Who is Jeffrey Sprecher?
Jeffrey Sprecher is an American businessman who is the founder and Chief Executive Officer (CEO) of Intercontinental Exchange. He is also the chairman of the Newyork Stock Exchange.
With a Bachelor’s Degree in Chemical Engineering, Jeffrey Sprecher got his first job at Trane where he met William Prentice. At the time, Prentice who was developing power plants following deregulation and offered Sprecher a job at Western Power Group. In 1992, the Energy policy act was passed thus deregulation in the electric industry began.
Therefore, players in the electric industry realized the necessity for real-time, intercontinental transactions. This was enabled by Continental Power Exchange technologies in which individual businesses and consumers may be able to choose an energy provider. Sprecher bought the Continental power exchange in Atlanta in 1996 from MidAmerican Energy Holdings Company, therefore, the formation of the Intercontinental Exchange(ICE).
How Old is Jeffrey Sprecher?
Sprecher is 68 years old as of 2023. He was born on February 23, 1955, in Madison, Wisconsin. Sprecher celebrates his birthday on February 23 every year among other famous people such as Dakota Fanning, Daymond John, Helena Sukova, Howard Jones, Emily Blunt, Fred Biletnikoff, Jeff Beres, Josh Gad, Kelly Macdonald, Michael Wilton, and Niecy Nash.
Jeffrey Sprecher’s Family
Who are Jeffrey Sprecher’s parents?
Sprecher is the son of Pete Sprecher and Phyllis Willigham.
Does Jeffrey Sprecher have siblings?
Sprecher’s secretive nature has shown up in his personal life. He has managed to keep his family background very private. In case there is news regarding his siblings, we shall update it here as soon as possible.
Jeffrey Sprecher’s Education
Sprecher attended James Madison Memorial High School in Madison. He was also initiated into the Wisconsin Alpha Chapter of Sigma Alpha Epsilon. He then attended the University of Wisconsin in Madison where he graduated with a bachelor’s degree in Chemical Engineering in 1978. Additionally, he received a Master’s in Business Administration in 1984 from Pepperdine University.
Jeffrey Sprecher’s Wife
Sprecher married U.S. Senator Kelly Loeffler in 2004 and they have been married since. They currently own a 15,000 square feet estate in Tuxedo Park in Atlanta which they bought for $10.5 million and currently reside in.
Jeffrey Sprecher’s Children – Kids
Jeffrey C. Sprecher and her wife Loeffrey have no children as of now.
Jeffrey Sprecher’s Net Worth
Sprecher’s net worth is estimated to be $1 billion. This fortune was confirmed starting in January 2021 which is mainly attributed to his stake at Intercontinental Exchange (ICE).
Jeffrey Sprecher Height -Measurements
Details about Sprecher’s height have remained undisclosed but considering her wife is 5 feet 9 inches tall, he is a bit shorter than his wife.
Jeffrey Sprecher Career
Sprecher founded Intercontinental Exchange in 2000 as an online market platform for energy trading in Atlanta. This was contrary to what took place in the 1990s. Energy trading took place manually, handled by Continental Power Exchange. As of 1997, Continental Power Exchange (CPEX) had a federated software structure in place. This was the stepping stone for Intercontinental Exchange since Continental Power Exchange’s hardware and software server buildup was designed to be able to handle any client load that would arrive in the future. Intercontinental Exchange approached Enron to be a client but shortly after, it started its own competing electric power trading platform. In addition to that, Enron’s platform dominated the market.
Enron’s market strategy was to connect every buyer to every seller. However, Wall Street bankers, Goldman Sachs, and Morgan Stanley, in particular, backed Sprecher hence helping him launch Intercontinental Exchange in 2000. As a result, the two banks had 80 percent control over ICE which in turn expanded to Shell, British Petroleum, and Total. In 2001, Enron’s exchange collapsed in the Enron scandal while Intercontinental Exchange’s business exploded.
Due to the company’s expansion, the company has made a number of acquisitions including:
- 2001: Intercontinental Petroleum Exchange.
- 2006: Newyork Board of Trade.
- 2008: Creditex.
- 2009: The Clearing Corporation.
- 2010: Climate Exchange.
- 2013: NYSE Euronext.
- November 2013: Singapore Mercantile Exchange.
- 2014: SuperDerivatives.
- 2015: Interactive Data Corporation.
Stock Sales (COVID-19 period)
Spencer and his wife faced complaints in March 2020 regarding their sale of millions of stock, specifically $20 million, from companies that were vulnerable to the COVID-19 pandemic. The couple made the transactions immediately after her wife Kelly Loeffler and other senators received a private briefing about the arising crisis by federal officials. They faced charges from the United States Senate Ethics Commission and Securities, Exchange Commission, and the United States Justice Department who were accused of violating the Stock Act.