Ray Chambers
Encyclopedia
Raymond G. Chambers currently serves as United Nations Secretary-General
’s Special Envoy for Malaria
. He was appointed to this position by Secretary-General Ban Ki-moon
in February 2008. In April, 2011 he was named by TIME Magazine as one of the 100 most influential people in the world.
A native of Newark, New Jersey
, he attended Rutgers-Newark
where he was a member of Tau Kappa Epsilon
Fraternity and was awarded an MBA
from Seton Hall University
in 1968.
, a private equity
holding company which he co-founded with William E. Simon
, the former United States Secretary of the Treasury
. The "WES" in the firm's name represented Simon's initials and "RAY" was for Chamber's first name. Their first big coup was the leveraged buyout
of Gibson Greeting Cards from RCA
in 1981 for $80 million, with each partner contributing $330,000 and the balance paid for with loans; After taking Gibson public in 1984, each partner walked away with a profit exceeding $70 million.
After Simon ended his active involvement in the firm's management, Chambers was responsible for deals including the 1985 purchase of Avis Rent a Car System
, which was sold 14 months later to an employee stock ownership plan for $1.75 billion along with the sale of other Avis assets for $674 million, netting a profit of $740 million on a $10 million capital outlay.
Chambers and Wesray were early investors in buyout firm Vestar Capital Partners
, investing in the first Vestar fund in 1988. Chambers also sits on the advisory board of AlpInvest Partners
, a private equity investment management firm.
Chambers was the founding Chairman of the New Jersey Performing Arts Center
, helping obtain contributions from local corporations and contributing his own money, with the goal of creating a cultural center for Newark modeled after new York City
's Lincoln Center
and Washington, D.C.
's John F. Kennedy Center for the Performing Arts
.
As a partner in YankeeNets, Chambers played a critical role in bringing the New Jersey Devils
to what is now the Prudential Center, with YankeeNets contributing $105 million to construct the publicly-owned facility. Chambers name was engraved on the Stanley Cup as President of 2003 New Jersey Devils Chambers was an early supporter of Cory Booker
, helping to convince him that he had a future in politics.
. Prior to joining the United Nations, he has been actively involved in helping at-risk youth. He funded the Points of Light Foundation and co-founded America's Promise
with Colin Powell
, the Alliance for Youth. He is also the co-founder of the MENTOR / National Mentoring Partnership
and served as Chairman of the Millennium Promise
Alliance. With Peter Chernin
, he co-founded Malaria No More
and served as its co-chairman until being named UN Special Envoy for Malaria. In 2002, he received the William E. Simon Prize for Philanthropic Leadership
.
United Nations Secretary-General
The Secretary-General of the United Nations is the head of the Secretariat of the United Nations, one of the principal organs of the United Nations. The Secretary-General also acts as the de facto spokesperson and leader of the United Nations....
’s Special Envoy for Malaria
Malaria
Malaria is a mosquito-borne infectious disease of humans and other animals caused by eukaryotic protists of the genus Plasmodium. The disease results from the multiplication of Plasmodium parasites within red blood cells, causing symptoms that typically include fever and headache, in severe cases...
. He was appointed to this position by Secretary-General Ban Ki-moon
Ban Ki-moon
Ban Ki-moon is the eighth and current Secretary-General of the United Nations, after succeeding Kofi Annan in 2007. Before going on to be Secretary-General, Ban was a career diplomat in South Korea's Ministry of Foreign Affairs and in the United Nations. He entered diplomatic service the year he...
in February 2008. In April, 2011 he was named by TIME Magazine as one of the 100 most influential people in the world.
A native of Newark, New Jersey
Newark, New Jersey
Newark is the largest city in the American state of New Jersey, and the seat of Essex County. As of the 2010 United States Census, Newark had a population of 277,140, maintaining its status as the largest municipality in New Jersey. It is the 68th largest city in the U.S...
, he attended Rutgers-Newark
Rutgers-Newark
Rutgers University in Newark is one of three campuses of Rutgers, The State University of New Jersey, the eighth oldest college in the United States and a member of the Association of American Universities...
where he was a member of Tau Kappa Epsilon
Tau Kappa Epsilon
Tau Kappa Epsilon is a college fraternity founded on January 10, 1899 at Illinois Wesleyan University with chapters in the United States, and Canada, and affiliation with a German fraternity system known as the Corps of the Weinheimer Senioren Convent...
Fraternity and was awarded an MBA
Master of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
from Seton Hall University
Seton Hall University
Seton Hall University is a private Roman Catholic university in South Orange, New Jersey, United States. Founded in 1856 by Archbishop James Roosevelt Bayley, Seton Hall is the oldest diocesan university in the United States. Seton Hall is also the oldest and largest Catholic university in the...
in 1968.
Private equity
Chambers made his fortune as the former Chairman of Wesray Capital CorporationWesray Capital Corporation
Wesray Capital Corporation was an early private equity firm focussing on leveraged buyout investments. The firm was founded by former US Secretary of the Treasury William E...
, a private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
holding company which he co-founded with William E. Simon
William E. Simon
William Edward Simon was a businessman, a Secretary of Treasury of the U.S. for three years, and a philanthropist. He became the 63rd Secretary of the Treasury on May 8, 1974, during the Nixon administration. He was reappointed by President Ford and served until 1977. Outside of government, he was...
, the former United States Secretary of the Treasury
United States Secretary of the Treasury
The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...
