Ronald Kruszewski

{{short description|American business executive (born 1958)}} {{Infobox person | honorific_prefix = | name = Ronald Kruszewski | honorific_suffix = | image =  | landscape =  | alt =  | caption = | native_name = | native_name_lang = | pronunciation = | birth_name = Ronald James Kruszewski | birth_date = {{birth year and age|1958}} | birth_place = Crumstown, Indiana, U.S. | baptised =  | other_names = | citizenship = | education = | alma_mater = Indiana University Bloomington | occupation = Chairman and CEO of Stifel | years_active = | era = | employer = Stifel | organization = {{Flatlist| * Federal Advisory Council * Saint Louis University * Securities Industry and Financial Markets Association * St. Louis Regional Chamber }} | agent =  | known_for = | notable_works =  | style = | spouse =  | partner =  | children = | parents =  | mother =  | father =  | relatives = | family = | awards = {{Flatlist| * Ernst & Young Entrepreneur of the Year Award (2007) * Horatio Alger Award (2019) }} | website =  | signature = | signature_size = | signature_alt = | footnotes = }} '''Ronald James Kruszewski''' is an American business executive. Kruszewski is the chairman, chief executive officer, and former president of Stifel.<ref>{{cite news |last1=Brown |first1=Lisa |title=Stifel creates new office of president |url=https://www.stltoday.com/business/local/stifel-creates-new-office-of-president/article_958cbce3-569e-53d7-84f3-ae65c0ec8a05.html |accessdate=June 12, 2019 |work=St. Louis Post-Dispatch |date=June 11, 2014}}</ref><ref name="Title">{{cite journal |last1=Edwards |first1=Greg |title=Stifel's Kruszewski gives up one of his titles |journal=St. Louis Business Journal |date=June 11, 2014 |url=https://www.bizjournals.com/stlouis/blog/2014/06/stifel-s-kruszewski-gives-up-one-of-his-titles.html |accessdate=June 12, 2019}}</ref> Earlier in his career, he was a Certified Public Accountant and audit supervisor for KPMG, and later a chief financial officer for Robert W. Baird & Co. Kruszewski was appointed to serve on the Federal Advisory Council by the board of the Federal Reserve Bank of St. Louis in 2013. He has served on the boards of the Securities Industry and Financial Markets Association, Saint Louis University, and the St. Louis Regional Chamber, among other organizations. He won the Ernst & Young Entrepreneur of the Year Award in 2007 and was recognized by the Horatio Alger Association of Distinguished Americans in 2019.

==Early life and education== Kruszewski was born in Crumstown, Indiana, in 1958.<ref name="HAADA">{{cite web |title=Ronald J. Kruszewski |url=http://www.haakiosk.org/profile.php?PID=130&sortby=&var= |publisher=Horatio Alger Association of Distinguished Americans |accessdate=June 12, 2019}}</ref> He was the second of four children raised in a blue-collar family. Of Jewish Polish origin, his father was a barber, and later a firefighter and owner of a lawn mowing business, and his mother was a devout Catholic who raised the family at home.<ref name="HAADA"/><ref name="Edwards">{{cite journal |last1=Edwards |first1=Greg |title=Stifel's Kruszewski named 2019 Horatio Alger winner |journal=St. Louis Business Journal |date=December 11, 2018 |url=https://www.bizjournals.com/stlouis/news/2018/12/11/stifel-s-kruszewski-named-2019-horatio-alger.html |accessdate=June 12, 2019 |publisher=American City Business Journals}}</ref><ref name="Reuters">{{cite news |title=Exclusive: Stifel in lead to buy Barclays' U.S. wealth unit – sources |url=https://www.reuters.com/article/us-stifel-financial-barclays-m-a-exclusi/exclusive-stifel-in-lead-to-buy-barclays-u-s-wealth-unit-sources-idUSKBN0OE2QG20150530 |accessdate=June 12, 2019 |date=May 29, 2015 |first1=Lauren Tara|last1=LaCapra |first2=Jessica |last2=Toonkel}}</ref> During high school, Kruszewski worked as a busser at his aunt's restaurant, assisted with his father's lawn mowing business, and sold women's shoes.<ref name=HAADA/> He was the first in his family to attend college, which he funded by mowing lawns and working as a bouncer.<ref name=HAADA/> He received an accounting and finance degree with honors from Indiana University Bloomington in 1980.<ref name=Edwards/>

