Peter J. Solomon

Peter Jay Solomon (born September 17, 1938) is an American investment banker and the founder and chairman of Solomon Partners, one of the country's first independent investment banks. He is also a former New York City Deputy Mayor for Economic Policy and Development.

Early life and education

Solomon was born in Manhattan, New York, on September 17, 1938, to Sidney L. Solomon, the chairman of department store chain Abraham & Straus, and Jeannette (Rabinowitz) Solomon.[1][2] He attended the Collegiate School on New York's Upper West Side and graduated from Lawrenceville School, a private boarding school in Lawrenceville, New Jersey.[3][1]

Solomon graduated cum laude from Harvard College in 1960,[4]

Career

Solomon began his career in the statistics department of Merrill Lynch in 1958.[6] He joined Lehman Brothers as an associate in the corporate finance department after graduating from business school in 1963. He became a managing director in 1971 and a member of the firm's board of directors in 1976.[7][8][9]

He also served as an adjunct professor at Columbia Business School.[1]

Government activity

In 1978, Solomon was appointed Deputy Mayor for Economic Policy and Development by New York City mayor Edward I. Koch, a position he held until 1980.[6][10] He was Koch's principal advisor on taxes, ports, energy and private sector employment and commerce.[11]

As Deputy Mayor, Solomon led negotiations to host the 1980 Democratic National Convention.[12] He also encouraged the development of movie and television studios in New York City.[13]

As chairman of the Industrial & Commercial Incentive Board (ICIB), Solomon instituted reform to the real estate tax abatement system, restructuring the system to curb abuses and loopholes, while stimulating private real estate investment.[14] He also served as chairman of New York's Health and Hospital Corporation, managing 17 municipal hospitals.[15]

In 1980, Solomon was appointed Counselor to the United States Treasury Secretary under President Jimmy Carter, where he oversaw the President's auto task force and industrial policy.[16][17][18]

In 1981, Solomon returned to Lehman Brothers. He remained at Lehman and its successor, Shearson Lehman, until the end of the decade, becoming vice chairman of the firm, co-chair of the investment banking division and chairman of the merchant banking division.[19][20][21]

Peter J. Solomon Company

Solomon left Lehman in 1989 to found the Peter J. Solomon Company, a boutique financial advisory firm that was one of the first independent investment banks in the country.[22] The company advises public and private companies on mergers and acquisitions, capital structure and restructuring.[23]

The Peter J. Solomon company's clients include Lands' End in its sale to Sears; Zagat, in its sale to Google and Office Depot and Phillips-Van Heusen Corp. (PVH) via multiple acquisitions.[6][24] While the firm was known for its focus on consumer and media clients, it has expanded into a number of other sectors including energy, infrastructure, power, renewables, media, grocery and restaurants, among others.

In 2016, Natixis, the international investment banking arm of French financial institution Groupe BPCE, acquired a 51% majority stake in the company, which subsequently rebranded as PJ SOLOMON in 2019 and

Cuomo Administration

In 2013, Solomon was appointed as the co-chairman of Governor Cuomo's Tax Reform and Fairness Commission, charged with proposing reforms to the state's tax code.[27] He also served on the Governor's Spending and Government Efficiency Commission, responsible for streamlining New York's agencies and bureaucracy.[28]

birth name	Peter Jay Solomon
birth date	September 17, 1938
birth place	New York City, US
education	Harvard University (BS, MBA)
occupation	Businessman
known for	Founder of Solomon Partners
children	5
spouse	Susan B. Rebell (m. 1996)
parents	Sidney L. Solomon Jeannette Rabinowitz

Early life and education

Career

Government activity

Peter J. Solomon Company

Cuomo Administration

Other activities

Personal life

Charitable contributions

References