Peter R. Scanlon
Encyclopedia
Peter Redmond Scanlon was the chairman and chief executive officer
of Coopers & Lybrand, one of the Big Eight auditors
, from 1982 to 1991. At a time when other accounting firms were merging, Scanlon kept Coopers & Lybrand independent and grew it through expansion rather than mergers.
, the son of Loretta Ryan and John Scanlon Jr., who owned an insurance company, but who died when Scanlon was only 9. After high school, Scanlon attended Iona College
, receiving a bachelor's degree
in accounting in 1952.
Upon graduation, Scanlon took a job at Lybrand, Ross Brothers & Montgomery (which would later merge with Cooper Brothers & Co. in 1957 to form Coopers & Lybrand). He served in the United States Navy
during the Korean War
, returning to the firm when he had completed his four years of service. He was elected as a partner
in 1966, and then rose through the ranks throughout the 1970s, serving as managing partner of the New York office, managing partner for the New York region, and vice-chairman of domestic operations.
In 1982, Scanlon was elected as chairman and CEO of Coopers & Lybrand for the first of three terms. Scanlon was criticized in some quarters because of his refusal to participate in the "mergers mania" of the 1980s. However, Coopers & Lybrand were able to take advantage of the mergers going on in the industry to attract international affiliates who had grown disaffected with their parent firms. Scanlon's tenure as chairman and CEO was one of growth and profitability for Coopers & Lybrand. Scanlon brought in several new clients, most notably SmithKline Beckman and Unilever
. In 1991, his last year at the firm, Coopers & Lybrand earned $261 million in profits on $1.5 billion in revenue.
Scanlon's involvement in the community included serving as a trustee
for Iona College, The Economic Club of New York
, The Catholic University of America
, and the Gregorian University. He also served on the visiting committees of the MIT Sloan School of Management
and The Conference Board
. He was a Knight of Malta and a Knight of the Holy Sepulchre. He received several honors from his alma mater, Iona College, including an honorary
LL.D.
In 1991, Scanlon retired and settled in Florida
. He died of cancer
on December 3, 2009 in Jupiter, Florida
.
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of Coopers & Lybrand, one of the Big Eight auditors
Big Four auditors
The Big Four are the four largest international professional services networks in accountancy and professional services, which handle the vast majority of audits for publicly traded companies as well as many private companies, creating an oligopoly in auditing large companies...
, from 1982 to 1991. At a time when other accounting firms were merging, Scanlon kept Coopers & Lybrand independent and grew it through expansion rather than mergers.
Biography
Peter Redmond Scanlon was born on February 13, 1931 in the BronxThe Bronx
The Bronx is the northernmost of the five boroughs of New York City. It is also known as Bronx County, the last of the 62 counties of New York State to be incorporated...
, the son of Loretta Ryan and John Scanlon Jr., who owned an insurance company, but who died when Scanlon was only 9. After high school, Scanlon attended Iona College
Iona College (New York)
Iona College is located in New Rochelle, New York, 20 miles north of Manhattan in suburban Westchester County. The college occupies 35 acres on North Ave. The college also operates a Graduate Center in Pearl River, Rockland County, New York....
, receiving a bachelor's degree
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...
in accounting in 1952.
Upon graduation, Scanlon took a job at Lybrand, Ross Brothers & Montgomery (which would later merge with Cooper Brothers & Co. in 1957 to form Coopers & Lybrand). He served in the United States Navy
United States Navy
The United States Navy is the naval warfare service branch of the United States Armed Forces and one of the seven uniformed services of the United States. The U.S. Navy is the largest in the world; its battle fleet tonnage is greater than that of the next 13 largest navies combined. The U.S...
during the Korean War
Korean War
The Korean War was a conventional war between South Korea, supported by the United Nations, and North Korea, supported by the People's Republic of China , with military material aid from the Soviet Union...
, returning to the firm when he had completed his four years of service. He was elected as a partner
Partner (business rank)
A partner in a law firm, accounting firm, consulting firm, or financial firm is a highly ranked position. Originally, these businesses were set up as legal partnerships in which the partners were entitled to a share of the profits of the enterprise. The name has remained even though many of these...
in 1966, and then rose through the ranks throughout the 1970s, serving as managing partner of the New York office, managing partner for the New York region, and vice-chairman of domestic operations.
In 1982, Scanlon was elected as chairman and CEO of Coopers & Lybrand for the first of three terms. Scanlon was criticized in some quarters because of his refusal to participate in the "mergers mania" of the 1980s. However, Coopers & Lybrand were able to take advantage of the mergers going on in the industry to attract international affiliates who had grown disaffected with their parent firms. Scanlon's tenure as chairman and CEO was one of growth and profitability for Coopers & Lybrand. Scanlon brought in several new clients, most notably SmithKline Beckman and Unilever
Unilever
Unilever is a British-Dutch multinational corporation that owns many of the world's consumer product brands in foods, beverages, cleaning agents and personal care products....
. In 1991, his last year at the firm, Coopers & Lybrand earned $261 million in profits on $1.5 billion in revenue.
Scanlon's involvement in the community included serving as a trustee
Trustee
Trustee is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another...
for Iona College, The Economic Club of New York
The Economic Club of New York
The Economic Club of New York is a non-profit and non-partisan membership organization located in New York City and founded in 1907. Its stated purpose is the promotion of the study and discussion of social, economic, and political questions....
, The Catholic University of America
The Catholic University of America
The Catholic University of America is a private university located in Washington, D.C. in the United States. It is a pontifical university of the Catholic Church in the United States and the only institution of higher education founded by the U.S. Catholic bishops...
, and the Gregorian University. He also served on the visiting committees of the MIT Sloan School of Management
MIT Sloan School of Management
The MIT Sloan School of Management is the business school of the Massachusetts Institute of Technology, in Cambridge, Massachusetts....
and The Conference Board
The Conference Board
The Conference Board, Inc. is a non-profit, non-partisan business membership and research group. It has approximately 12,000 executives in its network, from 1200 corporations in 60 countries. It holds conferences, convenes executives, conducts economic and business management research, and is seen...
. He was a Knight of Malta and a Knight of the Holy Sepulchre. He received several honors from his alma mater, Iona College, including an honorary
Honorary degree
An honorary degree or a degree honoris causa is an academic degree for which a university has waived the usual requirements, such as matriculation, residence, study, and the passing of examinations...
LL.D.
In 1991, Scanlon retired and settled in Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
. He died of cancer
Cancer
Cancer , known medically as a malignant neoplasm, is a large group of different diseases, all involving unregulated cell growth. In cancer, cells divide and grow uncontrollably, forming malignant tumors, and invade nearby parts of the body. The cancer may also spread to more distant parts of the...
on December 3, 2009 in Jupiter, Florida
Jupiter, Florida
Jupiter is a town located in Palm Beach County, Florida. As of the 2000 census, the town had a total population of 39,328. The estimate population for 2009 is 50,606. As of 2006, the population had grown to 50,028, according to the University of Florida, Bureau of Economic and Business Research....
.