Below is the text of the Citation for
Distinguished Citizenship
presented to Paul J.
Rizzo at the NCCBI Annual Meeting on March 21
Paul Rizzo first made his
mark on the University of North Carolina at
Chapel Hill when he was a linebacker during the
Charlie Justice era, a glorious time when the
team played in two Sugar Bowls and one Cotton
Bowl. He then returned in 1987 to serve as dean
of Carolina’s Kenan-Flagler Business School
after a long career at IBM. Now once again, his
name is associated with UNC’s, this time in
a permanent, legacy-building way. Last fall, the
university dedicated the Paul J. Rizzo Conference
Center at Meadowmont. It’s a $24
million-dollar, state-of the art facility that
the business school uses for executive education,
a place where businessmen and women gather to
explore ideas and tackle strategic issues.
It is thoroughly appropriate that Paul’s
name should be carved in stone on UNC soil, since
it’s a place he loves so much and has served
so well not only as an employee but also a board
member, a fund-raiser and a donor. And the
business school is an especially fitting place.
Fifty-one years ago, Paul used a business degree
from that school to help launch a career.
His story reads like the archetypal Horatio Alger
tale. He was born in upstate Utica, New York, to
parents who had emigrated from Italy in search of
a better life. Paul saw his father’s job
choices were limited because he lacked an
education – sometimes he was unemployed,
sometimes he worked as a machinist – so from
an early age Paul knew he did not want to be
poor. He got his first job when he was 10, and
quickly learned that being a railroad hand,
building tennis courts or mowing lawns was not
how he was going to earn a living the rest of his
life. But the work ethic in the Rizzo family was
strong – all four kids went on to college.
Paul came South on a football scholarship to
Carolina. Upon graduating in 1950, Paul worked
briefly for an accounting firm, then landed a job
with Dan River Mills in Virginia. Paul’s
work as a computer installer for Dan River led to
his joining IBM in 1958, where he rose up the
ranks of corporate finance. When he was named
vice president of research and development in
1974, it was an exciting time for the company,
the dawn of the PC and the technology revolution.
Paul’s financial acumen, his incisive mind,
and his ability to make sound decisions quickly
were such assets to IBM that he was elected Vice
Chairman of the Board in 1983. As a non-engineer
in a company famous for its technical geniuses,
Paul brought a hard-nosed business perspective to
the table. He was also famously blunt. Speaking
to a large group of engineering executives one
time, he said, “Engineering our products is
too important to leave to the
engineers.”
The ability to be direct has won him dozens of
friends and allies – yes, even among
engineers -- and has made him a popular choice to
serve on many corporate and non-profit boards. It
has also been a key reason the investment company
he co-founded with Bob Eubanks, Franklin Street
Partners in Chapel Hill, has been so successful,
with $1.5 billion under management. Says Mr.
Eubanks: “In a meeting, Paul can cut down to
the issues quicker than anyone I know. But he
doesn’t come across as overbearing, just as
a wise businessman. He’s actually a gentle
man.”
Since retiring as dean of the Kenan-Flagler
School in 1992, Paul has served as chairman of
Franklin Street Partners, where he is involved in
investing in the local community. Under
Paul’s leadership, Franklin Street has
invested $50 million in Triangle firms as a
late-stage venture partner. He also gives back to
the community by volunteering his time on three
boards in Chapel Hill: the Educational Foundation
of UNC Athletics, UNC Healthcare and the Frank
Hawkins Kenan Institute of Private Enterprise. It
is only right that Paul is working with Athletics
Director Dick Baddour and other volunteers with
the Rams Club to help raise money for athletic
scholarships, since it was a football scholarship
that helped open so many doors for Paul. Mr.
Baddour says Paul’s expertise is invaluable.
“Three years ago, we realized the Athletic
Department was on shaky ground financially, so we
put together a task force and appointed Paul to
serve on that committee. He brought a wealth of
financial and management skills. His biggest
strength is the ability to size up a situation
and quickly come up with a plan of action.
Several times when I have felt I was dealing with
very complex financial issues, I would seek
Paul’s advice and he would always
help.”
These days, when Paul is not working or serving
on boards, he brings that same competitive nature
and analytical ability to the golf course.
It’s an understatement that he doesn’t
like to lose. But if he does, he tries to play
better the next time. And he has played with the
great professional and amateur golfers at Augusta
National, where he is fortunate to be a member.
His association with this exclusive club has no
doubt furthered both his golf game and his
business career, and in turn his ability to be of
service to his community. Paul and his lovely
wife, the former Sidna Chockley, are charming and
gracious hosts, and often entertain their friends
as well as their three children and their
families.
For his generosity in using his intelligence, his
business skills and his influence to improve the
life of students, entrepreneurs and the community
as a whole, NCCBI is pleased to present its
Citation for Distinguished Citizenship for 2001
to Paul J. Rizzo.
Done this 21st day of
March, 2001, at Raleigh
Malcolm Everett III, Chairman
Phillip J. Kirk, Jr., President
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