==Career== After graduating from university, Kruszewski became a Certified Public Accountant and joined KPMG as an audit supervisor. Wanting to enter the investment banking industry, he relocated to Chicago and started working for Illinois Company Investment as a senior vice president and chief financial officer.<ref name=HAADA/> He then became chief financial officer of strategic planning for Robert W. Baird & Co. He was mentored by the firm's CEO, Fred Kasten, who later helped him earn the CEO position at Stifel Financial Corporation.<ref name=HAADA/>

Kruszewski is the current chairman and chief executive officer of Stifel.<ref name="Alger">{{cite news |title=Stifel's Ron Kruszewski wins Horatio Alger Award |url=https://www.stltoday.com/business/local/stifel-s-ron-kruszewski-wins-horatio-alger-award/article_1e2d9d1b-3596-56c5-bedc-890adaa6fe1e.html |accessdate=June 12, 2019 |work=St. Louis Post-Dispatch |date=December 11, 2018}}</ref> His tenure began in 1997 when he succeeded George Herbert Walker III; among his first actions was implementing the company's wealth accumulation plan as an employee benefit.<ref name="Cooperman">{{cite journal |last1=Cooperman |first1=Jeannette |title=Stepping Out of the Shadow |journal=St. Louis Magazine |date=July 25, 2006 |url=https://www.stlmag.com/Stepping-Out-Of-The-Shadow/ |accessdate=June 12, 2019}}</ref><ref>{{cite journal |last1=Edwards |first1=Greg |title=St. Louis' Stifel millionaires: 'I just kept buying the stock' |journal=St. Louis Business Journal |date=April 24, 2015 |url=https://www.bizjournals.com/stlouis/print-edition/2015/04/24/st-louis-stifel-millionaires-i-just-kept-buying.html |accessdate=July 28, 2019 |quote=...Kruszewski started the Stifel Wealth Accumulation Plan when he arrived in 1997, putting 5 percent to 15 percent of employee bonuses in Stifel stock, with a 5 percent company match.}}</ref> Since then, the company has grown significantly by completing a series of acquisitions during the 2000s and 2010s.<ref name=Reuters/><ref name="Horowitz">{{cite news |last1=Horowitz |first1=Jed |title=Stifel CEO again bucks the trend in buying a workout firm |url=https://www.chicagotribune.com/news/ct-xpm-2012-12-21-sns-rt-us-stifel-buckfirebre8bk11c-20121221-story.html |accessdate=June 12, 2019 |work=Chicago Tribune |date=December 21, 2012}}</ref><ref>{{cite journal |last1=Edwards |first1=Greg |title=What Stifel has been buying |journal=St. Louis Business Journal |date=November 23, 2018 |url=https://www.bizjournals.com/stlouis/news/2018/11/23/what-stifel-has-been-buying.html |accessdate=June 12, 2019}}</ref> Kruszewski has voiced his opposition to the United States Department of Labor's proposed fiduciary rules intended to keep investment brokers from providing conflicted advice because of their potential impact to the company's fee structure.<ref>{{cite journal |last1=Ebeling |first1=Ashlea |title=Brokers V. Robo Advisors: DOL Fiduciary Hearings Wrap Up |journal=Forbes |date=August 14, 2015 |url=https://www.forbes.com/sites/ashleaebeling/2015/08/14/brokers-v-robo-advisors-dol-fiduciary-hearings-wrap-up/#6b0a13aa4f4e |accessdate=July 28, 2019}}</ref><ref>{{cite news |last1=Nicklaus |first1=David |title=Nicklaus: Stifel CEO offers compromise on fiduciary rule |url=https://www.stltoday.com/business/columns/david-nicklaus/nicklaus-stifel-ceo-offers-compromise-on-fiduciary-rule/article_8e4f0f81-d5b0-5e4a-9dbd-8d6c392106fc.html |accessdate=July 28, 2019 |work=St. Louis Post-Dispatch |date=August 4, 2017}}</ref><ref>{{cite web |title=Transcript of Proceedings |url=https://www.dol.gov/sites/dolgov/files/EBSA/laws-and-regulations/rules-and-regulations/public-comments/1210-AB32-2/hearing-transcript-4.pdf |publisher=United States Department of Labor |accessdate=July 28, 2019 |date=August 13, 2015 |pages=1,067–1,076}}</ref>

Kruszewski is the longest serving chief executive of the major banks.<ref>{{cite news |last1=Sozzi |first1=Brian |title=Stifel CEO: What the Next 20 Years Looks Like for Wall Street |url=https://www.thestreet.com/story/14545570/1/stifel-ceo-what-the-next-twenty-years-looks-like-for-wall-street.html |accessdate=July 10, 2019 |work=TheStreet.com |date=April 4, 2018}}</ref>

