STEPHEN BOLLENBACH

BOLLENBACH--Stephen F.

Stephen F. Bollenbach, one of America's most respected corporate executives, philanthropists and, most important, a devoted family man and valued friend, passed away October 8th in New York City after a lengthy illness. He was 74. In the course of a storied 50-year business career, Mr. Bollenbach led or held senior positions with such widely-known companies and brands as Hilton Hotels Corporation, The Walt Disney Co., Marriott Corporation, Host Marriott, Holiday Corp. and The Trump Organization, in addition to serving on numerous Fortune 500 Boards of Directors. Known for his low-key manner -- financier and longtime friend Gary Wilson called him "The Velvet Hammer" -- Steve was a fierce and tireless advocate for improving the value of the companies for which he worked. He conceived and/or orchestrated several multi-billion-dollar transactions that not only transformed and enhanced his organizations, but, most important to him, maximized shareholder value. Mr. Bollenbach was Co-Chairman and Chief Executive Officer of Hilton Hotels Corporation from 1996-2007. While at Hilton, he acquired Bally Entertainment, Promus Hotels and Hilton International, and was widely respected by the industry and Hilton managers and employees for his strategic growing of the company and his leadership in difficult times, including the aftermath of the 9/11 terrorist attacks. By the end of his tenure in 2007, Hilton was the world's largest lodging company and Mr. Bollenbach led the company's sale to Blackstone in a $26 billion transaction, still the single largest hotel-industry transaction ever completed. At Disney, Mr. Bollenbach was Chief Financial Officer and managed that company's acquisition of Capital Cities/ABC, while serving as a key advisor to CEO Michael Eisner. As Chief Financial Officer at Marriott, his foresight that investors would value real estate ownership and management fees differently led him to orchestrate a separation of the company's hotel ownership and fee-based management businesses. Mr. Bollenbach became Chief Executive Officer of the hotel real estate company, Host Marriott. He also was the first Chief Financial Officer for The Trump Organization, where he worked through the company's financial matters with various banks and creditors. As CFO of Holiday Corp. he led a major recapitalization of the lodging company, resulting in a 250 percent increase in stock value over a two-year period. Mr. Bollenbach began his career as a financial executive with Daniel K. Ludwig, at the time the world's richest man with global interests in mining, shipping, real estate and hotels. Unparalleled financial acumen and strategic vision made him a sought-after Director for many companies. He was non-executive Chairman for KB Home, and served on the boards of Time Warner Inc., Mondelez International and Macy's Inc. He had previously been a director at Park Place Entertainment, Ladbroke PLC and American West Airlines. In addition, he was a director of the Ludwig Institute for Cancer Research, and was a member of the Los Angeles World Affairs Council and Los Angeles Business Advisors. His many accomplishments earned him induction into the lodging industry's Hospitality Hall of Fame. Steve's passion for education drove many of his philanthropic activities, including support for Teach for America and creating his own personal scholarship program providing Hilton employees and their dependents opportunities to attend college. While CEO at Hilton, he led the company's efforts to provide computer equipment to inner-city schools in Los Angeles. A native of Southern California, Mr. Bollenbach lived the last several years in East Hampton, NY. He is survived by his wife Kimberly, two grown sons Christopher and Keat from a previous marriage, and two grandchildren. He also leaves a group of friends and colleagues who will miss his sense of humor, graciousness and loyalty. Private memorial services will be held in both New York and Los Angeles.