Ralph V. Whitworth
Encyclopedia
Ralph Victor Whitworth (born: 1955) is a Founder of Relational Investors
LLC, a private investment management firm based in San Diego, California
, that primarily seeks out value stocks at companies it deems to be underperforming due to poor capital allocation discipline and corporate governance. Whitworth co-founded Relational with David Batchelder in 1996; the firm manages approximately $6 billion, and Whitworth is currently a Principal and member of the Investment Committee.
, the son of a geologist and mining engineer. At the age of 19, he was appointed superintendent of parks and recreation in his hometown of Winnemucca
, Nevada, in which position he worked to expand and modernize the community’s parks system, municipal golf course, swimming pool, and other recreational facilities. He left this position at the age of 23 to attend the University of Nevada, Reno
.
Whitworth was President of Development at United Thermal Corporation from 1989 to 1992 , served on the company’s Board of Directors through December 1993, and chaired the Board’s special committee to represent minority shareholders during its sale to Trigen Energy Corporation.
From 1986 to 1994 Whitworth was President (pro bono) of the United Shareholders Association, a U.S.-based advocacy group founded by Pickens. The group focused on enhancing shareholder rights, improving corporate governance/financial transparency, and increasing corporate executive accountability. During this time, he authored a petition for rulemaking to the United States Securities and Exchange Commission (“SEC”), which paved the way for a major reform in 1992 of the SEC’s shareholder communications and executive compensation disclosure rules, including a rule allowing “short slate” director nominations.
In 1998 Whitworth became Chairman of Apria Healthcare Group, the world’s largest home healthcare provider; he held this position until 2005. Whitworth became Chairman of Waste Management Inc. in 1999, in the wake of an accounting and insider trading crisis and as the company addressed the terminal illness of its chairman and CEO. He served on the board of Waste Management and as the chairman of its Nominating and Governance Committee until May 2004. Whitworth has served on the board of eight other public companies, including Mattel, Sirius Satellite Radio
, Tektronix
, Inc., Sprint Nextel
, Wilshire Technologies, Inc., United Thermal Corporation, Sovereign Bancorp, and Genzyme
Corporation. Six of these companies were featured in the Fortune 500 during his tenure.
and his juris doctor degree from Georgetown University Law Center
in 1985.
, Genzyme Corporation, Sprint Nextel, Home Depot, Sovereign Bancorp, and Waste Management. Whitworth currently serves as a member of the Public Company Accounting Oversight Board’s Advisory Council.
- 2004: Named “Director of the Year” by Corporate Directors Forum while serving as Apria Healthcare’s Board Chairman.
- 2002: BusinessWeek recognized Waste Management as one of the five “Most Improved Boards,” during Whitworth’s tenure.
- 2002 & 2000: BusinessWeek cited Apria twice as one of the ten “Best Boards in America” during Whitworth’s tenure as Chairman.
- 2000: Institutional Shareholder Services named Apria the “Best Governed Company in North America”.
Relational Investors
Relational Investors is an activist investment fund based in San Diego, California. Founded in 1996 by Ralph Whitworth, the fund has $6 Billion in assets under management...
LLC, a private investment management firm based in San Diego, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
, that primarily seeks out value stocks at companies it deems to be underperforming due to poor capital allocation discipline and corporate governance. Whitworth co-founded Relational with David Batchelder in 1996; the firm manages approximately $6 billion, and Whitworth is currently a Principal and member of the Investment Committee.
Early Life
Whitworth grew up in rural NevadaNevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
, the son of a geologist and mining engineer. At the age of 19, he was appointed superintendent of parks and recreation in his hometown of Winnemucca
Winnemucca
-Places:*Winnemucca, Nevada*Winnemucca Indian Colony, a reservation in Nevada*Winnemucca Lake, a dry lake bed in Nevada-Tribes:*Winnemucca Indian Colony of Nevada, a federally recognized Northern Paiute and Western Shoshone tribe-People:...
, Nevada, in which position he worked to expand and modernize the community’s parks system, municipal golf course, swimming pool, and other recreational facilities. He left this position at the age of 23 to attend the University of Nevada, Reno
University of Nevada, Reno
The University of Nevada, Reno , is a teaching and research university established in 1874 and located in Reno, Nevada, USA...
.
Early Career
Whitworth began his career serving on the U.S. Senate Judiciary Committee staff of Senator Paul Laxalt from 1981 to 1984. From 1985 to 1988, he was the assistant to the General Partner at Mesa Limited Partnership under well-known oilman T. Boone Pickens.Whitworth was President of Development at United Thermal Corporation from 1989 to 1992 , served on the company’s Board of Directors through December 1993, and chaired the Board’s special committee to represent minority shareholders during its sale to Trigen Energy Corporation.
