DISTINGUISHED ALUMNI AWARDS

Arnold S. Hoffman ’57

To Arnold S. Hoffman for his consumer products division in Ohio, managing director in the company’s Career professorship, and several distinguished career in business and New Jersey, and Pittsburgh, and corporate finance operation until he Academic Excellence Scholarships. They investment banking. ultimately held a regional assignment retired in 2006. have also supported projects ranging in Philadelphia. from the Bryce Jordan Center to the Throughout his career, Hoffman has Pasquerilla Spiritual Center. The In 1961, Hoffman moved to Washington, lectured extensively on mergers, acquisi- Hoffmans are members of the Mount D.C., to work for a family business. When tions, and divestitures. He also taught a Timing played a key role in Arnold Nittany Society, The Laurel Circle, The Union Corporation acquired the business mergers and acquisitions course for the Hoffman’s college choice. “I had an Atherton Society, and are life members in 1968, Hoffman, who had risen to presi- Wharton School of the University of appendectomy the day of the college of the Penn State Alumni Association. In dent, followed. It was there he learned Pennsylvania for seven years. Hoffman boards,” he said. “But if you were in the 1997, Penn State honored Hoffman as an the acquisition business, as Union bought currently serves as a director for six top fifth of Philadelphia’s Central High, Alumni Fellow. 54 companies in four years. In 1974, closely held or family controlled businesses. Penn State accepted you automatically.” Hoffman left Union and started his own The Hoffmans live in Longboat Key, Fla., Though he was considering Penn and Hoffman has shared his business expert- environmental products company, which and Haverford, Pa. Two of their four sons Cornell, they would only offer provisional ise with numerous non-profit organiza- failed. “But it was a great learning experi- and a daughter-in-law are Penn State admission until he passed the college tions as well. He is past chairman and ence,” he said. graduates. They have 10—soon to be boards. Hoffman chose Penn State, current executive committee chair of 11—grandchildren. majoring in political science. In 1976, he joined Financo, Inc., a the Abramson Center for Jewish Living in merger and acquisitions advisory firm in Philadelphia. He also serves as a director Timing also determined Hoffman’s first Philadelphia and subsequently co-founded and executive committee member of job out of college. During the summer of Financo Investors Fund, a private equity the Florida West Coast Symphony. From 1956, he was working at a men’s clothing investment fund. While Wall Street 1996–2002, he was a member of the store in Philadelphia. “A guy came in one focused on large corporations, Hoffman board of trustees of the Philadelphia day looking for a tie,” he said. “The other looked to local and regional businesses in College of Osteopathic Medicine. salesmen balked at such a small purchase the middle market. Shearson Lehman so I sold him a tie.” The grateful cus- For Penn State, Hoffman has served as a Brothers purchased Financo in 1985 and tomer, head of student recruitment for commencement speaker, the first chair retained Hoffman as managing director. Westinghouse, offered Hoffman a job on of the Liberal Arts Development Council, In 1989, Hoffman and other senior man- the spot. That January, Hoffman reported and as a member of the Presidential agers formed The Middle Market Group to Westinghouse’s Graduate Training Counselors, among many other posts. He with Hoffman as chairman. Four years Center in Pittsburgh two days after grad- and his wife, Bette ’58, have endowed a later, Legg Mason Wood Walker, Inc., uating from Penn State. He worked in professorship in Sociology, an Early acquired The Middle Market Group. sales and marketing in Westinghouse’s Hoffman joined Legg Mason as senior