Gerry Schwartz

Gerald W. Schwartz, OC (born 1941) is the founder, chairman and CEO of Onex Corporation. Schwartz has a net worth of US$1.4 billion, according to Forbes.[1]

Gerry Schwartz
Born (1941-11-24) November 24, 1941 (age 79)
Alma materUniversity of Manitoba
Harvard University
Net worthUS$1.4 billion (January 2021)[1]
Spouse(s)
(m. after 1982)
Children4

Early life and careerEdit

Schwartz was born in Winnipeg, Manitoba. He graduated from Kelvin High School in Winnipeg. He received his B.A. and LL.B. degrees from the University of Manitoba[1] where he became an active brother of the Sigma Alpha Mu fraternity. He later received an MBA degree from Harvard University in 1970.[2]

In the 1970s, Schwartz worked at Bear Stearns,[1] where he was mentored by Jerome Kohlberg, Jr., who later became a founding partner in Kohlberg Kravis Roberts.[2] Schwartz left Bear Stearns by 1977, returning to Canada.[2] Along with Izzy Asper, Schwartz co-founded CanWest Global Communications in 1977.

In 1983, Schwartz founded Onex Corporation.[3]

Schwartz has been a director of Scotiabank since 1999. In 2015, Schwartz's net worth was estimated at $1.78 billion, making him the 26th wealthiest person in Canada.[1] As of 2015, he was the highest paid CEO in Canada.[4]

Personal lifeEdit

In 1982, Schwartz married Heather Reisman, chief executive of Indigo Books and Music.[5] Schwartz has two children from his first marriage and two stepchildren from his marriage to Heather Reisman.[6] The couple are members of the Reform synagogue, Holy Blossom Temple in Toronto.[6] Schwartz and Reisman own the most expensive house in Toronto, valued at $28 million.[7]

RecognitionEdit

The Gerald Schwartz School of Business at St. Francis Xavier University was named in his honour in recognition of his donations to the university.[citation needed] In 2005, he was awarded the Ernst & Young Entrepreneur Of The Year 2005 Ontario Lifetime Achievement award.[8] In 2006, he was made an Officer of the Order of Canada.[1]

PhilanthropyEdit

The gold, silver and bronze medals for top academic standing in the JD/MBA program at the University of Toronto Faculty of Law and Rotman School of Management are named after Schwartz.[citation needed]

In 2005, he and Reisman started a scholarship program for IDF lone soldiers called the Heseg Foundation.[9] In 2006, he made a donation to University of Waterloo for an exchange program between University of Waterloo and the University of Haifa.[10]

Mount Sinai Hospital announced in December 2013 that a transformational $15 million gift from Schwartz and Reisman would be used to "reshape emergency medicine" at the facility.[11][12]

The Gerald Schwartz and Heather Reisman Foundation donated $5.3 million to St. Francis Xavier University in Antigonish, Nova Scotia in late 2018 to create scholarships, bursaries and increased recruitment of business students.[13]

In March 2019, University of Toronto announced that Schwartz and Reisman were giving the university $100 million to build a 750,000-square foot innovation centre through The Gerald Schwartz & Heather Reisman Foundation. According to Reisman, the Schwartz Reisman Innovation Centre will be used to improve technology, particularly Artificial intelligence, and how the public can relate to it. One of the two towers will house the Schwartz Reisman Institute for Technology and Society and the Vector Institute for Artificial Intelligence while the other will include labs for research in regenerative medicine, genetics and precision medicine.[14][15]

ReferencesEdit

  1. ^ a b c d e f "Forbes profile: Gerald Schwartz". Forbes. Retrieved 30 January 2021.
  2. ^ a b c "Canada's very own private-equity giant Onex quietly tops returns of big-name U.S. rivals". Financial Post. Retrieved 2015-11-24.
  3. ^ McMullen, Troy (2006-04-21). "CEO's Whale of a Deal in Nantucket". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-02-14.
  4. ^ "Canada's highest paid CEO, Gerald Schwartz of Onex, made $88 million in 2013". Georgia Straight Vancouver's News & Entertainment Weekly. www.straight.com. Retrieved 2015-11-24.
  5. ^ "How 8 prominent Canadian couples met". macleans.ca. December 29, 2013. Retrieved November 20, 2018.
  6. ^ a b Jewish Women's Archive: Heather Reisman by Michael Brown retrieved April 1, 2012
  7. ^ "The most expensive house in Toronto? Fort Schwartz". Yahoo Finance Canada. Retrieved 2015-11-18.
  8. ^ "Meet the winners". Ernst & Young. Retrieved 29 September 2015.
  9. ^ "Q&A: Why United Church activists are targeting Israel". National Post. Retrieved 2015-11-18.
  10. ^ "Waterloo, Technion partner to advance research, commercialization". Waterloo News. Retrieved 2015-11-18.
  11. ^ "Behind a bittersweet industry". Mount Sinai. 5 December 2013. Retrieved 27 March 2019.
  12. ^ Ballingall, Alex; LePage, Michelle (2013-12-05). "Toronto couple's gift will expand the hospital's patient volume". The Toronto Star. ISSN 0319-0781. Retrieved 2019-03-26.
  13. ^ "Schwartz, Reisman donate $5.3 million to St. F.X." Chronicle Herald. 21 November 2018. Retrieved 26 March 2019. Some scholarships will be worth up to $80,000 each, according to the news release.
  14. ^ "Behind a bittersweet industry". CBC. 25 March 2019. Retrieved 27 March 2019. University president Meric Gertler said the donation "will enable a deeper examination of how technology shapes our daily lives."
  15. ^ "Landmark $100-million gift to the University of Toronto from Gerald Schwartz and Heather Reisman will power Canadian innovation and help researchers explore the intersection of technology and society". University of Toronto. Retrieved 2019-03-25.