from Safeguard Scientifics, after "Safeguard disclosed in a Securities and Exchange Commission filing that a business run by Musser's wife was in default on a $2.1 million loan that Safeguard made to it in 1998" and "that Musser had been forced to sell 7.5 million shares of his stock in the company to satisfy "personal obligations under several margin loan arrangements." "Finally, battered by deep personal losses, the problems he had caused his company and the embarrassment over the disclosure of Safeguard's dealings with his wife, Musser stepped down under pressure."
County court records show that his wife, Hilary Grinker Musser, subsequently filed for divorce in May, 2005. They have one child, born in 2003. The couple was married in November 2000, four years after he divorced his wife of 43 years.
Pete Musser's stake in Safeguard made him a billionaire for a short time.
The Musser Award for Excellence in Leadership from The Fox School of Business and Management at Temple University is named for him, as is the Musser Scout Reservation
, in Montgomery County, Pennsylvania
.
He earned a B.S. in Industrial Engineering at Lehigh University
Lehigh University
Lehigh University is a private, co-educational university located in Bethlehem, Pennsylvania, in the Lehigh Valley region of the United States. It was established in 1865 by Asa Packer as a four-year technical school, but has grown to include studies in a wide variety of disciplines...
.
He is currently Chairman and Co-Chief Executive Officer, of Epitome Systems; and the Managing Director of the Musser Group, in Wayne, Pennsylvania
Wayne, Pennsylvania
Wayne is an unincorporated community located on the Main Line, centered in Delaware County, Pennsylvania, United States. While the center of Wayne is in Radnor Township, Wayne extends into both Tredyffrin Township in Chester County and Upper Merion Township in Montgomery County...
, a financial consulting company. He helped the formation and success of many Fortune 500 companies, including QVC, Comcast, Novell, Inc. among others.
He faced financial ruin in 2001 as he resigned as CEO from Safeguard Scientifics, after "Safeguard disclosed in a Securities and Exchange Commission filing that a business run by Musser's wife was in default on a $2.1 million loan that Safeguard made to it in 1998" and "that Musser had been forced to sell 7.5 million shares of his stock in the company to satisfy "personal obligations under several margin loan arrangements." "Finally, battered by deep personal losses, the problems he had caused his company and the embarrassment over the disclosure of Safeguard's dealings with his wife, Musser stepped down under pressure."
County court records show that his wife, Hilary Grinker Musser, subsequently filed for divorce in May, 2005. They have one child, born in 2003. The couple was married in November 2000, four years after he divorced his wife of 43 years.
Pete Musser's stake in Safeguard made him a billionaire for a short time.
The Musser Award for Excellence in Leadership from The Fox School of Business and Management at Temple University is named for him, as is the Musser Scout Reservation
Musser Scout Reservation
Musser Scout Reservation is a Boy Scout camp located along the Unami Creek on over of Marlborough Township, Pennsylvania. The Reservation is made up of three distinct camps: Camp Delmont, Camp Hart, and Camp Garrison. The reservation is part of the largest contiguous forest in Southeastern...
, in Montgomery County, Pennsylvania
Montgomery County, Pennsylvania
Montgomery County is a county located in the U.S. state of Pennsylvania, in the United States. As of 2010, the population was 799,874, making it the third most populous county in Pennsylvania . The county seat is Norristown.The county was created on September 10, 1784, out of land originally part...
.
External links
- http://www.safeguard.com
- "2001: Pete Musser's last stand," Philadelphia Business Journal - August 2, 2002 http://www.bizjournals.com/philadelphia/stories/2002/08/05/focus20.html?page=2
- Hillary Grinker Musser buys Palm Beach home for $6 million http://www.corcoran.com/guides/index.aspx?page=Article&pub_id=3057
- Inqlings | $12.5 million will take Mussers' Main Line spread http://72.14.253.104/search?q=cache:WSy3njXE2qAJ:www.philly.com/mld/inquirer/12352762.htm+%22Hilary+Grinker+Musser%22&hl=en&gl=us&ct=clnk&cd=14
- Pete Musser built his company over 40 years. Then he was Seduced by the Internet. And his billion-dollar fortune melted away. Fortune Magazine http://money.cnn.com/magazines/fortune/fortune_archive/2001/03/05/297862/index.htm