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Edward Lampert

Edward Lampert

Overview
Edward S. "Eddie" Lampert (born July 19, 1962) is an American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 businessman and investor
Investor
An investor is a party that makes an investment into one or more categories of assets --- equity, debt securities, real estate, currency, commodity, derivatives such as put and call options, etc...

. He is the chairman of Sears Holdings Corporation
Sears Holdings Corporation
Sears Holdings Corporation is a retail conglomerate formed in 2005 by the merger of Sears, Roebuck and Co., of Hoffman Estates, Illinois, with Kmart Holdings Corporation, of Troy, Michigan...

 (SHLD) and founder, chairman
Chairman of the Board
The Chairman of the Board is a seat of office in an organization, especially of corporations.Chairman of the Board may also refer to:*Chairman of the Board , a 1998 film*Chairmen of the Board , a 1970s American soul music group...

, and CEO of ESL Investments
ESL Investments
ESL Investments is a privately owned hedge fund based in Greenwich, Connecticut and estimated to be worth over $9 billion as of 2004. ESL Investments are not associated with ESL International, the stock market investment technology company. The fund is managed by Edward Lampert, who found it in...

. Until May, 2007 he was a director
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...

 of AutoNation
AutoNation
AutoNation, the largest auto retailer in the USA, was founded in 1996 by entrepreneur H. Wayne Huizenga, also founder of Blockbuster and Waste Management. The company is headquartered in Fort Lauderdale, Florida. The current Chairman and CEO is Mike Jackson, former CEO of Mercedes Benz North America...

, Inc. He previously served as a director of AutoZone
AutoZone
AutoZone is a retailer and distributor of aftermarket automotive parts and accessories. based in Memphis, Tennessee.-History:Originally a division of Memphis-based wholesale grocer Malone & Hyde, the company went under the name Auto Shack...

, Inc. from July 1999 to October 2006.

Lampert graduated from Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...

 in 1984 (B.A.
Bachelor's degree
A bachelor's degree is usually an academic degree awarded for an undergraduate course or major that generally lasts for three or four years, but can range anywhere from two to six years depending on the region of the world...

, economics, summa cum laude), where he was a member of Skull and Bones
Skull and Bones
Skull and Bones is an undergraduate senior or secret society at Yale University, New Haven, Connecticut. It is a traditional peer society to Scroll and Key and Wolf's Head, as the three senior class 'landed societies' at Yale....

 and Phi Beta Kappa.

In July 1984, Lampert worked as an intern at Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...

, and then worked in the firm's risk arbitrage
Risk arbitrage
Risk arbitrage, or merger arbitrage, is an investment or trading strategy often associated with hedge funds.Two principal types of merger are possible: a cash merger, and a stock merger. In a cash merger, an acquirer proposes to purchase the shares of the target for a certain price in cash...

 department from March 1985 to February 1988.
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Encyclopedia
Edward S. "Eddie" Lampert (born July 19, 1962) is an American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 businessman and investor
Investor
An investor is a party that makes an investment into one or more categories of assets --- equity, debt securities, real estate, currency, commodity, derivatives such as put and call options, etc...

. He is the chairman of Sears Holdings Corporation
Sears Holdings Corporation
Sears Holdings Corporation is a retail conglomerate formed in 2005 by the merger of Sears, Roebuck and Co., of Hoffman Estates, Illinois, with Kmart Holdings Corporation, of Troy, Michigan...

 (SHLD) and founder, chairman
Chairman of the Board
The Chairman of the Board is a seat of office in an organization, especially of corporations.Chairman of the Board may also refer to:*Chairman of the Board , a 1998 film*Chairmen of the Board , a 1970s American soul music group...

, and CEO of ESL Investments
ESL Investments
ESL Investments is a privately owned hedge fund based in Greenwich, Connecticut and estimated to be worth over $9 billion as of 2004. ESL Investments are not associated with ESL International, the stock market investment technology company. The fund is managed by Edward Lampert, who found it in...

. Until May, 2007 he was a director
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...

 of AutoNation
AutoNation
AutoNation, the largest auto retailer in the USA, was founded in 1996 by entrepreneur H. Wayne Huizenga, also founder of Blockbuster and Waste Management. The company is headquartered in Fort Lauderdale, Florida. The current Chairman and CEO is Mike Jackson, former CEO of Mercedes Benz North America...

