www.bradreese.com/don-cornwell.htm -
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Published on: 12/20/2001
Last Visited: 9/14/2002
( Fellow Hershey Trustee, W. Don Cornwell,sits on DeWitt's Board )Ewing Marion Kauffman FoundationFord FoundationGE FundGeorge Gund Foundation
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W. Don Cornwell, Hershey Trustee Profile
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Email Don CornwellW. Don Cornwell W. Don Cornwell was appointed a Hershey Trustee in 1995 by Bill Alexander, and serves on the Long Range Planning Committee as well as the Investment Committee.Mr. Cornwell is Chairman of the Board of Directors of the Telecommunications Development Fund and since 1988 has been Chairman of the Board and Chief Executive Officer of Granite Broadcasting Corporation.Granite ( the largest black-controlled owner of major market television stations ) is a group broadcasting company headquartered in New York City with shares of common stock listed on the NASDAQ National Market System under the symbol GBTVK.
Granite, which owns and operates eight television stations was featured in the June 2000 issue of Black Enterprise magazine, Granite is listed as the 11th largest Black-owned company in the United States.
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Mr. Cornwell previously served as Vice President of the Investment Banking Division of Goldman Sachs & Company, a New York City based investment banking firm with which he has been associated since 1971.While at Goldman Sachs, Cornwell was engaged in public and private financing of publicly traded and privately owned companies, with a primary focus on consumer product and media companies.His clients included some of America's best known consumer product companies such as Hershey Foods, Bristol-Myers Squibb Company, Rubbermaid and American Greetings.In addition to transaction responsibility, Cornwell served as chief operating officer of the Corporate Finance Department from 1980-1988 where he was responsible for the day-to-day management of a staff of over 150 professionals.
Mr. Cornwell, after graduating from Stadium High School in Tacoma, Washington, received his B.A. from Occidental College in 1969 ( former member Board of Trustees ) and M.B.A. from the Harvard Business School in 1971.
Cornwell is a director of the DeWitt Wallace-Reader's Digest Fund ( DeWitt finances Jobs for the Future whose CEO is fellow Hershey Trustee, Hilary Pennington ), Avon Products, CVS Corporation, Pfizer Inc. and the National Association of Broadcasters.Cornwell is also a trustee of Packer Collegiate Institute, Jacob Javits Foundation, Citizens Budget Commission, Big Brothers / Big Sisters of New York, the Mount Sinai University Medical Center and director of the New York City Schools Volunteer Program.
Mr. Cornwell is the father of two children, Don, age 31, and Samantha, age 17.His spouse, Saundra Williams Cornwell, is a former partner in the New York City based law firm of Bower & Gardner ( which filed for bankruptcy protection after malpractice lawsuits were filed against it by its very own law clients ) and is a trustee of both Beth Israel Medical Center and St. Luke's-Roosevelt Medical Center as well as on the Board of Regents of the Long Island College Hospital.
Under the astute management of Mr. Cornwell, Granite Broadcasting Corporation has a negative -24.9% Return on Invested Capital and a "stable" stock price that has only varied between a 52-week high of $3.72 per share to a 52-week low of .98 per share ( think of the .99 menu at Wendy's ).
Additionally, Mr. Cornwell in the last four quarters has brought his stockholders equity down from a mere negative ( deficit ) of $57 million to only a negative ( deficit ) of $171 million.As the CEO since 1988, Mr. Cornwell has demonstrated an impressive performance of wealth destruction for his stockholders.
We know that fellow Hershey Trustees value this man's incredible business acumen.Give Don a call yourself and personally ask him how he manages to destroy so much wealth, 212-826-2530 ( no collect calls please, his stockholders have suffered enough ).
Finally and most importantly, find out Don's vision for investing the Hershey Trust billions that will be received upon completion of the Hershey Foods sale.After destroying his stockholder's equity he should have a unique perspective to tell.Are Hershey Trust Funds safe with Don on the Long Range Planning Committee as well as the Investment Committee?
Mr. Cornwell's Office Location Map
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Mr. W. Don CornwellE-mail: don@granitetv.comChairman & CEOGranite Broadcasting Corporation767 Third Avenue
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W. Don CornwellE-mail: don@granitetv.com192 Columbia Heights
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