Charles Cawley, American businessman, Died at 74

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Charles M. Cawley was born in 1941, in New Jersey, United States, and died in November 18, 2015.

He was a businessman and founding member of the bank MBNA, he created the bank in 1982.

He  graduated from Georgetown University.

Charles Cawley and his team started what was before called the Maryland Bank National Association in 1982, evolved from the Maryland National bank and operating out of a converted supermarket in Ogletown, Delaware.

The following year,he started up the concept of affinity credit cards.

He persuaded the Georgetown University alumni association to sponsor a credit card for its members.

The MBNA card went public in 1991, January .

Cawley spent most of his time on the operations side of the company while Alfred Lerner, the chairman and CEO, managed the company’s finances.

In 1997, the company hired Kroll, Inc. as an outside investigator to investigate work paid for by the company at two of Charles homes, which included the construction of a 16-car garage to showcase some of his classic cars, but ultimately reported no wrongdoing.

The broad of directors decided that the friction that started over the corporate scandals in regards to executive compensation, would influence there decision and reject Charles suggestions regarding compensation.

That same year he was promoted to chief executive following.

Charles was still not happy with the board’s rejection of his demands that he decided to retire.

He was awarded the Junior Achievement U.S. Business Hall of Fame in 2005.

Charles passed away at 74 yrs old in November 2015.

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