, Inc. He previously served as a director of AutoZone
AutoZone
AutoZone is a retailer and distributor of aftermarket automotive parts and accessories. based in Memphis, Tennessee.-History:Originally a division of Memphis-based wholesale grocer Malone & Hyde, the company went under the name Auto Shack...

, Inc. from July 1999 to October 2006.

Early Life and Education


Lampert graduated from Yale University
Yale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...

 in 1984 (B.A.
Bachelor's degree
A bachelor's degree is usually an academic degree awarded for an undergraduate course or major that generally lasts for three or four years, but can range anywhere from two to six years depending on the region of the world...

, economics, summa cum laude), where he was a member of Skull and Bones
Skull and Bones
Skull and Bones is an undergraduate senior or secret society at Yale University, New Haven, Connecticut. It is a traditional peer society to Scroll and Key and Wolf's Head, as the three senior class 'landed societies' at Yale....

 and Phi Beta Kappa.

Business Career


In July 1984, Lampert worked as an intern at Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...

, and then worked in the firm's risk arbitrage
Risk arbitrage
Risk arbitrage, or merger arbitrage, is an investment or trading strategy often associated with hedge funds.Two principal types of merger are possible: a cash merger, and a stock merger. In a cash merger, an acquirer proposes to purchase the shares of the target for a certain price in cash...

 department from March 1985 to February 1988. While there, he worked directly with Robert Rubin
Robert Rubin
Robert Edward Rubin served as the 70th United States Secretary of the Treasury during both the first and second Clinton administrations. Before his government service, he spent 26 years at Goldman Sachs eventually serving as a member of the Board, and Co-Chairman from 1990-1992...

. When Lampert decided to go out on his own, Rubin warned him it would be a bad career decision.

In April 1988, Lampert left the bank to form ESL Investments, based in Greenwich, Connecticut
Greenwich, Connecticut
Greenwich is a town in Fairfield County, Connecticut, United States. As of the 2010 census, the town had a total population of 61,171. It is home to many hedge funds and other financial service companies. Greenwich is the southernmost and westernmost municipality in Connecticut and is 38+ minutes ...

 (The name ESL derives from Lampert's initials). Richard Rainwater
Richard Rainwater
-Early life:The son of a wholesale grocer, he grew up in Fort Worth, Texas. He graduated from the University of Texas with a degree in mathematics, where he was a member of the Tau chapter of the Kappa Sigma fraternity. He was recognized by the national organization in 1996 as Kappa Sigma Man of...

, whom Lampert had met on Nantucket Island, gave him $28 million in seed money and introduced him to clients, such as David Geffen
David Geffen
David Geffen is an American record executive, film producer, theatrical producer and philanthropist. Geffen is noted for creating Asylum Records in 1970, Geffen Records in 1980, and DGC Records in 1990...

.

Lampert's investment style can best be described as "concentrated value", often focusing on the retail sector. Lampert typically holds his investments for several years and usually has between three and fifteen stocks in his portfolio. His investment style has drawn comparisons to the financier Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...

. Lampert is credited with forming and merging Kmart
Kmart
Kmart, sometimes styled as "K-Mart," is a chain of discount department stores. The chain acquired Sears in 2005, forming a new corporation under the name Sears Holdings Corporation. The company was founded in 1962 and is the third largest discount store chain in the world, behind Wal-Mart and...

 and Sears
Sears, Roebuck and Company
Sears, officially named Sears, Roebuck and Co., is an American chain of department stores which was founded by Richard Warren Sears and Alvah Curtis Roebuck in the late 19th century...

 into Sears Holdings
Sears Holdings Corporation
Sears Holdings Corporation is a retail conglomerate formed in 2005 by the merger of Sears, Roebuck and Co., of Hoffman Estates, Illinois, with Kmart Holdings Corporation, of Troy, Michigan...

.

Lampert's earnings in 2004 were estimated to be $1.02 billion, making him the first Wall Street financial manager to exceed an income of $1 billion in a single year. In 2006, Lampert was the richest person in Connecticut
Connecticut
Connecticut is a state in the New England region of the northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, and the state of New York to the west and the south .Connecticut is named for the Connecticut River, the major U.S. river that approximately...

 with a net worth of $3.8 billion.

Lampert's earnings in 2006 were estimated to be from $1.0 billion to $1.5 billion.

Kidnapping


In 2003, Lampert was kidnapped from the parking lot of his Greenwich office, but was able to convince his captors to let him go after two days of captivity.

External links