The Remarkable Career of Stephen Murray

Stephen P. Murray passed away at age 52 on March 12, 2015. Murray was a prominent businessman and philanthropist.

Murray was born in 1962 and grew up in Westchester County, New York. Murray’s educational accomplishments include a degree in economics from Boston College and a master’s degree in business administration from Columbia Business School.

Throughout Murray’s career, he assumed positions that required leadership skills and business savvy. Murray’s career began in 1984 at the Manufacturers Hanover Trust Company. While at Hanover he worked as a credit trainee and rose to the role of vice president of their middle-market lending division. By 1989, Murray was involved with a unit within Manufacturers Hanover that dealt with company buyouts. The Manufacturers Hanover Company merged with JPMorgan in 2000.

Murray continued to be a key contributor after the two companies merged. In 2005, Stephen Murray assumed the role as the head of JPMorgan’s buyout division. A year after the two companies merged friction between JPMorgan’s private banking clients and the buyout division arose. The friction was due to a possible conflict of interest. To address the problem, it became necessary to create a level of separation between the two divisions. Murray became a key contributor in resolving the problem.

In order to eliminate the issue, Stephen Murray co-founded CCMP Capital, a spin-off company of JPMorgan. The creation of CCMP rectified the issue and restored the relationship between the two divisions. Murray explained the solution saying, “It was difficult for JPMorgan to bring us deals because they couldn’t be perceived as favoring their in-house firm, the relationship is better now that we’re separate than when we were together.” In 2007, Murray was elevated to president and Chief Executive Officer of CCMP.

Sadly, Murray had to leave the firm in April of 2015 due to health problems. Murray’s passing deeply grieved his contemporaries. Murray’s predecessor, Greg Brenneman, said: “We are very saddened to learn that our friend and former partner, Steve Murray has passed away.” Brenneman also reflected on Murry’s talent as, “a terrific investor and dealmaker”. Brenneman praised Murray for his, “positive contributions”, and credited him with the success of CCMP.

Murray balanced his drive for success with the desire to help others. This was evident by his support of the Make-A-Wish Foundation and the Lower Fairfield County food bank. Murray’s professional accomplishments and his compassion for others made him a remarkable man.

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