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Andrew G. C. Sage

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Andrew G. C. Sage II
Born Andrew Gregg Curtin Sage II
1927 (age 90–91)
Known for LBO of RJR Nabisco
Board member of Lehman Brothers
RJR Nabisco
Standard Brands
General Motors
American Superconductor
Tom's Foods
Worldport Communications[1]
Spouse(s) Sara Wakefield[3]

Andrew G. C. Sage II is an American business consultant who played a key role in the leveraged buyout of RJR Nabisco during late 1980s. Sage served as a consultant to the board of directors of RJR Nabisco and to CEO F. Ross Johnson. In addition, Sage was as a managing partner of Shearson Lehman Brothers, and served as a director of multiple public companies, including Standard Brands, General Motors, American Superconductor, and Lehman Brothers.

Career[edit | edit source]

Sage joined Lehman Brothers in 1948 and became a partner in 1960. He had also been a member of Lehman's predecessors, Shearson Lehmon Brothers and Lehman Brothers, Kuhn, Loeb Inc; ie stepped down from Lehman's board in 1976 along with seven other partners.[4] He was elected a director of General Motors in 1970, Computervision in 1991, Tom's Foods in 1993, American Superconductor in 1997, and Worldport Communications in 1999.[1][2]

Additionally, he was the President and CEO of Robertson-Ceco Corporation, a metal buildings manufacturing company, before it was acquired by NCI Building Systems in 2006, and the CEO of Sage Capital Corporation, a general business and financial management corporation specializing in business restructuring and problem solving.[1]

Leveraged Buyout of RJR Nabisco[edit | edit source]

As a partner of Lehman Brothers, Sage played an advisory role Nabisco's board in its $4.9 billion acquisition by R. J. Reynolds Tobacco Company, and sat on the Nabisco board as a result of the merger.[5][6]

During the leveraged buyout of RJR Nabisco, considered the biggest deal of its time and a preeminent example of corporate greed,[7] Sage drew a consulting fee of $250,000 per year as the "all-purpose adviser to Mr. Johnson."[8][9][10]

Personal Life[edit | edit source]

Sage is the great-grandson of William H. Sage, whose father, Henry W. Sage, helped found Cornell University.[3] His father, Andrew G. C. Sage Sr., was a major shareholder of American Tobacco Company.[8] In 1956, Sage married Sara Wakefield.[3]

See Also[edit | edit source]

References[edit | edit source]

  1. 1.0 1.1 1.2 "WORLDPORT COMMUNICATIONS, INC. 10K FILING". United States Securities and Exchange Commission. April 30, 2002. p. 3. Retrieved March 5, 2018. 
  2. 2.0 2.1 "American Superconductor Corp, Executive Profile - Andrew G. C. Sage II". Bloomberg. Retrieved March 5, 2018. 
  3. 3.0 3.1 3.2 Quincey, Sam (July 29, 1956). "SARA WAKEFIELD BECOMES ENGAGED; U. of North Carolina Alumna to Be Married in Autumn to Andrew G.C. Sage 2d". New York Times. Retrieved March 5, 2018. 
  4. Cole, Robert (September 30, 1976). "7 Partners Relinquish Posts On Lehman Brothers Board". New York Times. p. 74. Retrieved March 5, 2018. 
  5. Sterngold, James (June 27, 1985). "SHEARSON'S 'NEW' LEHMAN". New York Times. Retrieved March 5, 2018. 
  6. "R. J. Reynolds Makes $4.9-Billion Offer to Buy Nabisco Brands". Los Angeles Times. June 3, 1985. Retrieved March 5, 2018. 
  7. Fundamental Corporate Changes: Causes, Effects, and Legal Responses, "The Biggest Deal Ever, 1989 (1), Duke Law Journal, February 1989 
  8. 8.0 8.1 "R.J. Reynolds". Retrieved March 5, 2018. 
  9. Burrough, Bryan; Helyar, John (2009). Barbarian's at the Gate: The Fall of RJR Nabisco. Harper Business. 
  10. Helyar, John (November 9, 1988), RJR Nabisco Board Asserts Independence In Buy-Out Decisions, Wall Street Journal, p. A1 

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