Biography of Paul L. Foster: Innovating Industries, Investing in Education
Biography of Paul L. Foster:
Paul L. Foster, an American businessman, serves as the CEO
of Franklin Mountain Investments, a key player in the business landscape. Prior
to this role, Foster made significant strides as the founder and former
chairman of Western Refining, a prominent Fortune 200 and Global 2000 oil
refiner and marketer headquartered in El Paso, Texas.
Education of Paul Forster
INSEAD MBA (1994)
In 1994, Paul Forster pursued his Master of Business
Administration (MBA) degree at INSEAD. Renowned for its global perspective and
rigorous curriculum, INSEAD provided Forster with valuable insights into the
dynamics of international business.
University of Oxford - M.Sc. (1986 - 1987)
Before his MBA, Forster undertook a Master of Science
(M.Sc.) program at the University of Oxford from 1986 to 1987. This experience
equipped him with a strong foundation in his field of study and fostered his
analytical skills.
University of Cambridge - M.A. (1983 - 1986)
Forster began his academic journey at the University of
Cambridge, where he obtained a Bachelor of Arts (M.A.) degree from 1983 to
1986. Cambridge's tradition of academic excellence played a pivotal role in
shaping Forster's intellectual development and fostering his passion for
learning.
Investor Journey
Armed with a solid educational background, Paul Forster has
established himself as a prominent investor. Specializing in early-stage tech
companies, Forster has a proven track record of identifying promising ventures
and providing them with the support they need to thrive. His contributions to
the startup ecosystem reflect his commitment to fostering innovation and
entrepreneurship.
Early Stage Tech Investor
Paul Forster has been actively involved as an investor in
early-stage tech companies since September 2012. With almost 12 years of
experience in this domain, Forster focuses on backing startups led by ambitious
founders, with products that show promise and market opportunities he
comprehends. His current portfolio includes a diverse range of companies such
as 9fin, Monzo, and Hyperline. Notably, he has successfully exited investments
in companies like Arachnys and Twizoo, demonstrating his knack for identifying
successful ventures.
Senior Advisor at Indeed
From September 2012 to October 2013, Forster served as a
senior advisor at Indeed, the world's leading job site. Indeed boasts over 250
million unique visitors per month across 60 countries. Forster's role as a
senior advisor involved providing strategic guidance and leveraging his
expertise to contribute to the platform's continued success. Indeed was
acquired by Recruit Holdings Co., Ltd. in October 2012, underscoring its global
impact and market dominance.
CEO & Co-founder at Jobsinthemoney.com
Before his tenure at Indeed, Forster co-founded
Jobsinthemoney.com and served as its CEO from 1998 to 2004. Jobsinthemoney.com
aimed to revolutionize the job search experience, providing users with
comprehensive resources and opportunities in the financial sector. Forster's
leadership played a pivotal role in shaping the platform's growth and
establishing its presence in the industry.
Investment Management Roles
Forster's journey in the realm of investment management
began at the International Finance Corporation (IFC) from 1995 to 1998, where
he served as an Investment Manager. Subsequently, he joined Anglo American
Corporation as a Manager from 1991 to 1994, further honing his skills in
financial analysis and strategic decision-making. These roles provided Forster
with valuable insights into investment strategies and portfolio management,
laying the groundwork for his subsequent ventures as an investor.
From Humble Beginnings to Educational Philanthropy
Paul L. Foster, originally from Lovington, New Mexico,
pursued his education at Baylor University, graduating in 1979 with a
bachelor's degree in accounting. Throughout his time at Baylor, Foster was
actively involved in the Texas Theta chapter of Sigma Alpha Epsilon. Following
his graduation, Foster remained connected to his alma mater, serving on the
business school's advisory board from 2008 to 2010. In 2006, he made a
significant contribution of $3 million to Baylor University, establishing the
Paul L. Foster Success Center, a hub for academic and career support for
students. His dedication to education continued in 2013 when he donated a
further $35 million to fund the Paul L. Foster Campus for Business and
Innovation, which houses Baylor's Hankamer School of Business.
