1998 Volume 121 No 1–4 - Phi Delta Theta Scroll Archive

PHOTO BY TONV
1958 While attending Duke University
Wilson joins North Carolina Alpha.
On scholarship, he plays halfback for
the Blue Devils, balancing academics
and a job.
1963 With an MBA from the
Wharton Graduate School of Finance
and Commerce, Wilson becomes executive
vice president and director of
Trans-Phillippines Investment Corporation.
1974 Beginning 11 years of service at
Marriott, Wilson develops a renowned
reputation in finance.
1980 Marriott is now the fastest
growing hotel company. Profits skyrocket.
Wilson recruits Dasburg to the
Marriott team.
1985 The Walt Disney Company, in
need of a strong CFO, hires Wilson.
Finances having been poorly managed,
Wilson gives Disney a solid foundation
and the company grows.
1989 Wilson organizes a successfiil
bid to purchase Northwest Airlines for
$3.65 billion. Wilson and a close friend
invest $44 million of their own money
in the deal.
1992 Northwest avoids near bankruptcy
as a result of an industry recession.
1998 Wilson masterminds another
alliance, this time with U.S. carrier
Continental Airlines. Outsmarting
Delta Air Lines on the deal, it could
dramatically change air travel in the
U.S.
1998 Northwest Airlines operates a
fleet of 417 aircraft, 106 new aircraft on
order and a workforce of 51,000.
MULHOLLAND
from the contact.
"The unexpected bonus of our trip
was meeting Gary Wilson. Virtually every
executive recruiter told us that what we
needed was a CFO like Gary Wilson—
tough-minded, financially innovative,
and astute about managing risk. When he
walked into the room, it was as if a spotlight
shone down on him. Nattily
dressed in a dark, highly tailored suit,
with a monogrammed shirt and a handkerchief,
Gary had a majestic style."
At first, Eisner thought Wilson would
be uninterested, but later approached
him about a position with Disney. Wilson
became Disney's CFO in 1985.
"He quickly emerged as a very astute
strategic thinker, with a rare capacity to
analyze the value of any potential deal.
He also introduced strong financial disciplines
to Disney," says Eisner.
Wilson developed Disney into a well
managed company, helping it grow—
much like his performance at Marriott.
His most impressive achievement of that
period, however, lies in the complex financial
maneuvers—efforts that Business
Week calls "vintage Wilson"—that made
Euro Disney a reality.
In 1989, Wilson left Disney for a new
challenge. He and Al Checchi, a longtime
friend and fellow executive at Marriott
and at Disney, led a team of private investors
in the purchase of Northwest Airlines
for $3.65 billion. Wilson and
Checchi invested $44 million of their
own money in the deal, but, their ability
to bring a powerful and diverse group of
investors to the table is what won them
the deal—outbidding their other competitors,
the Pan Am Corporation and
Los Angeles financier Marvin Davis. But
everything wasn't coming up roses just
yet. Things actually got worse before they
got better.
Northwest was generating low profits
and had incurred a huge debt. Aviation
analysts were pessimistic; they were especially
cynical about the industry "outsiders"
now running the airline. A workable
solution would require more creativity
than any of Wilson's earlier deals. Wilson
knew he had to recruit proven talent before
Northwest Airlines could succeed.
He turned to fellow Phi, John Dasburg,
who was brought in to be the new executive
vice president for the carrier.
Dasburg, was born in New York, but
attended high school in Miami, Florida.
"I entered the University of Miami
following high school in 1961. Initially, 1
chose to pay the higher tuition at the
University of Miami rather than attend
the University of Florida. I was generating
a good monthly income from a number
of jobs I'd started in high school. I
had a very lucrative Miami Herald route,
a good job running the produce department
of the Grand Union near the University,
and a weekend job at a
warehouse in downtown Miami," said
Dasburg.
He joined Phi Delta Theta's Florida
Delta at the University of Miami in 1962,
but because of rising tuition costs,
Dasburg transferred to the University of
Florida and affiliated with Florida Alpha
in 1963.
"I really enjoyed my undergraduate
years. An important element of my social
life at the University of Miami and the
University of Florida was my Fraternity
life. 1 made a number of lifelong friends
including Rick Mooney, '64, from Florida
Deka, Tim Titus, '64, from Florida Alpha
and many others.
"I think one of the most important
aspects of fraternity life is improving
your social skills. You meet people from
many different communities and different
backgrounds with varied interests
and experiences. As you find yourself
socializing in a larger group, you begin to
learn the important life skills of balancing
your interests with those of others,"
said Dasburg.
After finishing a degree in engineering,
Dasburg continued his studies at the
University of Florida, earning an MBA
and a law degree. But it wasn't until after
three year in the U.S. Navy, including one
year in Vietnam, that Dasburg entered
the corporate world.
Dasburg was a partner at KPMG Peat
Marwick, an international CPA firm, in
1977, until his move to Marriott in 1980.
At Marriott, Dasburg worked for five
years alongside Wilson, until Wilson's
departure for Disney in 1985.
"John and 1 go back nearly 20 years.
When 1 was at Marriott Corporation, 1
hired John as a financial executive. History
shows how good he was; after 1 left
Marriott he became the CFO. He is a very
broad-based, focused, hardworking individual
with a great sense of humor. He is
18 THE SCROLL FALL 1998