| Jack Franklin Bennett |
JACK FRANKLIN BENNETT Jack Franklin Bennett, of John''s Island,
Vero Beach, Florida, died peacefully in Greenwich, Connecticut on April 25,
2010 after a year-long battle with cancer.
He had lived in Greenwich on and off for nearly
50 years before moving to Florida. He also
maintained a summer residence in York, Maine.
Mr. Bennett was born in Macon, Georgia on
January 17, 1924 to Andrew Jackson Bennett and
Mary Eloise Franklin Bennett. His father and mother were long-time
residents of Washington, D.C. and Chevy Chase, Maryland and he
graduated from Woodrow Wilson High School in 1941.
He graduated from Yale University in the war-shortened Class of 1945 and
served as a U.S Navy Lieutenant (j.g.) on the destroyer U.S.S. Boggs in the
Pacific during World War II. He worked in post-war Germany alongside his
father who, as Financial Advisor to the U.S. Military Commander of
Germany, was the principal administrator of the Deutschemark currency
reform that reignited the German economy. On his return from Germany, he
earned a Ph.D. in Economics from Harvard University in 1951.
Mr. Bennett later moved to Washington, D.C. where he served in the War
Department, the State Department, and the Executive Office of the
President, and as the Economist on two Presidential Commissions, including
the Fairless Committee on Mutual Security which focused on U.S. - foreign
economic policy.
In 1955, Mr. Bennett joined the Standard Oil Company (New Jersey) and
worked for its successor Exxon Corporation for over 30 years in New York,
London, and Houston. From 1975 to 1989, he was Chief Financial Officer,
Senior Vice President and a Director of Exxon. During his tenure at Exxon,
the Company became well known for its pioneering use of various financial
innovations, including bond defeasance, shelf registrations, sale of Company
securities by Dutch auction and large-scale repurchases of company shares.
He also served as a Director of the Discount Corporation, the Massachusetts
Mutual Life Insurance Company, Philips Electronics N.V., Dean Witter
Mutual Funds and Tandem Computers, Inc. From 1971 to 1975, Mr.
Bennett served at the U.S. Treasury in Washington, D.C. under Secretaries
John Connolly, George Schultz and William Simon. He succeeded Paul
Volcker as Undersecretary of the Treasury for Monetary Affairs, serving in
that role from 1974 to 1975. His work was instrumental to the
implementation of the global movement to currency exchange systems based
on floating exchange rates and the dismantling of U.S. controls over
international capital flows. He also introduced the use of Dutch auctions in
the sale of U.S. Treasury securities (still used today). He was awarded the
Alexander Hamilton Medal by Secretary Schulz. He was an active Member
of the Council on Foreign Relations, a Trustee of the Committee for
Economic Development, and a member of the Bilderburg Group for which
he also served as Chairman of the U.S. Friends of Bilderberg.
He was a member of the University Club (New York, NY), the Stanwich
Club (Greenwich, CT), the Blind Brook Club (Purchase, NY), the John''s
Island Club (Vero Beach, FL) and the York Harbor Reading Room and
York Golf and Tennis Club (York, ME).
He was predeceased by his wife of 56 years, Shirley Elizabeth Goodwin of
Sunderland, Massachusetts.
He is survived by three sons and a daughter, and their spouses: Jackson
Goodwin (Win) and Rosanah Bennett of Greenwich, Connecticut; Philip D.
and Lisa Bennett of London, England; Hugh F. and Kim Bennett of
Winchester, Massachusetts; and Fraser Bennett Beede and Robert Beede of
Greenwich, Connecticut, as well as by seven grandchildren. He will be
remembered for his devotion to his family, his wonderful sense of humor
and his innovative approach to business, economic and monetary issues. He
loved to play golf and horseshoes with his family and friends. While working
on his personal memoirs, he also published in 2009 a book titled Physics
Doesn''t Need to be That Difficult.
Funeral arrangements are private. A memorial reception is planned for a
future date.Funeral arrangements are private. A memorial reception is
planned for a future date.
