John Joseph Phelan Jr. | |
Birth Date: | 7 May 1931 |
Birth Place: | Manhattan, New York City |
Death Place: | Manhattan, New York City |
Spouse: | Joyce Phelan |
Alma Mater: | Adelphi College (BA) |
Occupation: | financier |
Known For: | introduced computerized trading technology |
Term Start: | 1980 |
Term End: | 1984 |
Predecessor: | No President between May 1972 and May 1980 |
Successor: | Robert J. Birnbaum |
Term Start2: | 1984 |
Term End2: | 1990 |
John Joseph Phelan Jr. (May 7, 1931 – August 4, 2012) was an American financier who served as president and later chairman and chief executive of the New York Stock Exchange, where he introduced computerized trading technology. Phelan's leadership tenure at the NYSE included the 1987 stock market crash, during which he declined to halt trading. Phelan's calm and confident manner was widely praised. After the crash, Phelan helped to implement trading curbs also known as "circuit breakers" to help prevent rapid stock selloffs in the future.[1]
Phelan was born in Manhattan, New York City, on May 7, 1931, to John Phelan Sr., a financier and member of the NYSE, and Edna Kelly. He started college in 1949, but left after two years to serve in the US Marine Corps. After returning from the Marines, Phelan went to work as a floor trader with his father's firm, Phelan & Co. and attended Adelphi University, where he received a bachelor's degree in business administration.
John Phelan Jr. died on August 4, 2012, in Manhattan, New York City at age 81 from cancer.[2]