Career Timeline of Wilbur Ross: Major Achievements and Milestones

From career breakthroughs to professional milestones, explore how Wilbur Ross made an impact.

Wilbur Louis Ross Jr. is an American businessman and politician. He served as the 39th United States Secretary of Commerce from 2017 to 2021 under the Trump administration. Prior to his political career, Ross was chairman and CEO of WL Ross & Co. from 2000 to 2017, establishing himself as a prominent figure in the world of business and investment. As Secretary of Commerce, he played a key role in shaping trade policies and economic strategies.

Sections (4)

Full Timeline Early Life & Education Career & Achievements Controversies & Scandals

1963: Joined Wood, Struthers & Winthrop

In 1963, Wilbur Ross joined what became Wood, Struthers & Winthrop, where he liquidated the portfolio of its venture capital affiliate.

1976: Began Employment with Rothschild & Co

In 1976, Wilbur Ross began his 24-year tenure with the New York City office of Rothschild & Co, where he managed the bankruptcy restructuring advisory practice.

November 1997: Started a Fund to Invest in Distressed Securities

In November 1997, while at Rothschild & Co, Wilbur Ross started a $200 million fund to invest in distressed securities, which earned a 15.2% return in its first year.

1997: Assistance During Asian Financial Crisis

In 1999, Wilbur Ross was awarded the Order of Industrial Service Merit medal for his assistance during the 1997 Asian financial crisis.

1998: Involvement in Major Bankruptcies

By 1998, Wilbur Ross was involved in eight of the 25 biggest bankruptcies to date, including Drexel Burnham Lambert, Texaco, Public Service of New Hampshire (now Eversource Energy), and Eastern Air Lines.

1999: Order of Industrial Service Merit Medal

In 1999, Wilbur Ross was awarded the Order of Industrial Service Merit medal by South Korean president Kim Dae Jung for his assistance during the 1997 Asian financial crisis.

April 2000: Founded WL Ross & Co

In April 2000, just before the dot-com bubble burst, Wilbur Ross founded WL Ross & Co and raised $450 million to buy the fund from Rothschild and make additional investments.

February 2002: WL Ross & Co Founded International Steel Group

In February 2002, WL Ross & Co founded International Steel Group, agreeing to buy the assets of bankrupt Ling-Temco-Vought for $325 million.

2003: WL Ross & Co Averaged a 30% Return

By 2003, WL Ross & Co's fund had averaged a 30% return, demonstrating its success in distressed securities investments.

2004: Acquired Burlington Industries and Combined it with Cone Mills

In 2004, WL Ross & Co acquired Burlington Industries for $620 million, outbidding Warren Buffett. Burlington Industries was then combined with Cone Mills to form International Textile Group.

2004: Founded International Coal Group

In 2004, WL Ross & Co founded International Coal Group after acquiring the assets of several bankrupt coal companies, which led to protests from the United Mine Workers of America over changes to healthcare and pensions.

April 2005: Sold International Steel Group to Mittal Steel Company

In April 2005, WL Ross & Co sold International Steel Group to Mittal Steel Company for $4.5 billion, resulting in a significant profit for both the company and Wilbur Ross, who personally made $260 million and gained a seat on Mittal Steel's board of directors.

September 2005: Investment in Oxford Automotive

In September 2005, investors led by Wilbur Ross invested $100 million in Oxford Automotive for 25% of the company.

2005: Acquired Safety Components International

In 2005, Wilbur Ross acquired 77.3% of Safety Components International for $51.2 million, expanding his portfolio.

October 2006: International Textile Group Acquired Safety Components International

In October 2006, Wilbur Ross had International Textile Group acquire Safety Components International, as Ross controlled both companies at the time.

2006: Formation of International Automotive Components Group and Merger of Oxford with Wagon Automotive

In 2006, International Automotive Components Group was formed by WL Ross & Co, and Oxford Automotive merged with Wagon Automotive.

2006: Sold WL Ross & Co to Amvescap

In 2006, Wilbur Ross sold WL Ross & Co to Amvescap, which is now known as Invesco.

2007: IAC Acquired Lear's North American Interiors Operations

In 2007, International Automotive Components Group acquired Lear's North American interiors operations, continuing its expansion.

2011: Arch Coal Acquired International Coal Group

In 2011, Arch Coal acquired International Coal Group for $3.4 billion, marking the end of WL Ross & Co's involvement with the company.

2011: Recognition for Relief Efforts

In 2014, Wilbur Ross was awarded the American Irish Historical Society Gold Medal in recognition of his relief efforts after the 2011 Tōhoku earthquake and tsunami.

January 2012: Leader of Kappa Beta Phi

In January 2012, Wilbur Ross became the leader (or "Grand Swipe") of the secret Wall Street fraternity, Kappa Beta Phi.

March 2012: Board of Directors of Navigator Gas

In March 2012, Wilbur Ross joined the board of directors of Navigator Gas.

2014: American Irish Historical Society Gold Medal

In 2014, Wilbur Ross was awarded the American Irish Historical Society Gold Medal in recognition of his work in Ireland and Irish-American causes.

2014: Investment in Bank of Cyprus

In 2014, Wilbur Ross, along with his investors, invested €400 million in the Bank of Cyprus, making him the vice-chairman of the board.

January 2016: WL Ross & Co was the "biggest investor" in Navigator Gas

In January 2016, WL Ross & Co was the "biggest investor" in Navigator Gas, a liquefied gas shipping company.

November 30, 2016: Nominated for Secretary of Commerce

On November 30, 2016, then-President-elect Donald Trump announced that he would nominate Wilbur Ross for Secretary of Commerce.

2016: International Textile Group Acquired by Platinum Equity

In 2016, International Textile Group, which Wilbur Ross had formed earlier, was acquired by the private equity firm Platinum Equity.

February 2017: Senate Confirmation

In February 2017, Wilbur Ross was confirmed by the Senate.

February 27, 2017: Senate Confirmation as Secretary of Commerce

On February 27, 2017, the Senate confirmed Wilbur Ross as Secretary of Commerce in a 72–27 vote.

February 28, 2017: Sworn in as Secretary of Commerce

On February 28, 2017, Wilbur Ross was sworn into office as the United States Secretary of Commerce.

May 2017: Agreement to sell stocks

In May 2017, Wilbur Ross agreed to sell his stocks before the end of May 2017.

December 2017: Divestment from Invesco stock

In December 2017, Wilbur Ross divested from his stock in Invesco, originally worth between $10 million and $50 million.

January 2019: End of Board Service

Wilbur Ross served on the board of a Chinese joint venture until January 2019.

April 13, 2020: Census Deadline Extension

On April 13, 2020, Wilbur Ross and Steven Dillingham announced an extension of the 2020 United States Census timeframe to October 31, 2020, due to delays from the COVID-19 pandemic.

August 3, 2020: Census Deadline Moved Up

On August 3, 2020, the Census Bureau announced that they were moving the 2020 Census deadline up to September 30, 2020 from the previous date of October 31.

September 30, 2020: Revised Census Deadline

The Census Bureau announced on August 3, 2020 that they were moving the 2020 Census deadline up to September 30, 2020.

October 31, 2020: Initial Extended Deadline for 2020 Census

On April 13, 2020, Wilbur Ross and Steven Dillingham announced they would extend the timeframe for field data collection and self-response for the 2020 United States Census to October 31, 2020, due to delays and operation challenges brought about by the COVID-19 pandemic.