From 1986 to 1994 Whitworth was President (pro bono) of the United Shareholders Association, a U.S.-based advocacy group founded by Pickens. The group focused on enhancing shareholder rights, improving corporate governance/financial transparency, and increasing corporate executive accountability. During this time, he authored a petition for rulemaking to the United States Securities and Exchange Commission (“SEC”), which paved the way for a major reform in 1992 of the SEC’s shareholder communications and executive compensation disclosure rules, including a rule allowing “short slate” director nominations.
In 1998 Whitworth became Chairman of Apria Healthcare Group, the world’s largest home healthcare provider; he held this position until 2005. Whitworth became Chairman of Waste Management Inc. in 1999, in the wake of an accounting and insider trading crisis and as the company addressed the terminal illness of its chairman and CEO. He served on the board of Waste Management and as the chairman of its Nominating and Governance Committee until May 2004. Whitworth has served on the board of eight other public companies, including Mattel, Sirius Satellite Radio
Sirius Satellite Radio
Sirius Satellite Radio is a satellite radio service operating in North America, owned by Sirius XM Radio.Headquartered in New York City, with smaller studios in Los Angeles and Memphis, Sirius was officially launched on July 1, 2002 and currently provides 69 streams of music and 65 streams of...
, Tektronix
Tektronix
Tektronix, Inc. is an American company best known for its test and measurement equipment such as oscilloscopes, logic analyzers, and video and mobile test protocol equipment. In November 2007, Tektronix became a subsidiary of Danaher Corporation....
, Inc., Sprint Nextel
Sprint Nextel
Sprint Nextel Corporation is an American telecommunications company based in Overland Park, Kansas. The company owns and operates Sprint, the third largest wireless telecommunications network in the United States, with 53.4 million customers, behind Verizon Wireless and AT&T Mobility...
, Wilshire Technologies, Inc., United Thermal Corporation, Sovereign Bancorp, and Genzyme
Genzyme
Genzyme Corporation is a fully owned subsidiary of Sanofi-Aventis. Before its acquisition, Genzyme was an American biotechnology company based in Cambridge, Massachusetts. In 2010, Genzyme was the world’s third-largest biotechnology company, employing more than 11,000 people around the world...
Corporation. Six of these companies were featured in the Fortune 500 during his tenure.
Education
Whitworth received his bachelor’s degree from the University of Nevada, Reno in 1982and his juris doctor degree from Georgetown University Law Center
Georgetown University Law Center
Georgetown University Law Center is the law school of Georgetown University, located in Washington, D.C.. Established in 1870, the Law Center offers J.D., LL.M., and S.J.D. degrees in law...
in 1985.
Corporate Governance/Shareholder Activism
Whitworth is considered to be an expert on corporate governance and has presented to the United States Senate and House of Representatives, the SEC, the New York Stock Exchange Board, and the New York Federal Reserve. Some of the high-profile activist situations Whitworth has been involved with include Occidental PetroleumOccidental Petroleum
Occidental Petroleum Corporation is a California-based oil and gas exploration and production company with operations in the United States, the Middle East, North Africa, and South America...
, Genzyme Corporation, Sprint Nextel, Home Depot, Sovereign Bancorp, and Waste Management. Whitworth currently serves as a member of the Public Company Accounting Oversight Board’s Advisory Council.
Philanthropy
He has also donated $1 million to the assist at-risk students in the Humboldt County school system in Winnemucca and established an endowment fund at the University of Nevada, Reno which bears his name. In 2003 Whitworth donated $1 million to Adopt-A-Minefield, a United Kingdom-based charity that raises awareness about land mines and their associated problems. He serves on the Board of Trustees of Georgetown University Law Center. He also serves of the Board of Trustees of The Bishop’s School in La Jolla, California. In 1999, Whitworth and several partners at Relational donated $100,000 to establish a scholarship fund at Oklahoma State University, in fellow partner David Batchelder's name.Awards/Recognitions
- For the years 2008 through 2011, Whitworth has been recognized by NACD Directorship as one of the 100 most influential people in the boardroom and corporate governance community.- 2004: Named “Director of the Year” by Corporate Directors Forum while serving as Apria Healthcare’s Board Chairman.
- 2002: BusinessWeek recognized Waste Management as one of the five “Most Improved Boards,” during Whitworth’s tenure.
- 2002 & 2000: BusinessWeek cited Apria twice as one of the ten “Best Boards in America” during Whitworth’s tenure as Chairman.
- 2000: Institutional Shareholder Services named Apria the “Best Governed Company in North America”.