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'{{short description|American businessman}} '''W. Don Cornwell''' (born January 17, 1948)<ref name="HistoryMakers">{{cite web|url=https://www.thehistorymakers.org/biography/don-cornwell |title=Don Cornwell |website=[[The History Makers]] |date=May 17, 2012 |accessdate=July 4, 2020}}</ref> 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 Products|Avon]]). ==Early life and education== Cornwell was born in 1948 in [[Cushing, Oklahoma]].<ref name="HistoryMakers"/> He later moved with his family to [[Tacoma, Washington]], attending [[Stadium High School]].<ref name="HistoryMakers"/> He received a BA in political science from [[Occidental College]] in Los Angeles in 1969.<ref name="HistoryMakers"/> He received an MBA from [[Harvard University]] in 1971.<ref name="HistoryMakers"/><ref name="Black Enterprise Oct 1980">{{cite news |url=https://books.google.com/books?id=EdIDUjCI44IC&pg=PA45 |title=Hot Shots on Wall Street |first=Dennis A. |last=Williams |work=[[Black Enterprise]] |pages=45-47 |date=October 1980}}</ref> ==Career== ===Goldman Sachs=== After receiving his MBA in 1971, Cornwell worked on Wall Street at [[Goldman Sachs]].<ref>{{cite book |last1=Bell |first1=Gregory S. |title=In the Black: A History of African Americans on Wall Street |date=2002 |publisher=[[John Wiley & Sons]] |page=145 |url=https://books.google.com/books?id=u0ZjUFT5AfQC&pg=PA145}}</ref><ref name="Black Enterprise Oct 1980"/><ref>{{cite news |title=Under 30 & Moving Up |url=https://books.google.com/books?id=tbY2tlPkH-8C&pg=PA18 |work=[[Black Enterprise]] |date=August 1975 |page=18}}</ref> He was a vice president of the investment banking division at Goldman Sachs from 1976 to 1988.<ref name="Reuters"/> From 1980 to 1988 he was Chief Operating Officer of its corporate finance department.<ref name="Reuters"/><ref>{{cite web |title=Schedule 14A Information |url=https://aig.gcs-web.com/static-files/e774b133-1779-4743-84b1-58710742241f |website=AIG.GCS-web.com |publisher=[[U.S. Securities and Exchange Commission]] |accessdate=July 9, 2020 |date=March 27, 2018}}</ref> ===Granite Broadcasting=== In 1988 Cornwell left Goldman Sachs to found [[Granite Broadcasting]], a broadcasting holding company, with co-founder Stuart Beck, a New York attorney.<ref name="PA138">{{cite news |title=B.E. 100s: The Freshman Class of '90 |url=https://books.google.com/books?id=0TPdRXt2XEoC&pg=PA138 |work=[[Black Enterprise]] |date=June 1990 |pages=138-142}}</ref><ref>{{cite news |title=Milestones in Black Business |url=https://books.google.com/books?id=-FwEAAAAMBAJ&pg=PA128 |work=[[Black Enterprise]] |date=May 1995 |pages=128}}</ref> Cornwell became Chairman and CEO of the company, and Beck became President.<ref>{{cite web |title=Item 10. Directors and Executive Officers of the Registrant |url=https://google.brand.edgar-online.com/efxapi/EFX_dll/EDGARpro.dll?FetchFilingHtmlSection1?SectionID=513292-157365-163357&SessionID=zWLTeqLCvQFxld7 |website=Edgar Online |publisher=Busse Broadcasting |date=December 29, 1996 |accessdate=July 10, 2020}}</ref><ref>{{cite web |author1=Granite Broadcasting Corp |authorlink1=Granite Broadcasting |title=Form 10-K - Annual Report |url=https://sec.report/Document/0001104659-06-021234/ |website=[[U.S. Securities and Exchange Commission]] |accessdate=July 10, 2020 |date=March 31, 2006}}</ref> With initial capitalization from Minority Enterprise Small Business Investment Companies (MESBICs), [[Oprah Winfrey]], and Goldman Sachs, the company's first acquisitions were television stations in Duluth and Peoria in 1988, followed by stations in Fort Wayne and San Jose in 1989 and 1990.<ref name="PA138"/> Cornwell took the company public via an IPO in early 1992,<ref>{{cite news |last1=Scott |first1=Matthew S. |last2=Williams |first2=Terry |title=Black Businesses Woo Hungry Investors |url=https://books.google.com/books?id=u14EAAAAMBAJ&pg=PT55 |work=[[Black Enterprise]] |date=May 1992 |page=49}}</ref> and it traded on the NASDAQ.