National Economic Association
Promoting Economic Growth

 
 
 

Clifton R. Wharton, Jr.
Former Chairman and Chief Executive Officer
Teachers Insurance and Annuity Association
and the College Retirement Equities Fund

Dr. Clifton R. Wharton, Jr.

Education:
B.A., History, Harvard University 1947; M.A., International Affairs, The Johns Hopkins University School of Advanced International Studies, 1948; M.A. and Ph.D., Economics, University of Chicago, 1958

Q: How did you become interested in economics?

CRW: I entered Harvard at age 16 intending to follow in my father's footsteps to become a U.S. diplomat where he had pioneered as the first Black to pass the Foreign Service Exam and eventually became the first Black career U.S. ambassador (to Romania and Norway). Instead, I chose to work for the newly emerging technical assistance programs of Nelson A. Rockefeller in Latin America, and eventually decided that, if I wanted a career in economic development, I should pursue a Ph.D. I already had an MA in international affairs from the Johns Hopkins School of Advanced International Studies, and I decided to study economics at the University of Chicago where I worked as a research assistant for Nobel Laureate Theodore W. Schultz and became the first Black to receive their Ph.D. in economics. This preparation in economics proved invaluable, not only during my years working for John D. Rockefeller 3rd in Southeast Asia, but in all my subsequent careers.

Q: What have been the major highlights of your career?

CRW: Selecting highlights is very difficult because I have had three different careers -- philanthropy/foreign economic development (22 years), higher education (18 years), and business (6 years).

Probably the major highlights involved my pioneering as the "first Black:"

  • the first Black to attend and graduate from the Johns Hopkins School of Advanced International Studies, 1948
  • the first Black to head a major predominantly white university, Michigan State University, in 1970.
  • the first Black to head the largest university system in the U.S., the State University of New York System, in 1978 -- comprising of 64 campuses and 380,000 students.
  • the first Black elected Chairman and CEO of a Fortune 500 company, TIAA-CREF, the country's largest insurance/pension company with assets of $250 billion -- in 1987.
  • the first Black to chair a major U.S. foundation, Rockefeller Foundation, in 1982.
  • the first Black to become Deputy Secretary of State, the No. 2 position in the U.S. Department of State, in 1993.

    • I have received 60 honorary degrees and numerous awards. Among those which are very special:

      From my alma maters
    • Boston Latin School "Man of the Year", 1970
    • Hon. Doctorate, Johns Hopkins University, 1970
    • Alumni Medal, University of Chicago, 1980
    • Hon. Doctorate, Harvard University, 1992
        "One of the commanding leaders of our time, yours is the great talent to transform organizations into communities of purpose working devotedly together to serve the common good of all people from all backgrounds."

      • Selected Others
    • Amistad Award, 1970
    • Naming of the $22 million Clifton and Dolores Wharton Center for the Performing Arts at Michigan State University, 1982
    • President's Award on World Hunger, 1983
    • Samuel Z. Westerfield Award, National Economic Association, 1985
    • Black History Makers Award, 1987
    • Naming of the Clifton and Dolores Wharton Economics Research Center at the State University of New York, 1987
    • Fellow, American Association of Agricultural Economics, 1988
    • Distinguished Service Award for Lifetime Achievement, American Council on Education, 1994
    • Naming of the Clifton R. Wharton Auditorium at TIAA-CREF Headquarters, 1996

      • My service on boards and commissions include 9 corporate boards, such as Ford Motor, Time-Warner, Equitable Life, Tenneco, and Harcourt General. Also, I have served on Federal boards, such as the Federal Reserve Bank of New York (Deputy Chairman), the New York Stock Exchange, the Public Broadcasting Service (PBS), the Presidential Advisory Commission on Trade Policy and Negotiations, and the Board for International Food and Agricultural Development (Chairman).

    • Editor, Subsistence Agriculture and Economic Development, 1969
    • Co-author, Patterns of Lifelong Learning, 1973

    Q: What insights do you have for those considering a career in economics?

    CRW: I will resist the temptation to say, "Wait until my autobiography is published!" There are many insights, but I would emphasize two -- "preparation" and "persistence." Be as well prepared in your chosen profession as possible and always be persistent in pursuing your goal.

    Third, never stop learning -- lifelong education can be the source of extraordinary personal power.

    Fourth, try to find ways of providing beneficial learning experiences for the next generation, by never forgetting what it was like when you first started out.

    Finally, I would say, be grateful when you are blessed with an incredibly talented and supportive spouse who contributes as a partner in your endeavors and who has her own independent successful professional career.

    Dr. Clifton R. Wharton, Jr.
    Former Chairman and Chief Executive Officer
    Teachers Insurance and Annuity Association
    and the College Retirement Equities Fund
    730 Third Avenue
    New York, NY 10017-3206
    Public Relations: (212) 490-9000 Ext. 2287, 3591, 3670, 2234