===Board service and recognition=== Kruszewski was executive chairman of Angelica Corporation and the Downtown St. Louis Partnership.<ref>{{cite web |title=Schedule 14A |url=https://www.sec.gov/Archives/edgar/data/720672/000119312513175860/d525380ddef14a.htm |publisher=U.S. Securities and Exchange Commission |accessdate=July 28, 2019 |date=April 26, 2013}}</ref> He was appointed to serve on the Federal Advisory Council by the board of the Federal Reserve Bank of St. Louis in late 2013.<ref name="FAC">{{cite journal |last1=Edwards |first1=Greg |title=Stifel's Kruszewksi joins Federal Advisory Council |journal=St. Louis Business Journal |date=December 16, 2013 |url=https://www.bizjournals.com/stlouis/blog/2013/12/stifels-kruszewksi-joins-federal.html |accessdate=June 12, 2019}}</ref> He was re-appointed in late 2014 and early 2019.<ref>{{cite journal |last1=Edwards |first1=Greg |title=Kruszewski reappointed to Fed's Advisory Council |journal=St. Louis Business Journal |date=December 29, 2014 |url=https://www.bizjournals.com/stlouis/blog/2014/12/kruszewski-reappointed-to-fed-s-advisory-council.html |accessdate=June 12, 2019}}</ref><ref>{{cite news |title=People in Business |url=https://www.stltoday.com/business/local/people-in-business/article_5ba57a30-e01b-5aa7-92da-fb6587026109.html |accessdate=July 28, 2019 |work=St. Louis Post-Dispatch |date=February 8, 2019}}</ref><ref>{{cite web |title=Ronald J. Kruszewski Reappointed to Federal Advisory Council |url=https://www.stlouisfed.org/news-releases/2019/01/09/2019-st-louis-fed-federal-advisory-council |publisher=Federal Reserve Bank of St. Louis |accessdate=June 12, 2019 |date=January 9, 2019}}</ref> Kruszewski is the chairman of the American Securities Association and Downtown Now!,<ref>{{cite news |last1=White |first1=Ben |title=Gary Cohn's non-denial denial |url=https://www.politico.com/newsletters/morning-money/2018/09/12/gary-cohns-non-denial-denial-337221 |accessdate=June 12, 2019 |work=Politico |date=September 12, 2018}}</ref> and serves as a board member of Concordance Academy,<ref>{{cite news |last1=Stahlman |first1=Stacey |title=Board News |url=https://www.laduenews.com/the-cut/board-news/article_0981e0af-2f49-5781-827f-9823933189f7.html |accessdate=July 10, 2019 |work=Ladue News |date=December 14, 2015}}</ref><ref>{{cite web |title=Board of Directors |url=https://concordanceacademy.org/about/board/ |publisher=Concordance Academy |accessdate=June 12, 2019}}</ref> the Securities Industry and Financial Markets Association,<ref>{{cite web |title=Ronald J. Kruszewski |url=https://www.sifma.org/people/ronald-j-kruszewski/ |publisher=Securities Industry and Financial Markets Association |accessdate=June 12, 2019}}</ref> and the St. Louis Regional Chamber.<ref name="ASA">{{cite web |title=Leadership |url=http://americansecurities.org/leadership/ |publisher=American Securities Association |accessdate=June 12, 2019}}</ref><ref>{{cite web |title=Board of Directors |url=http://www.stlregionalchamber.com/who-we-are/board-of-directors |accessdate=June 12, 2019 |publisher=St. Louis Regional Chamber}}</ref> He is currently on the board of trustees for Saint Louis University and the U.S. Ski and Snowboard Team Foundation.<ref name=ASA/><ref>{{cite web |title=Board of Trustees |url=https://www.slu.edu/about/leadership/board-of-trustees.php |publisher=Saint Louis University |accessdate=June 12, 2019}}</ref> He is a member of St. Louis' Regional Business Council and the local chapter of the World Presidents' Organization.<ref name=ASA/>