<ref name="PT61">{{cite news |last1=Scott |first1=Matthew S. |last2=Williams |first2=Terry |title=Black Businesses Woo Hungry Investors |url=https://books.google.com/books?id=u14EAAAAMBAJ&pg=PT61 |work=[[Black Enterprise]] |date=May 1992 |pages=56-57}}</ref><ref name="HistoryMakers"/> Cornwell and Beck retained control of all [[voting stock]], with Cornwell holding 55% and Beck holding 45%.<ref name="PT61"/> Cornwell led Granite to specialize in developing and operating small to middle-market television broadcast stations.<ref name="Plunkett">{{cite book |last1=Plunkett |first1=Jack W. |title=Plunkett's Entertainment & Media Industry Almanac 2008 |date=2008 |publisher=Plunkett Research, Ltd. |url=https://books.google.com/books?id=7Y9lHTRzBkoC&pg=PT321 |chapter=Granite Broadcasting Corp}}</ref> Its business strategy was to provide high quality local news and sports for each market, and its goal was to become the leading provider of news, weather, and sports information in these markets.<ref name="Plunkett"/> Granite supported diverse programming in terms of gender, ethnicity, religion, and racial background,<ref name="PA138"/> and the company placed a heavy emphasis on local programming, particularly news programming, and on reflecting the flavor and diversity of an individual station's community.<ref name="PA138"/> Granite also gave leeway to local television station managers, who were allowed to make market-specific programming decisions.<ref name="PA122">{{cite news |last1=Lowery |first1=Mark |title=B.E. 100s Company of the Year: Solid as a Rock |url=https://books.google.com/books?id=_FwEAAAAMBAJ&pg=PA122 |work=[[Black Enterprise]] |date=June 1995 |pages=122-132}}</ref><ref name="Solid as a rock FL">{{cite news |last1=Lowery |first1=Mark |title=Solid as a Rock |url=https://www.thefreelibrary.com/Solid+as+a+rock.-a016965653 |accessdate=July 11, 2020 |work=[[Black Enterprise]] |date=June 1, 1995}}</ref> Following the acquisition of more stations, buying them below market value and turning them around, by 1995 Granite's stock had surged and it was the top performing media company in the U.S.<ref name="Solid as a rock FL"/><ref name="PA122"/> In 1995 Granite was ''[[Black Enterprise]]'''s Company of the Year.<ref name="Solid as a rock FL"/><ref name="PA122"/> After acquiring key stations in Detroit and San Francisco, by 1998 Granite had 10 network affiliates across the United States;<ref name="Crains">{{cite news |title=W. Don Cornwell |url=https://www.crainsnewyork.com/article/19980330/SUB/803300755/w-don-cornwell |accessdate=July 11, 2020 |work=[[Crain's New York Business]] |date=March 29, 1998}}</ref><ref>{{cite news |last1=Smith |first1=Eric L. |last2=White |first2=Paula M. |title=Countdown to the 21st Century: Architects of the Next Millennium |url=https://books.google.com/books?id=M14EAAAAMBAJ&pg=RA1-PA212 |work=[[Black Enterprise]] |date=June 1998}}</ref> it was the seventh-largest black-owned business in the U.S., and the largest minority-owned media company in New York.<ref name="Crains"/> Under Cornwell's leadership, by the mid 2000s, via acquisitions Granite owned and operated or provided programming, sales, and other services to 23 channels in 11 markets.<ref name="FORM 8-K">{{cite web |author1=[[Granite Broadcasting Corporation]] |title=Form 8-K |url=https://sec.report/Document/0001104659-06-050355/ |website=[[U.S. Securities and Exchange Commission]] |accessdate=July 11, 2020 |date=August 1, 2006}}</ref><ref name="Cornwell And Deushane Stepping Down"/><ref name="Plunkett"/> Its channel group included affiliates of NBC, CBS, ABC, [[The CW]], and [[MyNetworkTV]], and reached approximately 6% of all U.S. television households.