Published in The Washington Post on April 28, 2010
Vero Beach, Florida, died peacefully in Greenwich, Connecticut on April 25,
2010 after a year-long battle with cancer.
He had lived in Greenwich on and off for nearly
50 years before moving to Florida. He also
maintained a summer residence in York, Maine.
Mr. Bennett was born in Macon, Georgia on
January 17, 1924 to Andrew Jackson Bennett and
Mary Eloise Franklin Bennett. His father and mother were long-time
residents of Washington, D.C. and Chevy Chase, Maryland and he
graduated from Woodrow Wilson High School in 1941.
He graduated from Yale University in the war-shortened Class of 1945 and
served as a U.S Navy Lieutenant (j.g.) on the destroyer U.S.S. Boggs in the
Pacific during World War II. He worked in post-war Germany alongside his
father who, as Financial Advisor to the U.S. Military Commander of
Germany, was the principal administrator of the Deutschemark currency
reform that reignited the German economy. On his return from Germany, he
earned a Ph.D. in Economics from Harvard University in 1951.
Mr. Bennett later moved to Washington, D.C. where he served in the War
Department, the State Department, and the Executive Office of the
President, and as the Economist on two Presidential Commissions, including
the Fairless Committee on Mutual Security which focused on U.S. - foreign
economic policy.
In 1955, Mr. Bennett joined the Standard Oil Company (New Jersey) and
worked for its successor Exxon Corporation for over 30 years in New York,
London, and Houston. From 1975 to 1989, he was Chief Financial Officer,
Senior Vice President and a Director of Exxon. During his tenure at Exxon,
the Company became well known for its pioneering use of various financial
innovations, including bond defeasance, shelf registrations, sale of Company
securities by Dutch auction and large-scale repurchases of company shares.
He also served as a Director of the Discount Corporation, the Massachusetts
Mutual Life Insurance Company, Philips Electronics N.V., Dean Witter
Mutual Funds and Tandem Computers, Inc. From 1971 to 1975, Mr.
Bennett served at the U.S. Treasury in Washington, D.C. under Secretaries
John Connolly, George Schultz and William Simon. He succeeded Paul
Volcker as Undersecretary of the Treasury for Monetary Affairs, serving in
that role from 1974 to 1975. His work was instrumental to the
implementation of the global movement to currency exchange systems based
on floating exchange rates and the dismantling of U.S. controls over
international capital flows. He also introduced the use of Dutch auctions in
the sale of U.S. Treasury securities (still used today). He was awarded the
Alexander Hamilton Medal by Secretary Schulz. He was an active Member
of the Council on Foreign Relations, a Trustee of the Committee for
Economic Development, and a member of the Bilderburg Group for which
he also served as Chairman of the U.S. Friends of Bilderberg.
He was a member of the University Club (New York, NY), the Stanwich
Club (Greenwich, CT), the Blind Brook Club (Purchase, NY), the John''s
Island Club (Vero Beach, FL) and the York Harbor Reading Room and
York Golf and Tennis Club (York, ME).
He was predeceased by his wife of 56 years, Shirley Elizabeth Goodwin of
Sunderland, Massachusetts.
He is survived by three sons and a daughter, and their spouses: Jackson
Goodwin (Win) and Rosanah Bennett of Greenwich, Connecticut; Philip D.
and Lisa Bennett of London, England; Hugh F. and Kim Bennett of
Winchester, Massachusetts; and Fraser Bennett Beede and Robert Beede of
Greenwich, Connecticut, as well as by seven grandchildren. He will be
remembered for his devotion to his family, his wonderful sense of humor
and his innovative approach to business, economic and monetary issues. He
loved to play golf and horseshoes with his family and friends. While working
on his personal memoirs, he also published in 2009 a book titled Physics
Doesn''t Need to be That Difficult.
Funeral arrangements are private. A memorial reception is planned for a
future date.Funeral arrangements are private. A memorial reception is
planned for a future date.
Published in The Washington Post on April 28, 2010