Kruszewski received an Ernst & Young Entrepreneur of the Year Award in the financial services category in 2007.<ref>{{cite journal |title=Local Entrepreneur of the Year winners announced |journal=St. Louis Business Journal |date=July 6, 2007 |url=https://www.bizjournals.com/stlouis/stories/2007/07/02/daily53.html |accessdate=July 28, 2019}}</ref><ref>{{cite journal |title=Kruszewski named E&Y Entrepreneur of the Year |journal=St. Louis Business Journal |date=November 19, 2007 |url=https://www.bizjournals.com/stlouis/stories/2007/11/19/daily10.html |accessdate=July 28, 2019}}</ref> In 2008, ''St. Louis Magazine'' credited him for helping the city, The Cordish Companies, and St. Louis Cardinals president Bill DeWitt III come to an agreement to fund St. Louis Ballpark Village.<ref name="Power">{{cite journal |title=Power '08 |journal=St. Louis Magazine |date=October 29, 2008 |url=https://www.stlmag.com/news/Power-08/ |accessdate=June 12, 2019 |first1=Margaret |last1=Bauer |first2=Jeannette |last2=Cooperman |first3=Malcolm |last3=Gay |first4=Bryan A. |last4=Hollerbach |first5=Christy |last5=Marshall |first6=Jarrett |last6=Medlin |first7=Stefene |last7=Russell |first8= Stephen |last8=Schenkenberg}}</ref> Kruszewski appeared on the cover of ''St. Louis Commerce Magazine'' alongside three other executives in 2011.<ref>{{cite web |title=Jim Weddle '75 Featured in St. Louis Commerce Magazine |url=https://www.depauw.edu/news-media/latest-news/details/26458/ |publisher=DePauw University |accessdate=June 12, 2019 |date=January 30, 2011}}</ref>

In 2019, he was one of 13 recipients of the Horatio Alger Award, an honor presented by the Horatio Alger Association of Distinguished Americans to recognize the achievements of outstanding Americans who have succeeded in spite of adversity.<ref name=Edwards/><ref name=Alger/>

==Personal life== In 2012, Kruszewski won the Dancing with the St. Louis Stars competition, a benefit for the Independence Center sponsored by Stifel.<ref>{{cite news |last1=Graesser |first1=Laura |title=Independence Center: Shall We Dance? |url=https://www.laduenews.com/nonprofits/promotions/independence-center-shall-we-dance/article_214f2d9d-ed4b-5099-bae7-1efe12fe6972.html |accessdate=July 28, 2019 |work=Ladue News |date=November 29, 2012}}</ref><ref name="Hokey">{{cite journal |last1=Edwards |first1=Greg |title=Video: Watch Stifel's Ron K. dance the hokey pokey. Really. |journal=St. Louis Business Journal |date=January 20, 2012 |url=https://www.bizjournals.com/stlouis/blog/2012/01/video-watch-stifels-ron-k-dance-the.html |accessdate=June 12, 2019}}</ref> He served as a judge for the 2013 competition.<ref>{{cite journal |last1=Chumley |first1=Amanda |title=Dancing with the St. Louis Stars 2013: And The Winner Is... |journal=St. Louis Magazine |date=January 30, 2013 |url=https://www.stlmag.com/event/Dancing-the-Night-Away-With-the-St-Louis-Stars/ |accessdate=June 12, 2019}}</ref><ref>{{cite news |last1=Holleman |first1=Joe |title=STL 'celeb' hoofers cut rug for charity |url=https://www.stltoday.com/news/local/columns/joe-holleman/stl-celeb-hoofers-cut-rug-for-charity/article_ac8620ec-7c66-5846-a005-f9252b503443.html |accessdate=June 12, 2019 |work=St. Louis Post-Dispatch |date=February 6, 2013}}</ref>

==References== {{Reflist}}

==Further reading== *{{cite book |last1=LaRocco |first1=Lori Ann |title=Opportunity Knocking: Lessons from Business Leaders |date=March 11, 2014 |publisher=Agate Publishing |chapter-url=https://books.google.com/books?id=9jWlAgAAQBAJ&pg=PA77|chapter=Stay the Course: Ron Kruszewski|isbn=9781572847316 }}

==External links== * [https://quotes.wsj.com/SF/company-people/executive-profile/34657 Ronald James Kruszewski, 60] at ''The Wall Street Journal'' * [https://www.twst.com/bio/ronald-j-kruszewski/ Ronald J. Kruszewski] at ''The Wall Street Transcript'' {{authority control}}

{{DEFAULTSORT:Kruszewski, Ronald}} Category:American chief executives Category:Kelley School of Business alumni Category:Indiana University Bloomington alumni Category:21st-century American businesspeople Category:American accountants Category:American chief financial officers Category:KPMG people Category:Businesspeople from Indiana Category:1958 births Category:Living people