(San Francisco, CA) 25 January 2013: A.W. (Tom) Clausen, a former president of the World Bank and CEO of Bank of America, died in Burlingame, California on January 22, 2013. Mr. Clausen was one of the earliest and strongest supporters of Microclinic International, a non-profit organization founded in 2005 with the aim of revolutionizing the way deadly diseases are prevented and managed around the world. The Clausen Fellowships at Microclinic International were named in honor of Mr. Clausen and his wife Helen Clausen.
Mr. Clausen was born in Hamilton, Illinois on February 17, 1923 and studied mathematics at Carthage College where he would later serve as a member of the board of trustees. He then joined the armed forces as a meteorological officer before attending the University of Minnesota where he earned a law degree. His career in banking began at a Los Angeles branch of Bank of America and he quickly moved his way in to senior management positions. He was appointed CEO in 1970, and in 1977, the bank was declared the most profitable bank in the world. In 1981, President Jimmy Carter nominated him to serve as President of the World Bank; President Ronald Reagan subsequently supported the nomination. After leaving the World Bank, he was once again called back to lead Bank of America, which was experiencing tremendous financial turmoil.
“I had the good fortune of learning a great deal from Mr. Clausen over the years,” Microclinic International’s Founder and CEO Dr. Daniel Zoughbie said. “His intellectual stamina and wit were matched only by the generosity of his spirit. I knew him to be a loyal friend, a loving husband, and a devoted servant of the public good; he is sorely missed.”
Since the inception of Microclinic International’s Clausen Fellowship program, eight students and recent graduates have been awarded undergraduate, postgraduate, and postdoctoral fellowships to support the establishment and study of microclinic networks in sub-Saharan Africa, the Middle East, South Asia, and the United States. Katie T. Watson, a Clausen Fellow and former COO of MCI said “I am very grateful for the opportunities made possible by the fellowship. Not only did it enable me to pursue my passion of alleviating poverty in the Middle East; it also helped launch my career as a public health professional.”
In addition to his wife Helen Clausen, Mr. Clausen is survived by two sons and five grandchildren.