Richard Fairbank is an American businessman and the co-founder, chairman, and CEO of Capital One Financial Corporation, one of the largest banks in the United States. He was born on September 18, 1950, in Mount Kisco, New York, United States.
Fairbank earned a Bachelor of Arts degree in Economics from Stanford University in 1972 and later received his MBA from the Stanford Graduate School of Business in 1981. After completing his studies, he worked for several financial institutions, including Strategic Planning Associates and MCI Communications.
Richard Fairbank co-founded Capital One Financial Corporation, initially as a subsidiary of Signet Bank. Capital One started as a credit card issuer and eventually expanded its services to become a diversified bank offering a range of financial products and services, including consumer banking, commercial banking, auto loans, and mortgage services.
Under Fairbank’s leadership, Capital One adopted a data-driven approach to credit card marketing, which involved analyzing customer data to tailor credit offers to specific customer segments. This strategy proved highly successful and helped Capital One become one of the largest credit card issuers in the United States.
Richard Fairbank Career Overview
Richard Fairbank is the founder, chairman, and chief executive officer of Capital One Financial Corporation, a broadly diversified financial services company ranked 130th on the Fortune 500. Mr. Fairbank founded Capital One in 1988 based on his belief that the power of information, technology, and testing could be harnessed to bring highly customized financial products directly to consumers.
Together with Nigel Morris, he was the one who started Capital One in 1988. From 2004 to 2006, he was a member of the board of directors for MasterCard International. He participates in the Financial Services Roundtable, the Stanford Business School Advisory Council, and the BITS Technology Forum Board of Directors.
Mr. Fairbank served on MasterCard International’s Global Board of Directors and, prior to that, as Chairman of MasterCard’s U.S. Region Board. Richard Fairbank holds an MBA from the Stanford Graduate School of Business and a bachelor’s degree in economics from Stanford University.
He is known for his innovative approach to banking and his emphasis on technology and analytics. He has been recognized for his contributions to the financial industry and has received numerous awards and accolades throughout his career.
Fairbank has over three decades of experience in banking and financial services. As the founder and CEO of Capital One, he is knowledgeable about all aspects of the company’s strategies, capabilities, and culture. His qualifications as a director include his deep understanding of Capital One and his broad range of skills in the areas of strategy, technology, risk management, talent, brand, and shareholder engagement.
Richard Fairbank’s net worth and earning history
During his tenure as CEO of Capital One Financial in 2009, Richard D. Fairbank earned a total compensation of $6,076,805. This compensation package did not include a base salary or cash bonus but consisted of various components. He received $2,000,019 in stock awards, $4,000,001 in option awards, and $76,785 in other forms of compensation
In 2012, Fairbank’s total compensation reached $22.6 million. In January 2018, Capital One’s share price reached a record high, leading to an increase in Fairbank’s net worth, estimated to be around $1.1 billion.
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However, according to Forbes, his net worth as a billionaire was still $1.1 billion in 2022. But, this figure decreased in 2023, resulting in a current net worth of at least $510 million as of February 15, 2023.
His Shares holdings
Fairbank’s primary source of wealth is banking, and he is considered self-made. According to Wallmine, he owns over 35,844 units of Capital One stock, with a value of over $390,096,988. Over the past 16 years, he has also sold COF stock worth over $112,417,887. In addition to his stock holdings, he receives $7,705,790 in compensation as the Chairman of the Board, President, and Chief Executive Officer at Capital One.
Additionally, Richard has been actively involved in trading Capital One stock since 2007, with over 413 trades documented in Form 4 filings with the Securities and Exchange Commission (SEC). His most recent trade was the exercise of 35,844 units of COF stock, valued at $3,686,555, on February 15, 2023.
The largest trade he has ever made was on November 9, 2016, when he exercised 873,024 units of Capital One stock, worth over $59,662,460. On average, Richard has traded approximately 24,370 units every 13 days since 2007. As of February 15, 2023, he still retains ownership of at least 3,792,873 units of Capital One stock.
Meet Richard Fairbank’s Wife Chris Fairbank
Richard Fairbank, a rich businessman, is married to Chris Fairbank, who is also the mother of his eight children.
Chris Fairbank was born on October 21, 1950. She is the daughter of Liliane Bertaux Uppman and Carl. Her mother, Liliane was born in London, England on April 24, 1919. As a young child, her family moved to Sydney, Australia, where she lived until she was 12 years old.
After her mother’s passing, she and her father moved to Paris, France, the home of her paternal relatives. She lived there until she was 27 years old. She and her husband settled in California. Christine has one sister, Michele.
Chris and her husband currently lead a peaceful life at Overlook Farm in Virginia, close to Gunston Hall. Prior to it, she resided in Bethesda, Maryland, with her family.
Richard and Chris Fairbank have known each other for a long time
The power couple has kept their wedding details under wraps. They had been friends since Rich was a graduate student. According to Wagcenter, Chris informed Richard during graduate school that she found him repulsive when he waxed enthusiastic about a prestigious corporation where he wouldn’t have been a decent career choice. He was adopting and pursuing the norms of his contemporaries.
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Fairbank listened to his lover but quickly rejected the notion. Then they agreed that she would have him quit immediately if Chris noticed him changing. Since the start of their relationship, the married pair have kept their personal lives private. Rarely do media personnel on the field notice them being photographed
Richard Fairbank has Eight children
Carl, Brian, Melissa, Kristen, Sara, Ashley Anne, Michael, and John Fairbank are the eight children of Richard Fairbank.
When the children were little, Richard spent about 2.5 hours per night with them. They used to stay up until the wee hours of the night until kindergarten to spend time with their father after school. The eight of them would get some rest in the night and attend preschool in the afternoon.
Despite his hectic schedule, the businessman had told his partner that he would find time for his loved ones. The couple’s son Carl got married to his high school love Victoria Chapman in 2008 not far from the family’s property.
Even though they are a well-known family, the Richard Fairbank family leads a tranquil existence away from the media.