Capital One CEO Richard Fairbank Receives Leadership Award
STANFORD GRADUATE SCHOOL OF BUSINESS
Stanford University's Graduate School of Business honored Richard D. Fairbank, pictured (R) with Dean Joss (L), chairman and CEO of Capital One Financial Corp., with the School's 2006 Excellence in Leadership Award at a gala dinner of more than 100 guests in New York on Wednesday.
The annual award marks the Business School's commitment to underscoring the importance of leadership in business by highlighting the achievements of a senior executive and Stanford Graduate School of Business alumnus/a who has made significant contributions to the corporate world and the community.
"Insightful, responsible management is an important resource in today's rapidly changing markets," said Robert L. Joss, dean of the Stanford Graduate School of Business. "This award recognizes the achievements of alumni who have exhibited the integrity and leadership ability that we hope all our students will demonstrate throughout their careers.
"During his 25 years in banking Rich Fairbank has been a visionary leader across the financial services industry," said Joss. "His innovations have transformed lending practices in the credit card industry and made credit more accessible to more people. Under his leadership, Capital One has successfully diversified its product lines and expanded its reach to become one of the largest and best known financial services companies in the United States."
Fairbank began his financial career in 1981 at Strategic Planning Associates (later, Mercer Management), where he spent seven years as a consultant ultimately specializing in banking. While at SPA, Fairbank developed the idea that would ultimately become Capital One's hallmark-using information to integrate traditionally separate functions of marketing, credit, risk operations, and technology-to offer financial services tailored to fit each customer's individual needs. For example, prior to Fairbank's innovations in the credit card industry, most cards were one-size-fits-all and were offered to everyone at a 19.9 percent interest rate and $20 annual fee.
Capital One has rapidly grown to become one of the largest diversified financial services companies in the United States and one of the nation's most recognized brands. Today, Capital One is a Fortune 200 company offering a broad range of lending and deposit products, including credit cards, auto loans, small business loans, home equity loans, installment loans, and, most recently, retail banking. The company also has expanded its presence to international markets including the United Kingdom and Canada.
Among many other awards, Fairbank was named "Business Leader of the Year" by Washingtonian magazine and "Best CEO" in specialty finance by Institutional Investor magazine. He earned his undergraduate degree in economics at Stanford University in 1972 and his MBA from the Stanford Graduate School of Business in 1981.
The award dinner, held at the Union League Club, was generously supported by Dean's Circle Sponsors Capital One, Constellation Energy, Dodge and Cox Investment Managers, General Atlantic LLC, and Sageview Capital, as well as Corporate Sponsors AEA Holdings and Lexington Partners.