W. Don Cornwell
W. Don Cornwell (born January 17, 1948)[1] is a retired investment banker and broadcast media executive. He was the founder, CEO, and Chairman of Granite Broadcasting from 1988 to his retirement in 2009. Prior to founding Granite Broadcasting, he was at Goldman Sachs for 17 years.
He currently serves on the boards of Pfizer, AIG, and Natura & Co (formerly Avon).
Early life and education
Cornwell was born in 1948 in Cushing, Oklahoma.[1] He later moved with his family to Tacoma, Washington, attending Stadium High School.[1]
He received a BA in political science from Occidental College in Los Angeles in 1969.[1] He received an MBA from Harvard University in 1971.[1][2]
Career
Goldman Sachs
After receiving his MBA in 1971, Cornwell worked on Wall Street at Goldman Sachs.[3][2][4] He was a vice president of the investment banking division at Goldman Sachs from 1976 to 1988.[5] From 1980 to 1988 he was Chief Operating Officer of its corporate finance department.[5][6]
Granite Broadcasting
Cornwell founded Granite Broadcasting in 1988 with the purchase of stations in Duluth and Peoria, and it developed from an entrepreneurial idea into a diverse station group which operates and provides services to 23 channels in 9 markets, reaching more than six percent of U.S. television households. The Company owns or manages affiliates of NBC (4), ABC (3), CBS (3), one major market My Network TV (MNTV) affiliate and one major marketindependent station. In many markets, Granite broadcasts additional programming content including MNTV, The CW Network (CW), Spanish language programming such as TvAzteca and LATV, and 24/7 local news over the digital spectrum of its stations.
Granite grew through operating performance and the acquisition of more than 15 television stations to become, at one time, one of the 25 largest television station groups as measured by Broadcasting and Cable Magazine and the largest television broadcast company in America controlled by an African American. Black Enterprise Magazine named Granite as its Company of the Year in 1995. From 1991 through 2006, Granite was publicly owned with common stock listed on NASDAQ and several issues of debt registered with the SEC.
Granite Broadcasting filed for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code in December 2006.[7][8][9] It emerged from restructuring in June 2007 under the majority ownership of private-equity firm Silver Point Capital, previously one of its creditors.[10][11][12]
Cornwell retooled Granite by increasing its digitalization and technological innovations,[10] and by relaunching and revitalizing station websites in partnership with Broadcast Interactive Media, including adding YouNews platforms which allowed local viewers to submit video footage for station usage.[10] He also renegotiated retransmission consent fees.[10][13]
In August 2009, Cornwell retired as Chairman and CEO of Granite,[14][15] staying on as Vice Chairman through December 2009.[5]
As of 2020, Cornwell is on the boards of directors of Pfizer,[16] AIG,[17] and Natura & Co (formerly Avon).[18][19] He is also on the board of trustees of Big Brothers Big Sisters of New York City.[20]
Personal life
Cornwell married New York attorney Saundra Clarke Williams in 1983.[21] Saundra Cornwell was partner at the law firm Bower & Gardner from 1984 until it dissolved in 1994.[22] They live in New York City and have two adult children.[23]
References
- ^ a b c d e "Don Cornwell". The History Makers. May 17, 2012. Retrieved July 4, 2020.
- ^ a b Williams, Dennis A. (October 1980). "Hot Shots on Wall Street". Black Enterprise. pp. 45–47.
- ^ Bell, Gregory S. (2002). In the Black: A History of African Americans on Wall Street. John Wiley & Sons. p. 145.
- ^ "Under 30 & Moving Up". Black Enterprise. August 1975. p. 18.
- ^ a b c "Cornwell, Wyllie Don". Reuters. Retrieved July 7, 2020.
- ^ "Schedule 14A Information". AIG.GCS-web.com. U.S. Securities and Exchange Commission. March 27, 2018. Retrieved July 9, 2020.
- ^ Eggerton, John (December 12, 2006). "Granite Files Chapter 11". Broadcasting & Cable. Retrieved July 9, 2020.
- ^ "Granite Broadcasting Voluntarily Files Petition for Reorganization". PR Newswire. December 11, 2006. Archived from the original on September 29, 2007.
- ^ https://www.blackenterprise.com/granite-broadcasting-goes-bankrupt/
- ^ a b c d https://www.broadcastingcable.com/news/granite-hopes-rock-84082
- ^ https://www.tvtechnology.com/news/granite-broadcasting-reorg-plan-disclosed
- ^ https://www.tvweek.com/in-depth/2007/06/granite-broadcasting-files-reo/
- ^ https://www.multichannel.com/news/time-warner-closes-retrans-deals-granite-comcorp-330372
- ^ Tanklefsky, David (August 11, 2009). "Cornwell And Deushane Stepping Down At Granite Broadcasting". Broadcasting & Cable. Retrieved July 7, 2020.
- ^ Bachman, Katy (August 11, 2009). "Granite founder Cornwell steps down". The Hollywood Reporter. Retrieved July 7, 2020.
- ^ "Board member". Pfizer. Retrieved July 6, 2020.
- ^ "Board of Directors". AIG. Retrieved July 6, 2020.
- ^ "Avon Products Inc: Form 8-K". Market Screener. January 3, 2020. Retrieved July 6, 2020.
- ^ "Natura & Co. Holding S.A.: W. Don Cornwell". Wall Street Journal. Retrieved July 6, 2020.
- ^ "Board of Trustees". Big Brothers Big Sisters of New York City. Retrieved July 6, 2020.
- ^ "Saundra Williams Marries a Banker". New York Times. May 15, 1983. Retrieved July 7, 2020.
- ^ Lat, David (April 17, 2014). "Lawyerly Lairs: A $16 Million Brooklyn Brownstone". Above the Law. Retrieved July 7, 2020.
- ^ "Telecommunications Development Fund: Don Cornwell". The History Makers. Retrieved July 7, 2020.