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Former Irwin CEO takes helm of New York foundation

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Former Irwin Financial Corp. CEO William I. Miller is joining The Wallace Foundation of New York as its president.

The Cummins Inc. board member and chairman of privately held Columbus, Ind.-based Irwin Management Co. is slated to take the helm of the arts- and education-focused philanthropic organization July 1. The former president, M. Christine DeVita, is retiring.

The foundation, which was formed in 2003 from the merger of two philanthropic organizations that date to the 1950s, has $1.3 billion in assets.

“At a time of heightened uncertainty and increasing globalization, it is crucial for the future of our society that all children have access to a sound education and a variety of informal learning opportunities, including the arts," Miller said in a statement announcing his appointment. "Education lays the foundation for an individual’s ability to improve his or her life, participate in civil society and innovate, while the arts play a vital role in our search for meaning."

Miller was CEO and chairman of Columbus-based Irwin Financial, which filed for bankruptcy liquidation in 2009 after taking steep losses on mortgage loans. The company listed assets of $13 million and liabilities of $230 million when it liquidated. Subsidiary Irwin Union Bank and Trust, one of Indiana's oldest banks, also folded in the process.    

Miller also serves on the boards of the John D. & Catherine T. MacArthur Foundation and Yale University. He is a past board chairman of Public Radio International, and a founding member of the Community Education Coalition of Columbus, a regional partnership of school superintendents, community college leaders and businesses.

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  • Non-Profit
    At least he has experience running a non-profit organiztion. The only problem is, his last company didn't start out that way.
  • amazing...
    ...how these guys always manage to fail UP!

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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

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