. The "WES" in the firm's name represented Simon's initials and "RAY" was for Chamber's first name. Their first big coup was the leveraged buyout
Leveraged buyout
A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...
of Gibson Greeting Cards from RCA
RCA
RCA Corporation, founded as the Radio Corporation of America, was an American electronics company in existence from 1919 to 1986. The RCA trademark is currently owned by the French conglomerate Technicolor SA through RCA Trademark Management S.A., a company owned by Technicolor...
in 1981 for $80 million, with each partner contributing $330,000 and the balance paid for with loans; After taking Gibson public in 1984, each partner walked away with a profit exceeding $70 million.
After Simon ended his active involvement in the firm's management, Chambers was responsible for deals including the 1985 purchase of Avis Rent a Car System
Avis Rent A Car System
Avis Rent a Car System, LLC is a car rental company headquartered in Parsippany-Troy Hills Township, New Jersey, United States. Avis, Budget Rent a Car and Budget Truck Rental are all units of Avis Budget Group....
, which was sold 14 months later to an employee stock ownership plan for $1.75 billion along with the sale of other Avis assets for $674 million, netting a profit of $740 million on a $10 million capital outlay.
Chambers and Wesray were early investors in buyout firm Vestar Capital Partners
Vestar Capital Partners
Vestar Capital Partners is an American private equity firm focusing on leveraged buyout transactions in the United States, Europe and Asia.The firm, which was founded in 1988 is headquartered in New York City with offices in Boston, Massachusetts, Denver, Colorado in the US as well as Paris, Milan,...
, investing in the first Vestar fund in 1988. Chambers also sits on the advisory board of AlpInvest Partners
AlpInvest Partners
AlpInvest Partners is a private equity investment manager and at the end of 2009 globally managed over €42 billion ....
, a private equity investment management firm.
Involvement in Newark
Chambers has played an active role in revitalizing Newark. He has contributed to the Newark Boys and Girls Club, which he had belonged to as a child in the 1950s. He has funded college educations for hundreds of Newark public school students.Chambers was the founding Chairman of the New Jersey Performing Arts Center
New Jersey Performing Arts Center
The New Jersey Performing Arts Center , in downtown Newark, New Jersey, United States, is the sixth largest performing arts center in the United States...
, helping obtain contributions from local corporations and contributing his own money, with the goal of creating a cultural center for Newark modeled after new York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
's Lincoln Center
Lincoln Center for the Performing Arts
Lincoln Center for the Performing Arts is a complex of buildings in the Lincoln Square neighborhood of New York City's Upper West Side. Reynold Levy has been its president since 2002.-History and facilities:...
and Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
's John F. Kennedy Center for the Performing Arts
John F. Kennedy Center for the Performing Arts
The John F. Kennedy Center for the Performing Arts is a performing arts center located on the Potomac River, adjacent to the Watergate complex in Washington, D.C...
.
As a partner in YankeeNets, Chambers played a critical role in bringing the New Jersey Devils
New Jersey Devils
The New Jersey Devils are a professional ice hockey team based in Newark, New Jersey, United States. They are members of the Atlantic Division of the Eastern Conference of the National Hockey League...
to what is now the Prudential Center, with YankeeNets contributing $105 million to construct the publicly-owned facility. Chambers name was engraved on the Stanley Cup as President of 2003 New Jersey Devils Chambers was an early supporter of Cory Booker
Cory Booker
Cory Anthony Booker is the Mayor of Newark, New Jersey. He is a member of the Democratic Party. Booker is a former Newark City Councilman...
, helping to convince him that he had a future in politics.
Other associations
He is also a member of the President's Council on Service and Civic ParticipationPresident's Council on Service and Civic Participation
The President's Council on Service and Civic Participation was created by President George W. Bush in January 2003 by executive order. Its mission is to encourage volunteerism and to recognize the contributions Americans make through service and civic participation.In January 2002, President...
. Prior to joining the United Nations, he has been actively involved in helping at-risk youth. He funded the Points of Light Foundation and co-founded America's Promise
America's Promise
America's Promise — The Alliance for Youth is a foundation founded by Colin Powell in 1997 to help children and youth from all socioeconomic sectors in the United States.In late April 1997 Presidents Bill Clinton, George H. W...
with Colin Powell
Colin Powell
Colin Luther Powell is an American statesman and a retired four-star general in the United States Army. He was the 65th United States Secretary of State, serving under President George W. Bush from 2001 to 2005. He was the first African American to serve in that position. During his military...
, the Alliance for Youth. He is also the co-founder of the MENTOR / National Mentoring Partnership
MENTOR
MENTOR / The National Mentoring Partnership is an advocate and resource for mentoring in the United States. It is a 501 nonprofit organization, with headquarters in Alexandria, Virginia....
and served as Chairman of the Millennium Promise
Millennium Promise
Millennium Promise, or The Millennium Promise Alliance, Inc., is a non-profit organization incorporated under the laws of the State of Delaware, dedicated to ending extreme poverty within our lifetime...
Alliance. With Peter Chernin
Peter Chernin
Peter Chernin currently owns and runs Chernin Entertainment and The Chernin Group, both of which he founded in 2009. He was formerly President and COO of News Corporation, and Chairman and CEO of Fox Entertainment Group. He is a Corporate Director for American Express and sits on the Board of...
, he co-founded Malaria No More
Malaria No More
Malaria No More is a nonprofit organization that aims to end death caused by malaria in Africa by 2015. Malaria No More is known for its participation in the Idol Gives Back charity specials.- History :...
and served as its co-chairman until being named UN Special Envoy for Malaria. In 2002, he received the William E. Simon Prize for Philanthropic Leadership
William E. Simon Prize for Philanthropic Leadership
The William E. Simon Prize for Philanthropic Leadership is an annual award given by the William E. Simon Foundation in honor of its founder, former Secretary of the Treasury and financier William E...
.