Consumer >> CEO Interviews >> July 12, 1999
NORMAN P. BLAKE, JR. is the President and CEO of Promus Hotel
Corporation. Born in New York City, Mr. Blake spent part of his
childhood in England and Lebanon before his family settled in
Connecticut. He graduated from Purdue University, Indiana in 1966 with a
Master of Arts. Mr. Blake's career began at General Electric in 1967,
where he held various positions in planning, marketing and information
systems. In 1974 he joined Top, Inc., a financial services company
serving the credit union industry as Executive Vice President and in
1975 became President of the company. He returned to GE in 1976 for
successful management roles in business development and strategic
planning for the plastics sector and consumer products division. In
1979, Mr. Blake was appointed Vice President and General Manager,
Commercial and Industrial Financing Division of GE Credit Corporation,
and from 1981 to 1984 was Executive Vice President of Financing
Operations. In this role, he had responsibility for all the major
operating components comprising a $13 billion asset portfolio. He was
also responsible for investment banking operations. Mr. Blake was
Chairman and CEO of Chicago based Heller International Corporation from
1984 until 1990, during which time the company realized a 38 percent
compounded growth in earnings. Most recently, he led an eight-year
turnaround for Baltimore-based insurer USF&G as its Chairman, President
and CEO. When he was appointed in late 1990, the company was near
financial failure with losses totaling $569 million. Mr. Blake guided
USF&G through a seven-year staged development process to 'fix the
foundation,' 'build with vision' and 'leverage leadership.' Cumulative
shareholder return over the 1991-97 period was 228 percent, market value
added improved $952 million and market capitalization grew 320 percent.
In early 1998, the company merged with the St. Paul Companies in a
transaction valued at $3.5 billion. Currently, Mr. Blake is a Director
of the St. Paul Companies as well as Enron Corporation and Owens
Corning. Other part-time roles have included chairing a Baltimore
taskforce for Business and Education Serving Together (BEST), and
working with the University of Maryland and Baltimore County to improve
students' job skills. In 1995, he received an honorary doctorate from
the University of Purdue. Mr. Blake and his wife have raised three
children, who have now all left the family home. Profile
us a bit of a profile on Promus, enough to put us into context, and then
also tell us what you see as your business, and