<ref name="FORM 8-K"/><ref name="Plunkett"/> It was the largest African American-controlled television broadcast company in the U.S.<ref name="HistoryMakers"/><ref name="Cornwell steps down"/> In the 2000s Granite's stock plunged, attributed to three factors: the company's 2000 "[[reverse compensation]]" agreement to pay $362 million for an NBC affiliation in San Francisco,<ref>{{cite news |last1=McClellan |first1=Steve |title=Reversal of fortune |url=https://worldradiohistory.com/Archive-BC/BC-2000/BC-2000-02-21.pdf#page=10 |accessdate=July 11, 2020 |work=[[Broadcasting & Cable]] |date=February 12, 2000 |pages=10-12}}</ref><ref name="tailspin">{{cite news |last1=McCllellan |first1=Steve |title=Granite stock in a tailspin |url=https://www.nexttv.com/news/granite-stock-tailspin-76750 |accessdate=July 11, 2020 |work=[[Broadcasting & Cable]] |date=December 18, 2000}}</ref><ref>{{cite news |last1=Mermigas |first1=Diane |title=New World of TV: Testing Granite’s Mettle: Reshaping Broadcast TV’s Boundaries Has a Price |url=https://www.tvweek.com/in-depth/2009/08/new-world-of-tv-testing-granit/ |accessdate=July 11, 2020 |work=TV Week |date=August 11, 2009}}</ref><ref>https://www.tvweek.com/in-depth/2001/03/granite-gets-time-to-pay-the-p/</ref> an advertising recession,<ref name="Measuring the Media Moguls">https://www.rbr.com/tvepaper/issue97-04.html</ref><ref name="tailspin"/><ref>https://www.sfgate.com/bayarea/article/How-NBC-KRON-deal-fell-apart-Animosity-2882604.php</ref> and the end of federal tax incentives for minority-owned broadcasting stations.<ref name="Measuring the Media Moguls"/> Additionally, the company sustained heavy losses from 2003 to 2005.<ref name="BE Bankrupt"/> Following the demise of [[The WB]] network,<ref name="Rock On"/> Granite Broadcasting filed for voluntary reorganization under [[Chapter 11]] of the U.S. Bankruptcy Code in December 2006.<ref>{{cite news |last1=Eggerton |first1=John |work=[[Broadcasting & Cable]] |title=Granite Files Chapter 11 |url=https://www.nexttv.com/news/granite-files-chapter-11-40163 |accessdate=July 9, 2020 |date=December 12, 2006}}</ref><ref>{{cite news |title=Granite Broadcasting Voluntarily Files Petition for Reorganization |url=https://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/12-11-2006/0004489358 |work=[[PR Newswire]] |date=December 11, 2006 |archiveurl=https://web.archive.org/web/20070929115147/https://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/12-11-2006/0004489358 |archivedate=September 29, 2007}}</ref><ref name="BE Bankrupt">{{cite news |last1=Townes |first1=Glenn |title=Granite Broadcasting Goes Bankrupt |url=https://www.blackenterprise.com/granite-broadcasting-goes-bankrupt/ |accessdate=July 9, 2020 |work=[[Black Enterprise]] |date=May 1, 2007}}</ref> It emerged from restructuring in June 2007 under the majority ownership of private-equity firm [[Silver Point Capital]], previously one of its creditors.<ref name="Rock On">{{cite news |last1=Malone |first1=Michael |title=Granite Hopes to Rock On |url=https://www.nexttv.com/news/granite-hopes-rock-84082 |accessdate=July 9, 2020 |work=[[Broadcasting & Cable]] |date=December 15, 2007}}</ref><ref>{{cite news |title=Granite Broadcasting Reorg Plan Disclosed |url=https://www.tvtechnology.com/news/granite-broadcasting-reorg-plan-disclosed |accessdate=July 9, 2020 |work=TV Technology |date=June 8, 2007}}</ref><ref>{{cite news |title=Granite Broadcasting Files Reorganization Plan |url=https://www.tvweek.com/in-depth/2007/06/granite-broadcasting-files-reo/ |accessdate=July 9, 2020 |work=TV Week |date=June 6, 2007}}</ref> Cornwell retooled Granite by increasing its digitalization and technological innovations,<ref name="Rock On"/> 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.<ref name="Rock On"/> He also renegotiated [[retransmission consent]] fees.