DEFINITION of 'William F. Aldinger III '
An American business executive who has held top positions with Household International, HSBC and Capmark Financial Group. He has also been a board member of AT&T, Charles Schwab, KKR Financial Corporation and MasterCard.
Aldinger began his career with U.S. Trust Company, then worked for Citibank and Wells Fargo before joining Household International as CEO and president in 1994. In 1996, he stepped down as president of Household and added the title of chairman. He helped expand Household from a credit card company into a mortgage company, but then the company began to suffer from predatory lending lawsuits brought against it by its customers and had to restate nine years of earnings in 2002.
BREAKING DOWN 'William F. Aldinger III '
Aldinger III was born in Brooklyn in 1947, and earned a JD from Brooklyn Law School in 1975. He served as CEO and chairman at Household International until the company was acquired by HSBC in 2003. After the acquisition, Aldinger III became chairman and CEO of HSBC North America Holdings until 2005.
He then left HSBC and became president and CEO of Pennsylvania-based commercial real estate lender Capmark Financial Group, formerly GMAC Commercial Holding Corp, from 2006 to 2008. After it suffered from a large number of commercial mortgage defaults and a decline in its loan origination and servicing business, Capmark filed for chapter 11 bankruptcy in October 2009.