Randy Lerner
Early life
Lerner graduated from Columbia University in 1984, spending 1983 at Clare College in Cambridge, England. He graduated from Columbia Law School and is a member of the New York and District of Columbia Bar Associations. He has worked as a lawyer in New York City.
Business career
Lerner began working as an investment analyst at automobile insurers Progressive Corporation. In 1991, he started an independent investment firm with Progressive capital called Securities Advisors, Inc. (SAI), which he owned and managed until 2001. SAI initially specialized in arbitrage before shifting its focus to equity investing.
His father, Alfred “Al” Lerner, had been appointed chairman of MBNA Corporation after investing US$ 800 million in the initial public offering (IPO) of the company. In 1993, Randy Lerner became a director at MBNA. Upon the death of his father on October 23, 2002, he became MBNA’s chairman. On January 1, 2006, Bank of America acquired MBNA Corporation for US$ 35 billion.
Summary
| Randy Lerner | |
|---|---|
| Born | Randolph David Lerner February 21, 1962 Brooklyn, New York, U.S. |
| Alma mater | Columbia University Columbia Law School |
| Occupation | Owner of MBNA Corporation |
| Net worth | US$1.1 billion (August 2016) |
| Children | 4 |
| Parent(s) | Al Lerner Nancy Wolkoff |
Randy Lerner Net Worth: Randy Lerner is an American entrepreneur and sports team owner who has a net worth of $1 billion. The Son of Al Lerner, who made fortune creating credit card giant MBNA, Lerner has made a fortune of his own away from banking. Born Randolph D. Lerner on February 21, 1962 in Brooklyn New York, he graduated from Columbia Law School and worked as a lawyer before entering the world of business. Shortly after, he started his business career at the Progressive Corporation as an investment analyst. Following his stint there, he decided to found an independent investment firm with Progressive capital called Securities Advisors, Inc. (SAI). Having owned and managed SAI until 2001, he then shifted his focus to equity investing. It was upon his father’s death in 2002 that he became Chairman of his MBNA Corporation, which he sold for $35 billion to Bank of America in January, 2006. In the meantime, he has also become the owner of the NFL American football team, the Cleveland Browns, since October 2002, and has served as the Chairman of Aston Villa Football Club of the English Premier League since 2006. In 2012, he sold The Browns to Jimmy Haslam.
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