<ref name="Rock On"/><ref>{{cite news |last1=Moss |first1=Linda |title=Time Warner Closes Retrans Deals With Granite, ComCorp |url=https://www.multichannel.com/news/time-warner-closes-retrans-deals-granite-comcorp-330372 |accessdate=July 9, 2020 |work=[[Multichannel News]] |date=December 16, 2008}}</ref> In August 2009, Cornwell retired as Chairman and CEO of Granite,<ref name="Cornwell And Deushane Stepping Down">{{cite news |last1=Tanklefsky |first1=David |title=Cornwell And Deushane Stepping Down At Granite Broadcasting |url=https://www.nexttv.com/news/cornwell-and-deushane-stepping-down-granite-broadcasting-41853 |accessdate=July 7, 2020 |work=[[Broadcasting & Cable]] |date=August 11, 2009}}</ref><ref name="Cornwell steps down">{{cite news |last1=Bachman |first1=Katy |title=Granite founder Cornwell steps down |url=https://www.hollywoodreporter.com/news/granite-founder-cornwell-steps-87560 |accessdate=July 7, 2020 |work=[[The Hollywood Reporter]] |date=August 11, 2009}}</ref> staying on as Vice Chairman through December 2009.<ref name="Reuters">{{cite web |title=Cornwell, Wyllie Don |url=https://in.reuters.com/finance/stocks/officer-profile/AIG.N/1585723 |website=[[Reuters]] |accessdate=July 7, 2020}}</ref> As of 2020, Cornwell is on the boards of directors of [[Pfizer]],<ref>{{cite web |url=https://www.pfizer.com/people/leadership/board-of-directors |title=Board member |website=[[Pfizer]] |accessdate=July 6, 2020}}</ref> [[AIG]],<ref>{{cite web |url=https://www.aig.com/about-us/corporategovernance/board-of-directors |title=Board of Directors |website=[[AIG]] |accessdate=July 6, 2020}}</ref> and [[Natura & Co]] (formerly [[Avon Products|Avon]]).<ref>{{cite web |url=https://www.marketscreener.com/AVON-PRODUCTS-11723/news/AVON-PRODUCTS-INC-Termination-of-a-Material-Definitive-Agreement-Completion-of-Acquisition-or-Dis-29792347/ |title=Avon Products Inc: Form 8-K |website=Market Screener |date=January 3, 2020| accessdate=July 6, 2020}}</ref><ref>{{cite web |url=https://www.wsj.com/market-data/quotes/BR/BVMF/NTCO3/company-people/executive-profile/13312 |title=Natura & Co. Holding S.A.: W. Don Cornwell |website=[[Wall Street Journal]] |accessdate=July 6, 2020}}</ref> He is also on the board of trustees of [[Big Brothers Big Sisters of New York City]].<ref>{{cite web |url=https://www.bigsnyc.org/board-trustees |title=Board of Trustees |website=[[Big Brothers Big Sisters of New York City]] |accessdate=July 6, 2020}}</ref> ==Personal life== Cornwell married New York attorney Saundra Clarke Williams in 1983.<ref>{{cite news |title=Saundra Williams Marries a Banker |url=https://www.nytimes.com/1983/05/15/style/saundra-williams-marries-a-banker.html |accessdate=July 7, 2020 |work=[[New York Times]] |date=May 15, 1983}}</ref> Saundra Cornwell was partner at the law firm Bower & Gardner from 1984 until it dissolved in 1994.<ref>{{cite news |last1=Lat |first1=David |title=Lawyerly Lairs: A $16 Million Brooklyn Brownstone |url=https://abovethelaw.com/2014/04/lawyerly-lairs-a-16-million-brooklyn-brownstone/ |accessdate=July 7, 2020 |work=[[Above the Law (website)|Above the Law]] |date=April 17, 2014}}</ref> They live in New York City and have two adult children.<ref>{{cite web |title=Telecommunications Development Fund: Don Cornwell |url=https://www.thehistorymakers.org/taxonomy/term/48489 |website=[[The History Makers]] |accessdate=July 7, 2020}}</ref> == References == <references/> == External links == {{American International Group}} {{Authority control}} {{DEFAULTSORT:Cornwell, W. Don}} [[Category:Living people]] [[Category:Occidental College alumni]] [[Category:Harvard Business School alumni]] [[Category:Pfizer people]] [[Category:American chairmen of corporations]] [[Category:American chief executives in the media industry]] [[Category:American International Group people]] [[Category:Year of birth missing (living people)]]'