The Wallenberg Medal of the University of Michigan is awarded to outstanding humanitarians whose actions on behalf of the defenseless and oppressed reflect the heroic commitment and sacrifice of Raoul Wallenberg , the Swedish diplomat who rescued tens of thousands of Jews in Budapest during the closing months of World War II.
18-493: Encouraged by his grandfather, Gustaf Wallenberg, a diplomat and member of a prominent Swedish family of bankers, industrialists and politicians, Raoul Wallenberg came to Ann Arbor in 1931 to study architecture at the University of Michigan . Here, his grandfather believed, he could escape the isolation of the elite position of his family and would have the chance to experience the broader world. Wallenberg wore sneakers and rode
36-552: A merger agreement between Stockholms Enskilda Bank and rival Skandinaviska Banken in 1971. Soon after, tragedy struck when Marc Wallenberg committed suicide, observers suggested that the act came possibly because Marc Wallenberg felt himself inadequate to the task of leading what was to become the Scandinavia banking giant Skandinaviska Enskilda Banken . The merger went through in 1972. Marcus Wallenberg (junior), and younger son Peter Wallenberg (senior), focused their interests on
54-574: A bicycle around campus, living in a boarding house rather than the more exclusive society of the fraternities. His many friends admired his modesty, sense of humor, and insightful intelligence. As an architecture student, he was recognized for his aptitude for finding practical solutions to complex problems. In 1933 he worked in Chicago at the Swedish pavilion in Century of Progress . He spent summers hitchhiking across
72-429: A deputy CEO at Stockholms Enskilda Bank in 1953, before taking over as CEO in 1958. After a power struggle between Jacob Wallenberg and his younger brother Marcus Wallenberg (junior), Jacob Wallenberg resigned from the board of directors in 1969. The resignation opened a seat on the bank's board of directors to Peter Wallenberg (senior), younger son of Marcus Wallenberg (junior). Marcus Wallenberg (junior) pushed through
90-752: A market capitalization of around $ 60 billion. The family is also heavily involved in philanthropy through the Wallenberg foundations , especially the Knut and Alice Wallenberg Foundation . The earliest known member of the Wallenberg family is Per Hansson (1670–1741) who, in 1692, married Kerstin Jacobsdotter Schuut (1671–1752). Their son, Jakob Persson Wallberg (1699–1758) married twice. The children of his first marriage called themselves Wallberg and those of his second called themselves Wallenberg. Jakob Persson Wallberg
108-482: The Riksdags first chamber ( Parliament of Sweden) 1907–1919. In 1916, new legislation made it more difficult for banks to own shares in industrial companies on a long-term basis. Investor was formed as an investment part of Stockholms Enskilda Bank . Knut Agathon Wallenberg's younger brother Marcus Wallenberg (senior) carried on the tradition and took over as the bank's CEO in 1911, replacing his older brother who
126-644: The 1970s, the Wallenberg family businesses employed 40% of Sweden's industrial workforce and represented 40% of the total worth of the Stockholm stock market. The most famous of the Wallenberg family, Raoul Wallenberg , a diplomat, worked in Budapest , Hungary, during World War II to rescue Jews from the Holocaust . Between July and December 1944, he issued protective passports and housed Jews, saving tens of thousands of Jewish lives. Their flagship company, Investor AB , has
144-560: The US and Canada, and in 1934 drove with a friend to Mexico City in a battered Ford. He earned his degree with honors in architecture in 1935, winning the American Institute of Architects silver medal for student with highest academic standing. The Wallenberg Executive Committee, which includes faculty, students and members of the Ann Arbor community, raises funds for the endowment and select
162-424: The Wallenberg sphere, the Wallenberg sphere is a large group of companies where their investment company , Investor AB , or foundation asset management company, Foundation Asset Management (FAM) , have the controlling interest . Investor AB Investor AB is a Swedish investment and holding company , often considered a de facto conglomerate . One of Sweden's largest companies, Investor AB serves as
