Donor Profile - Robert Millard
Robert Millard is a famous scientist and a philanthropic donor. Due to his love for music, Robert and his wife hosted the Musical Evenings Event by Kaufman Music Center in 2016. Being a renowned philanthropist, Robert Millard has donated to various nonprofit organizations including the National Air and Space Museum, Remarque Institute, the Corcoran Gallery of Art, and Washington University.
NET WORTH, ASSETS, AND PROPERTIES
In March 2018, Robert Millard's total net worth amounted to $44.4 million. The total value of his public assets was $50,533,554. His primary residential property is in Chilmark, Massachusetts. Millard owns 272,257 units of stock (i.e., worth $47,280,15) in L3 Technologies Inc. Also, he owns 45,464 units of Evercore Inc's stock; worth $3,253,404. The total compensation of Robert Millard as the Lead Independent Director of the Board of L3 Technologies, at L3 Technologies is $285,000.
In a recent interview about his journey, Robert Millard revealed that he developed a very keen interest and admiration for science and mathematics while in college. Despite taking a degree in architecture, his love for the two subjects enabled him to enroll for considerable courses in physics. He also has interests in art, writing, and music as well as keen interest in books since his early college days. Due to his interest in music, Mr. Millard and his wife hosted the Musical Evenings Event by Kaufman Music Center in 2016.
PHILANTHROPIC INTERESTS, CHARITIES, AND DONATIONS
Together with his wife, Robert Millard runs the Robert & Bethany Millard Charitable Foundation. The foundation mainly donates funds to various art programs and higher education services. He is also a board member of the American Association for the Advancement of Science, a non-profit organization dedicated to the development of science.
Robert Millard donated $100,000 to Washington University in 2019. He is also an active donor of the National Air and Space Museum. For the Council of Foreign Relations, he generously donated a sum of around $25,000 to $49,999 in 2017. Mr. Millard also entrusted over $10,000 to charity at the New York Botanical Garden in 2016. He is also an active philanthropic donor of the New York Genome Center.
ETHICAL PRACTICES AND REPUTATION
Mr. Millard recently launched an AI and computing program from MIT worth $1 billion, which was considered a significant structural change to MIT since early 1950. In 2011, he received the Bronze Beaver Award, the highest honor of MIT Alumni Association for the distinguished service.
Due to his strong reputation, Millard was appointed a member of the Visiting Committees for Physics, Architecture, and Chemistry. He previously served on several nonprofit boards including New School, Population Council, Remarque Institute, Corcoran Gallery of Art, Mannes College of Music, and Manhattan Theater Club's board.
Despite having such strong ethics and reputation, Robert Millard got severely defamed in 2007's Lehman Brothers bankruptcy case. As the head of Lehman's property trading just before its downfall, he was accused of making $51.3 million in cash. Mr. Millard also had pay packages of $44.5 million and $3.8 million in 2006 and 2005 respectively, which surpassed the standard pay packages of a CEO. The dark side of Robert Millard is discussed further in The Devil's Casino, a book which contains details of Lehman Brother undertakings before bankruptcy and aftermaths. The events mentioned above affected his ethical practices and reputation to date.
Since 1997, Robert Millard has been the Lead Independent Director for L3 Technologies, Inc. He is also a member of the board of trustees at the Population Council, Inc. His other current affiliations include:
- Director, Weatherford International, LLC.
- Lead Independent Director, L-3 Communications Corporation (since 1997)
- Lead Independent Director, L-3 Mustang Technology (since 1997)
- Director, Evercore (since 2012)
- Current Chairman, MIT
He was a managing partner of Realm Partners LLC and also served as the Managing Director of Barclays Bank and Lehman Brothers.
During childhood, Robert Millard lived with his parents and two brothers. According to one of his interviews, his mother was mostly sick when he was a child. She was diagnosed with Cancer in her early 30s and died at the age of 41; when Mr. Millard was only 13 years old. His father abandoned him when he was 16 years old. After his mother died, his family fell apart completely. Instead of being taken out of high school and thrown into an orphanage, Millard looked after himself and was able to join MIT. Robert Millard later married to Bethany Millard and has four children.