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Adelphi University notes with sadness the passing of听alumnus听John J. Phelan Jr. 鈥�70, 鈥�87 (Hon.). Mr. Phelan passed away on August 4 at the age of 81. Mr. Phelan, the former Chairman and C.E.O. of the New York Stock Exchange received a BBA,听magna cum laude, from the and served as the first alumnus Chairman of the University鈥檚 . In recognition of his service, he was awarded an Honorary Doctor of Laws degree in 1987 and was made Trustee听Emeritus. Most recently, Mr. Phelan served as an Honorary Co-chair of the Campaign for Adelphi, and received the award for Lifetime Service at the 2007 President鈥檚 Gala. John Phelan was a trusted adviser, staunch advocate and an enduring friend for many at Adelphi University.

In 2007, he shared his 鈥淢y Adelphi鈥� story in the following interview.

“My life has been a series of serendipitous听events. I went to work when I was 16 one听summer for my father who had a small business on the floor of the stock exchange. I paid my transportation from Long Island,听had my lunch, and came back; I didn鈥檛 have听any money left by the end of the week. At听the end of the summer, he said, 鈥榃hat did听you think?鈥� And I said, 鈥業鈥檒l tell you one听thing, I鈥檓 never ever going to work on Wall听Street.鈥� The lesson I learned was to never听say never about anything. But when I听worked at the NYSE, I took an interest in a听wide variety of things. I was very fortunate听to start at the bottom, so by the time I was听a specialist for 10 years or so, I knew all the听different steps in the execution and clearing听of the back office. My father died in 1966听when I was a young man, so the running of听the firm, Phelan and Co., fell to me. Then I听found myself on the board of governors of听the NYSE in 1971 for two years. Then they听reorganized the Exchange, and I found听myself back on the board of governors in 1974. I became vice chairman in 1975,听which was a voluntary job. In 1980, they听needed a president and the board asked听me to become president and chief operating officer.

Three years later, when I was in my late听40s, they offered me the opportunity to听become chairman and chief executive officer of the New York Stock Exchange,听which I naturally accepted.

From Marine to Scholar

As a student, I went to college for two years听from the ages of 18 to 20, and for a variety of reasons, I got bored and joined the Marine听Corps. I spent three years in the Marines,听including a year of combat in Korea. When 听I went into the military, I had lost a lot of听weight. One day, I was ordered to go down听to the hospital to see a doctor, who was a听major. He offered me a medical discharge,听and I said, 鈥業鈥檇 rather die.鈥� So they kept me.听Through all my service, I acquired mental and physical discipline, learned management skills because the Marine Corps pushed听responsibility down to the smallest level. The听strength, skills, and self-confidence I learned听in the Marine Corps I took with me for the听rest of my life. That experience, plus my听family, my religion, my education, and my
business experience, gave me the building听blocks that I continue to rely on.

Once I came out of the military and was听married, I wanted to learn something听about computers to help me run my business, so I went to Adelphi and asked if I听could take a couple of computer courses.听And then I decided that maybe it was听time to finish my education rather than听worry about it for the rest of my life.

I had to start all over again. I went at night听and it took six years. I thought the liberal听arts education that you received in those听days was excellent. I had a couple of听English teachers, like Dr. Bell, who taught听a writing course, and Dr. Molly, who听taught art appreciation, who were wonderful. I took art because I thought it would be easy and I was interested in the subject,听but it turned out to be one of the more difficult courses. Her final exam was a hundred slides, and you had to record who听the artists were and at what point in their听careers they had done this painting. You听had to go to a major museum like the听Metropolitan Museum of Art and look 听at different paintings by different artists听and do a critique of their work.

My Family

I am married to a wonderful English woman,听Joyce, for 52 years. The English love their听language and are very good at it. She read a lot and had an interest in art and in the听opera. We had a fine time while I was going听to school, raising a family, and running a听business. In those days, I had an enormous capacity for work. I could run a business听during the day, go to school at night, and听have a great time with my family on the听weekend. Joyce is the best thing that ever听happened to me in my life.

My Adelphi听

I was very grateful for everything I learned听from the School of Business at Adelphi.听Adelphi had a stimulating program in those听days, in which you had to take 70 percent听of your courses in liberal arts and 30 percent听in your major which, for me, was business.听The dean of the business school in those听days was a gentleman named Jim Bender.听He was a true entrepreneur and an inspiration to all who came in contact with him.

Adelphi, like all institutions, had a dark period in the mid-鈥�90s, but it has emerged much听stronger due, in large part, to a great faculty,听fine administration, a wonderful Board, and听an exceptional president in Bob Scott.

The comprehensive campaign that is underway is extremely important because, not听only will it improve the physical plant of听the University, such as the 听theatre, art, and听athletic facilities, but it will also provide听additional money so that the University can听attract the finest students. Adelphi is in the听midst of a renaissance, and has regained its听rightful place as a premier educational institution on Long Island and in the greater听New York region. By the way, did I mention that I鈥檓 extremely proud to be an听Adelphi graduate?”

John J. Phelan Jr. ’70, ’87 (Hon.)
As 听told to Erin Walsh 听| Adelphi University 听Magazine, Fall 2007听

Learn more about John J. Phelan, Jr. by reading his