180-624: The annual medalist. The University's Taubman College of Architecture and Urban Planning also awards Wallenberg Scholarships to exceptional undergraduate and graduate students, many of which are given to enable students to broaden their study of architecture to include work in distant locations. Wallenberg family The Wallenberg family is a prominent Swedish family renowned as bankers , industrialists, politicians, bureaucrats and diplomats, present in most large Swedish industrial groups, like EQT AB , Ericsson , Electrolux , ABB , SAS Group , SKF , Atlas Copco , Saab AB , and more. In
198-629: The board . During the War the Bank collaborated with the German government. The Secretary of the US Treasury, Henry Morgenthau Jr. considered Jacob Wallenberg strongly pro-German, and the US subjected the Bank to a blockade that was only lifted in 1947. The fourth generation of Wallenbergs joined the family business in 1953, including heir apparent Marc Wallenberg , eldest son of Marcus Wallenberg (junior), who became
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#1732898327624216-525: The change in leadership marked a final moment in the family's more than 100-year dominance of the Swedish banking and industrial sectors . Yet Peter Wallenberg (senior) rose to the challenge, guiding Investor and Sweden's industry into a new era. In 1990, it was estimated that the family indirectly controlled one-third of the Swedish Gross National Product . Peter Wallenberg (senior) stepped down from leadership of Investor in 1997. In 2006,
234-452: The family's investment companies, Investor and Providentia. Investor now became the family's new flagship business, and, under Marcus Wallenberg (juniors) leadership began actively promoting the restructuring of most of the industrial companies under its control, replacing board members and promoting younger CEO and other management. Peter Wallenberg (senior) took over after Marcus Wallenberg (junior's) death in 1982. For many outsiders,
252-420: The fifth generation took over the Wallenberg sphere. Marcus Wallenberg , son of Marc Wallenberg, Jacob Wallenberg and Peter Wallenberg (junior) both sons of Peter Wallenberg (senior). The Wallenbergs have a very low-key public profile, eschewing conspicuous displays of wealth. The family motto is "Esse, non Videri" ( Latin for "To be rather, than to seem). Wallenbergs business empire is often referred to as
270-460: The investment arm of the prominent Swedish Wallenberg family ; the family's companies are involved in a variety of industries, of which the primary industries are pharmaceuticals, telecommunications and industry. Investor AB is Sweden's most valuable publicly traded company; it has major or controlling holdings in several of Sweden's other largest companies. It has numerous investments worldwide through Patricia Industries and EQT AB . Investor AB
288-408: Was appointed Stockholms Enskilda Bank chairman of the board . Jacob Wallenberg, eldest son of Marcus Wallenberg (senior), became the bank's CEO after Joseph Nachmanson died in 1927, joined by younger brother Marcus Wallenberg (junior) as the bank's deputy CEO. In 1938, Knut Agathon Wallenberg died. He had no children. Marcus Wallenberg (senior) was appointed Stockholms Enskilda Bank chairman of
306-484: Was established in Stockholm when new Swedish legislation made it more difficult for banks to own stocks in industrial companies on a long-term basis. The shareholdings of the Wallenberg family bank, Stockholms Enskilda Bank , were transferred to Investor AB, a newly formed industrial holding company spun off from the bank, which would serve as the family's investment arm henceforth. Investor AB owns significant holdings of
324-458: Was the great-grandfather of André Oscar Wallenberg who, in 1856, founded Stockholms Enskilda Bank , the predecessor of today's Skandinaviska Enskilda Banken . André Oscar Wallenberg's son Knut Agathon Wallenberg took over as CEO of Stockholms Enskilda Bank in 1886. Like many other Wallenberg relatives, Knut Agathon Wallenberg was also involved in Swedish politics and diplomacy becoming Minister for Foreign Affairs 1914–1917, and member of
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