Alger Baldwin "Duke" Chapman
Published: February 20, 2013
Alger Baldwin "Duke" Chapman died on Monday, February 18, 2013 of congestive heart failure. Mr. Chapman was born on September 28, 1931 in Portland, Maine to the late Alger Baldwin Chapman and Elizabeth Libby Ives. Duke graduated from The Albany Academy, Williams College and Columbia University Law School. His career in the field of financial services spanned more than 50 years.
Mr. Chapman began his career as an attorney at the Securities and Exchange Commission (SEC). From there he moved to the New York Stock Exchange where in 1961, he became vice president for legal, governmental and civic affairs. In 1966, he joined Shearson, Hammill & Co. beginning a remarkable twenty year career with one of Wall Street's most amazing growth stories. In 1970, Duke was named Shearson's President and CEO. When Shearson merged with CBWL Hayden Stone in 1974, he served as co-chairman of the combined firm until 1982 when American Express acquired Shearson, Loeb Rhodes. Duke then moved to American Express International Bank as Vice-Chairman to develop a global private banking network. His colleague at Shearson and Williams College classmate, Arthur Levitt, a former SEC Chairman, described Duke as "a man of great and generous humanity"... who is "perfectly comfortable in the halls of power, whether Washington or Wall Street, London or LaSalle."
In 1986, Duke was elected Chairman and Chief Executive of the Chicago Board Options Exchange (CBOE) in Chicago. There he led major innovations including formation of the CBOE Options Institute for investor education, new products such as long term options known as LEAPs and significant investments in state-of-the art trading and order automation systems.
After a decade of service at the CBOE, Duke retired and in 1998 joined the Amsterdam-based international banking company, ABN-AMRO Inc., as Vice Chairman of the investment banking and capital markets arm. Shortly thereafter he became CEO of ABN-AMRO Financial Services responsible for the U.S. retail brokerage business serving until his retirement in 2004.
Over the years, Duke was prized as a corporate director and was privileged to serve on the board of directors of Smith Barney Mutual funds, Johnson International, Trade Development Bank and New England ISO.\
Duke was engaged in his community and generously offered his time and talent to many organizations including the Police Athletic League of New York, The Cerebral Palsy Research Foundation, The Boy Scouts of America and served as president of the Illinois Council on Economic Education.
He was a lifelong golf enthusiast and an avid reader. His appreciation of the written word and his inquisitive intelligence were the delight of his family, friends and colleagues. He was humble, kind, good natured and generous. He led by example and his character was evident in everything that he did.
Duke will be remembered for his wisdom, good counsel and gentlemanly nature. His charm and sense of humor will be greatly missed.
He is survived by his wife, Beatrice Bishop Chapman; two sisters, Carol Whitehouse of Portsmouth, New Hampshire; Hilda Dugan of Mt. Washington, Massachusetts; four sons, Alger Chapman and daughter-in-law, Trina of Moss Beach, California; Samuel Chapman and daughter-in law, Laura of Chicago, Illinois; Andrew Chapman of Little Rock, Arkansas; Henry Chapman of New Haven, Connecticut; and five grandchildren.
In lieu of flowers, the family requests that memorial contributions be made to the Wounded Warrior Project. Arrangements by Ruebel Funeral Home, www.ruebelfuneralhome.com.