George E. Doty, Sr.
Philanthropist, Humanitarian, Business Leader, Founding Board Member of the American Federation for Aging Research (AFAR) and Chairman, 1987-1993
It is with great sadness that the American Federation for Aging Research (AFAR) notes the passing of George E. Doty, Sr., 94, veteran of World War II, leading philanthropist, humanitarian, and Wall Street legend.
Mr. Doty was a founding board member of AFAR, and Chairman from 1987-1993. Thanks in large part to Mr. Doty’s leadership, AFAR, founded in 1981, has provided more than $132 million in support of researchers in aging, and to encourage the training of new scientists in geriatric research and physicians in the practice of geriatric medicine.
“George was one of the most generous people I ever met,” said Stephanie Lederman, EdM, Executive Director of AFAR. “Early on he helped develop our board and created partnerships that formed the foundation of our organization. He got others interested, started an endowment to fund ongoing operations, and really got the organization moving.”
The George E. and Marie J. Doty Award is named in honor of Mr. Doty and his wife Marie, who also played a leading role in advancing the mission of AFAR. This award goes to helping educate and assist scientists focused on aging research and clinicians trained in geriatric care. Mrs. Doty died in 2008.
Mr. and Mrs. Doty, who were married 63 years, are survived by their children, Anne Marie, Barbara, Virginia, George, Jr., and William as well as 16 grandchildren and nine great grandchildren. They lived in Rye, New York and Naples, Florida.
Mr. Doty is often referred to as a “Wall Street legend,” having played a key role in the growth and success of Goldman Sachs. Early in his career, he worked at Price Waterhouse and General Motors before he enlisted in the U.S. Navy in 1942, serving on PT boats in the Mediterranean. When he returned from the war, he joined Richards & Ganley, and then later, Lybrand, where he was senior partner.
He joined Goldman Sachs in 1964 as general partner, and retired as a “Limited Partner” in 1984. He headed the former Operations and Administration Division at Goldman until he retired. In honor of his service to the firm, Goldman Sachs established the George E. Doty Master's Degree Fellowship Program to provide financial support to eligible Goldman Sachs employees in pursuit of an Executive MBA.
“George had the foresight to invest in an organization like AFAR, realizing that there would be a significant age boom in the years ahead,” said Diana Jacobs Kalman, Chair Emeritus of AFAR. “He encouraged Goldman Sachs to donate much-needed financial support to help AFAR support research on clinical care to support this boom. Together with his wife Marie, he launched the career of many new scientists and helped ensure AFAR’s continued growth.”
Ms. Lederman recalled that Mr. Doty frequently invited AFAR-funded scientists to speak at Goldman Sachs partners meetings. Demonstrating the need to support the researchers’ studies, Mr. Doty persuaded the partners to make significant contributions to the organization.
Mr. Doty could claim an extraordinary professional career, but he was most proud of his philanthropy, inspired by his mentor Gustave Levy, senior partner at Goldman Sachs who passed away in 1976 and was known for his generosity to good causes.
In addition to his leadership and generous support of AFAR, Mr. Doty served as a trustee of Fordham University from 1971-1980 and Chairman, 1977-1980; was President of the Collegiate School Board of Trustees from 1972-1977; Director of Foundations & Donors interested in Catholic Activities (FADICA); and former Chairman of the Board of St. Vincent’s Hospital.
Mr. Doty, a descendant of Edward Doty, who came to America on the Mayflower, served as Governor of the Society of Mayflower Descendants in the State of New York and as President of the Sons of the Revolution in the State of New York, 1967-1969. He served as Lieutenant of the Equestrian Order of the Holy Sepulchre and Jerusalem Eastern Lieutenancy, and was a Knight of the Order of Malta.
Mr. Doty graduated from Collegiate School in 1934, received a B.S. from Fordham University in 1938, and an M.S. from Columbia University in 1939. He received Honorary Doctorates from Fordham (1991) and from Adamson University (1994).
On being named AFAR Chair in 1987, Mr. Doty offered the following quote: “Research can help us prevent some of the diseases that are associated with aging, or find ways to treat them effectively, and this can help millions of people avoid the illness and pain and financial hardship that so often accompanies the later years of life.”