"The specific components of a Princeton education have evolved over time, but our central aim has remained the same: to instill in each graduate those qualities of mind and character necessary for good citizenship and wise leadership." — President Tilghman 2003 Commencement Address
Of all the celebrated qualities of John Weinberg '47, senior chairman and former senior partner at Goldman Sachs, his exemplary citizenship and leadership were perhaps the most notable. Respected as a leader of both people and business, Weinberg presided over Goldman Sachs during some of the most transformative years on Wall Street and was a major force in building the foundation for the modern, global business the firm is today.
Throughout his life, Weinberg maintained his relationship with Princeton and cultivated the qualities of the education he gained here. His commitment to learning and the continued development of intellectual capital is evidenced by the establishment of the John L. Weinberg/Goldman Sachs and Company Visiting Professorship in 1991, for the purpose of bringing distinguished visitors in the areas of economics and public policy to the Wilson School. Weinberg also served on the University Board of Trustees from 1987 to 1995.
A plainspoken, down-to-earth man, John was the son of Sidney Weinberg, who led Goldman Sachs from 1930 until 1969. He served as a marine officer in World War II, and, when called, returned to service during the Korean War. His leadership skills were evident in the military as well as in business: He was promoted to captain during his second tour of duty. He became a partner at Goldman Sachs in 1956.
In 1976, Weinberg became co-chairman and along with John Whitehead, led Goldman Sachs through a period of remarkable growth. After Whitehead retired in 1984 to enter public service, Weinberg continued to lead the firm as sole chairman until 1990.
In a recent message to the people of the firm, CEO Lloyd Blankfein spoke about Weinberg 's enduring legacy of visionary, ethical leadership, saying, "During his more than 50 years with Goldman Sachs, Weinberg forged many of the firm's most enduring client relationships and through his leadership, he helped elevate the firm's standing and stature globally."
Weinberg's personal style and dedication to the firm are legendary. He was known for what his colleagues call "an absolute clarity about right and wrong." The strength of his convictions made him stalwart in bad times as well as good. "What I learned from the Marines," he said in a 2003 interview, "is that sometimes all you can do is get down on your belly and keep crawling forward."
"Of the great powers that were there when I came into the business, very few are still great powers," said Jon Cohen, longtime chief of staff to Weinberg. "He fervently believed that you have to adapt and change but what cannot change is your commitment to basic principles."
During his lifetime, Weinberg served on numerous corporate boards, including Kraft, Seagram Co., Knight-Ridder, Providian Financial Corporation and DuPont. His passion for effective corporate oversight is embodied in the John L. Weinberg Center for Corporate Governance at the University of Delaware. He also served as a director of the DeWitt Wallace Fund for Memorial Sloan-Kettering Cancer Center and as a trustee of New York-Presbyterian Hospital and Deerfield Academy.
John Weinberg was a relationship builder; he was committed to the people and institutions he valued, and he took action to support and nurture them. He held both himself and Goldman Sachs to the highest ethical and professional standards and was a dedicated citizen of his country and his community. However one defines the qualities of mind and character that make good citizens and wise leaders, they were most certainly present in John Weinberg.
Christopher A. Cole '81 and J. Michael Evans '80, both managing directors at Goldman, Sachs & Co., write on behalf of the more than 275 alumni at the firm.
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