A Conversation with Frank A. Bennack, Jr. and Jamie Dimon

Frank A. Bennack Jr. is executive vice chairman of Hearst, one of the nation’s largest private companies engaged in a broad range of publishing, broadcasting, cable networking and diversified media and information activities. He is also chairman of the company’s executive committee, a director of Hearst and a trustee of the Hearst Family Trust, established under the will of William Randolph Hearst. In addition, he sits on a number of corporate committees and the Hearst Foundations board, where he has served for more than 40 years.

Bennack served as Hearst’s CEO for more than 28 years. He directed the company through an unprecedented period of growth. He began his first tenure as CEO in 1979 and served in that capacity through 2002. He returned to the CEO position in 2008 and served through June 2013, when he stepped down. During his tenures, revenues increased 14 times and earnings grew more than 30 times. Today, Hearst comprises some 360-plus businesses and 20,000 employees.

Under his leadership, the company launched three leading cable networks with its partner ABC (now the Walt Disney Company), A&E, HISTORY and Lifetime and invested in the ESPN family of networks, now in 190 countries and territories. On Bennack’s watch, Hearst marched toward diversification and global expansion, including its nearly $1 billion acquisition in 2011 of Lagardère’s 100 international magazine titles outside of France, its purchase of healthcare information leader MCG and ownership of global ratings agency Fitch Group and the acquisition of multiple newspapers, including the Houston Chronicle and the San Francisco Chronicle. Bennack was also instrumental in the decision to create what today is Hearst Television, Inc., one of the nation’s largest non-network-owned television station groups, which operates 33 television stations. During his tenure, Hearst launched such magazines as Country Living, Food Network Magazine, HGTV Magazine, Marie Claire and O, the Oprah Magazine.

Bennack is the author of Leave Something on the Table, sharing insider anecdotes and hard-won lessons of an American success story, incorporating his encounters with U.S. presidents, industry leaders, top editors, news influencers and broadcasters, among others. The book highlights the core principles he stuck to and the wisdom he gained.

Bennack has received honors from the American Heart Association and the Inner-City Scholarship Fund of New York. His industry awards include the Gold Medal from the International Radio & Television Society in 1991, the Trustees Award (EMMY) from the National Academy of Television Arts and Sciences in 1993, the 1997 Center for Communication Award, the Distinguished Public Service Award from the Advertising Council in 1999 and the 1999 Distinguished Service Award from the National Association of Broadcasters. He was inducted into the Advertising Hall of Fame In 2017; in 2007, he was elected to the American Academy of Arts and Sciences. He is past chairman of Lincoln Center for the Performing Arts and NewYork-Presbyterian Hospital and is chairman of the Paley Center for Media. Bennack is a director of the Ralph Lauren Corporation and formerly served on the boards of JPMorgan Chase and Wyeth pharmaceutical company.

Jamie Dimon is Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., a global financial services firm with assets of $3.9 trillion and operations worldwide. The firm is a leader in investment banking, financial services for consumers, small business, commercial banking, financial transaction processing and asset management.

Dimon became CEO on January 1, 2006 and one year later also became Chairman of the Board. He was named President and Chief Operating Officer upon the company’s merger with Bank One Corporation on July 1, 2004. Dimon joined Bank One as Chairman and CEO in 2000.

Dimon began his career at American Express Company. Next, he served as Chief Financial Officer and then President at Commercial Credit, which made numerous acquisitions and divestitures, including acquiring Primerica Corporation in 1987 and The Travelers Corporation in 1993. Dimon served as President and Chief Operating Officer of Travelers from 1990 through 1998 while concurrently serving as Chief Operating Officer of its Smith Barney Inc. subsidiary before becoming co-Chairman and Co-CEO of the combined brokerage following the 1997 merger of Smith Barney and Salomon Brothers. In 1998, Dimon was named President of Citigroup Inc., the global financial services company formed by the combination of Travelers Group and Citicorp.

Dimon earned his bachelor’s degree from Tufts University and holds an MBA from Harvard Business School. He serves on the boards of directors of a number of non-profit institutions including the Business Roundtable, Bank Policy Institute and Harvard Business School. Additionally, he serves on the executive committee of the Business Council and the Partnership for New York City, and is a member of the Financial Services Forum and Council on Foreign Relations.