CEO of the Week: Capital One’s Richard Fairbank

The American bank holding company Capital One Financial Corporation, also referred to as Capital One, is focused on offering high interest savings accounts, credit cards, auto loans, and digital banking services.

The company operates mainly in the United States and has its headquarters in McLean, Virginia.

It is one of the largest corporations in the US and has established a reputation as a bank that prioritizes technology. The company operates 755 branches, including 30 cafe-style locations, and more than 2,000 ATMs.

It is ranked ninth on Fortune’s list of the 100 Companies to Work For and 99th on the Fortune 500. It also operates in the United Kingdom and Canada.

The business was instrumental in the development of credit card mass marketing in the 1990s.

In terms of purchase volume in 2016, it ranked as the fifth-largest credit card issuer, behind American Express, JPMorgan Chase, Bank of America, and Citigroup.

Capital One is the second-biggest auto lender in the US with a 5% market share, after Ally Financial, formerly known as GMAC.

The brain behind this successful venture is 72-year old American billionaire businessman and CEO of the company, Richard Fairbank. He founded Capital One with Nigel Morris in 1994.

Who is Richard Fairbank?

1. Richard Fairbank was born in California, United States in 1950
2. He completed his degree in economics from Stanford University in 1972 and later MBA degree in 1981
3. Fairbank has had a base salary of zero dollars since 1997, his salary comes from stock and option awards
4. He had served on the board of directors of MasterCard International from 2004 through 2006
5. In 2006, Richard Fairbank received the Excellence in Leadership award from Stanford University
6. He is a member of the Stanford Business School advisory council, the Financial Services Roundtable, and the board of directors of the BITS Technology Forum
7. In 2012, Fairbank’s total compensation was $22.6 million
8. In 2018, the net worth of Richard Fairbank rose to $1.1 billion, when his company shares reached record high
9. He was awarded as the “Business Leader of the Year” by Washingtonian, and placed on lists including Worth’s list of the top 10 CEOs and “50 Best CEOs”
10. Richard Fairbank have eight children and lives at Overlook Farm, near Gunston Hall on the Potomac River in Virginia, USA
11. According to Forbes, Richard Fairbank net worth is around 120 crores USD as of 2024