Ted Stanley

Theodore Richard Stanley (April 26, 1931 – January 3, 2016)[1][2] was an American entrepreneur and philanthropist. He co-founded the Danbury Mint[2] with business partner Ralph Glendinning, which was then a subsidiary of MBI Inc.

Ted Stanley
Born(1931-04-26)April 26, 1931
Reading, Pennsylvania
DiedJanuary 3, 2016(2016-01-03) (aged 84)
EducationUniversity of Pennsylvania

Early life

Stanley was born in Reading, Pennsylvania, and graduated from University of Pennsylvania. He served in the United States Air Force and was an intelligence officer. Stanley worked for Procter & Gamble in the marketing division in Cincinnati, Ohio.[2]

Business

In 1969 Stanley co-founded the Danbury Mint, which sells collectibles (such as commemorative postage stamps, decorative plates, medals, commemorative coins, and similar items) it has produced for it by mail order.[3]

The Mint's first product was a medal series that commemorated the Apollo 11 first crewed Moon landing. After this, the business continued to expand,[4] enough to make Stanley a billionaire during his lifetime.[3]

Connection to mental health

In 1988, Stanley's son was diagnosed with bipolar disorder at the age of 19 after having a psychiatric episode that saw him running around New York streets for 3 days and stripping off his clothes in public.[2][3][5][6] His son was eventually helped with a lithium treatment, and eventually finished college and law school,[3][6] but during the course of his son's treatment he met many parents who were not so lucky, whose children did not improve after treatment.[4] In response, Stanley started donating to mental health research.[7]

Philanthropy

Stanley died in his sleep in New Canaan, Connecticut.[5] Before he died, Stanley made a large donation to the Broad Institute of Cambridge, MA[8] of approximately $650 million for research into genetic markers of mental health.[2][4][9] It is recognized as one of the largest private donations ever to support scientific research and the largest ever for mental health research.[5] Before his estates large $650 million donation, which comprised the majority of Stanley's financial holdings,[4] he had periodically donated an additional $175 million, making his lifetime contribution to the Broad Institute $825 million, to support work and research.[5]

References
  1. "Remembering Ted Stanley". Broad Institute. January 11, 2016. Retrieved 14 January 2016.
  2. Roberts, Sam (January 8, 2016). "Ted Stanley, Whose Son's Illness Inspired Philanthropy, Dies at 84". The New York Times. Retrieved January 15, 2016.
  3. Earley, P. (2007). Crazy: A Father's Search Through America's Mental Health Madness. Berkley Publishing Group. pp. 223–224. ISBN 978-0-425-21389-6.
  4. Nickisch, Curt (July 22, 2014). "Son's Mental Illness Prompts Billionaire's Big Donation To Psychiatric Research". NPR. Retrieved January 15, 2016.
  5. ABC News. "Businessman Ted Stanley, Who Gave $650M Gift, Dies at Age 85". ABC News. Retrieved 15 January 2016.
  6. Zimmer, Carl; Carey, Benedict (July 21, 2014). "A $650 Million Donation for Psychiatric Research". The New York Times. Retrieved January 15, 2016.
  7. Rachel Zimmerman. "Ted Stanley, Who Donated Hundreds Of Millions For Mental Illness Research, Dies". Common Health. Retrieved 15 January 2016.
  8. "Broad Institute of MIT and Harvard". Retrieved 15 January 2016.
  9. Grohol, John M. (July 25, 2014). "Ted Stanley Donates $650 Million to Psychiatric Research". Psych Central. Retrieved January 15, 2016.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.