Leslie “Bud” Baker, Jr., retired chairman of the board of Wachovia Corp., talked about world economic issues as part of the Legends of Business activities sponsored April 27 by the Martha and Spencer Love School of Business. Details...
Baker met with students and delivered the Legends of Business address at a luncheon attended by local business leaders and Elon faculty and staff members. His talk was titled, “A Healthy Economy: True or False?”
The Legends of Business program gives students the opportunity to interact with experienced and influential corporate and business leaders.
Baker talked about profound social changes taking place around the world. He said the pace of change “is sustaining economic growth and bringing challenge, opportunity, stress and uncertainty.” Baker says the global economy is now defined by “capital, ideas and energy,” and he talked about the technology revolution that puts people in every country on a “level playing field” in the world of business.
“Half the world’s population is in China, India and Indonesia where the spirit of the entrepreneur is alive,” Baker says. “Information runs like wildfire across the globe … and most of it is free.”
Baker says the United States economy is in “some sort of recovery, although the duration is unknown.” He says the years ahead will be good ones but that economic progress will sometimes be challenging and slow.
“I am here with you as an optimist, but I am not totally naive about the miserable state of the world … global terrorism must be swept aside, we must regain confidence in our economic systems and in ourselves and we must unite against the forces of poverty and her handmaidens, ignorance and despair.”
Baker joined Wachovia in 1969. He held a number of leadership roles, including president, chief executive officer, chief operating officer and president of the North Carolina-based bank. He earned a reputation as a visionary executive who emphasized customer service and responsible growth.
He also led efforts to transform the banking industry through the use of technology. Wachovia is considered a leader in integrating technology into its services.
A member of several different organizations, including the Founders of the Marine Corps Heritage Foundation and the Knight Foundation, Baker served on Elon’s Board of Trustees from 1991-1997. He served as chair during his final two years on the board. His previous board affiliations include the Federal Advisory Council of the Federal Reserve, American Red Cross, Carolina Power & Light and Wake Forest University.
A native of Lovettsville, Va., Baker received a bachelor’s degree from the University of Richmond and a master’s degree from the University of Virginia. He served in the Marine Corps from 1964-1967 and earned the rank of captain.
Baker and his wife, Suzanne, are among the university’s most generous donors. Their son, Rod, graduated from Elon in 1997.
Click here to read coverage of Baker’s speech in the Winston-Salem Journal.