x

Business

After leaving the military, Pete joined Lehman Brothers in New York as a Partner and head of the Public Finance Banking division. Under Pete’s tenure, Lehman Brothers provided the financial backing necessary for cities and states to make wholesale improvements in basic infrastructures: airports, roadways, power plants and water systems.

After four years with Lehman Brothers, and its successor firm, Pete felt the irresistible pull of public service, and devoted two years to building the foundation of a campaign and became the Republican nominee for the United States Senate from the state of New Jersey in 1988.

Although he ultimately fell short in a nationally-prominent campaign, it was for a purpose he continues to care deeply about – service to the nation.

In 1989, he joined the strategy consulting firm, Bain & Company, as head of its U.S. consulting practice. Pete led the firm through a complicated transition from the founding leadership to a new generation of managing directors. He prompted the firm’s expansion into the southwestern United States, and sponsored the development of a new business analytic – “Customer Loyalty” – that Fred Reichheld subsequently developed into one of Bain’s signature practices.

“Pete was assigned what looked like ‘mission impossible’ at the time. Thanks to his character, integrity, leadership and team-building skills, he was able to stabilize Bain during a critical phase of our growth. A decade later, the new generation of partners have built Bain into a preeminent firm in the strategy consulting industry.”

Tom Tierney
President, Bain & Company
1992 – 2000

In 1991, Pete was recruited by Sanford I. Weill, to become Chairman and CEO of Primerica Financial Services Inc., a U.S. based insurance and financial services company with a workforce of 125,000 people. Similar to the situation at Bain & Company, Weill tasked Pete with stabilizing and reinvigorating a company working its way through a difficult transformation.

In five years as Chairman and CEO, Pete brought the company together, and championed its return to industry leadership.

“He assumed the leadership of the company at a very difficult time. Pete’s integrity, credibility, character and enthusiasm are major reasons that our company survived to occupy the strong industry position it holds today.”

John Addison
Former Primerica Co-CEO

After Primerica, Pete held a number of senior positions within Citigroup, including Vice Chairman and EVP of Travelers Insurance, and Vice Chairman of the Citigroup Private Bank.

In 1998, Pete responded to a request from the Secretary of Defense to head a distinguished panel of CEOs. Its mission was to explore how key competencies, developed over the past decade in the private sector, could be “imported” into the defense establishment to improve the efficiency and effectiveness of our country’s military forces.

The Panel's efforts were broadly applauded, and in 2000, BENS (Business Executives for National Security) awarded Pete with its prestigious “Eisenhower Award”, given annually to an individual who exhibits unusual leadership in the realm of U.S. National Security.

Among the responsibilities Pete had during his time at Citi, and its predecessor companies, was to expand the Wealth Management franchises in Monaco, and in the Gulf States. In the course of doing so, he worked with Prince Albert, and co-hosted with the Prince the annual Monaco “Top Marques” exhibition. His work in the Gulf States was concentrated in Kuwait, Qatar, and Abu Dhabi. In addition to his Wealth Management activities there, he served as the American Co-Chairman of the America-Kuwaiti Alliance, with the Emir’s eldest son as the Kuwaiti Co-Chairman.

Pete completed his tenure at Citi as Vice Chairman of the Global Wealth Management business, where he worked alongside many of the bank’s highest net worth clients.

Today, Pete serves as Senior Advisor to Virtu Financial, a leading electronic trading firm and market maker, active in virtually all the global exchanges and electronic marketplaces worldwide.

Support to the Department of Defense

New York City Vietnam Veterans Memorial, 1984

With no existing organization and in an atmosphere not sympathetic to Vietnam Veterans' concerns, Pete helped recruit a cadre of senior business executives, coaxed the TV networks to give public service time, and enlisted the support of sports and entertainment celebrities. Within a 14-week time-frame, they raised more than $3.5 million. The result was a landmark "ticker-tape” parade, participated in by tens of thousands of Vietnam Veterans from around the country. The impact extended far beyond NYC, and is credited with triggering a change in national attitude towards the veterans of that war.

Through the years since the New York City project, Pete has remained active in the support of Vietnam Veterans. He is a member of the New Jersey Vietnam Veterans Board of Trustees, and serves as a member of the Corporate Council of the National Vietnam Veterans Memorial in Washington, D.C.

1998-99Defense Policy Panel on National Security and The Globalization of Business and Industry

  • Chairman Special CEO panel tasked to explore ways to integrate advanced competencies from the private sector into the Defense Department Appointed by Secretary of Defense William S. Cohen
  • Formal Report submitted, June 23, 1999

Defense Policy Board1997-2000

  • A group of select individuals from the private sector, chosen by the Secretary of Defense, to provide advice and counsel on key policy issues facing the Department

1998-Present Business Executives for National Security (BENS)

  • Member Advisory Board to the New Jersey Business Force

TV Commentator on Geo-Political Issues

Since the terrorist attacks of September 11, 2001, Pete has been called upon to provide perspective and commentary on the war in Afghanistan, the war in Iraq, the “war on terrorism”, and the broad geo-political implications of this challenging period. He has appeared on MSNBC, CNBC, CNN and FOX News.

Homeland Security Partnership

An initiative – being pursued in conjunction with the federal Department of Homeland Security – to develop critical Public-Private partnerships in order to enhance the state-by-state support structures needed to build a robust national infrastructure against terrorist attacks.

Business Positions

Partner

Lehman Brothers
Head, Public Finance Banking

Managing Director

Shearson Lehman American Express
Head, Business Development

Managing Director

Bain & Company
Head, U.S. Consulting Practice

Chairman & CEO

Primerica Financial Services, Inc

CEO

Diversified Distribution Services (Travelers Group)

Vice-Chairman & EVP

Travelers Insurance

Vice-Chairman

Citigroup Private Bank

Vice-Chairman

Citibank Global Wealth Management

Senior Advisor

Virtu Financial