Founding Western Refining: A Business Empire
In 1997, Foster founded Western Refining, a venture that
would solidify his position as a key player in the oil refining industry. Over
the years, Western Refining grew to become the fourth-largest publicly traded
independent oil refinery in the United States by 2006, under Foster's
leadership and vision.
A Commitment to Higher Education and Leadership
Beyond his business endeavors, Foster served as the chairman
of the board of regents of the University of Texas System, showcasing his
commitment to leadership and educational advancement. His multifaceted
contributions to education and business have left an indelible mark, shaping
the lives of students and professionals alike, while also leaving a lasting
impact on the industry and community.
Biography of Paul L. Foster: Innovating Industries, Investing in Education / Biography of Paul L. Foster: /Paul L. Foster: investor
Paul Forster: Tech Investor and Entrepreneur
Indeed's Global Impact:
Indeed stands out as the world's top job site, attracting
over 100 million unique visitors across more than 50 countries and available in
26 languages.
Entrepreneurial Background:
Before Indeed, Forster co-founded another leading job site
catering to financial professionals. Prior to his entrepreneurial endeavors, he
worked as an investment professional at the International Finance Corporation.
Paul Forster: Tech and Finance
Founding and Leadership:
Paul Forster played a pivotal role in the creation and
growth of Indeed, serving as its CEO until its acquisition in late 2012. Today,
Indeed stands as the foremost global job site, boasting over 100 million unique
visitors across more than 50 countries and available in 26 languages.
Entrepreneurial Ventures:
Before Indeed, Forster co-founded a prominent job site
tailored for financial professionals, showcasing his entrepreneurial acumen in
the tech industry.
Financial Background:
Prior to his ventures in the tech world, Forster gained
valuable experience as an investment professional at the International Finance
Corporation, highlighting his diverse expertise in both technology and finance
sectors.
Foster's Philanthropy and Leadership Roles
In 2007, Foster gave $50 million to help establish the Paul
L. Foster School of Medicine at Texas Tech University Health Sciences Center in
El Paso. Additionally, he and his wife contributed $5 million for a significant
renovation project at the Sun Bowl Stadium in the University of Texas at El
Paso.
Leadership in Education:
Foster was appointed to the University of Texas System's
board of regents by Governor Rick Perry in November 2007. He served as vice
chairman from 2009 to 2011 and then as chairman from 2012. In 2013, he was
re-appointed to the board of regents.
Involvement in Other Institutions:
Foster also sits on the board of trustees for the Baylor
College of Medicine and is a member of the Texas Parks and Wildlife Commission.
Political Donations:
Foster has contributed at least one million dollars to the
Freedom Partners Action Fund, a conservative Super PAC linked to the Koch
Brothers.
Current Leadership Role:
Currently, Foster serves as the chair of the Electric
Reliability Council of Texas (ERCOT).
Recognition and Wealth Accumulation
Paul L. Foster's entrepreneurial prowess and business acumen
earned him recognition on the Forbes 400 list of wealthiest Americans in 2007,
ranking 261st with an estimated net worth of $1.9 billion. Despite fluctuations
in his net worth, with Forbes listing it as $1.5 billion in 2014, Foster's
achievements in the business world remain commendable.
Paul L. Foster: Major Achievements
Paul L. Foster is renowned for founding Western Refining,
which grew to become the fourth-largest publicly traded independent oil
refinery in the United States. His entrepreneurial vision and leadership played
a pivotal role in the company's success, establishing it as a significant
player in the oil industry. Beyond his business accomplishments, Foster has
also left a lasting impact through his philanthropic endeavors. He generously
donated $50 million to establish the Paul L. Foster School of Medicine at Texas
Tech University Health Sciences Center in El Paso, contributing to medical
education and healthcare in the region. Additionally, he and his wife
contributed $5 million towards the renovation of Sun Bowl Stadium at the University
of Texas at El Paso, showcasing their commitment to supporting education and
community development.
Some companies where Paul Forster invested
- Enzai Technologies – Business/Productivity Software
- CultureAI - Business/Productivity Software
- Finway - Financial Software
- Dalia - Business/Productivity Software
- Kombo - Business/Productivity Software
- Feebris - Healthcare Technology Systems
- Banked - Financial Software
- Holly Health - Healthcare Technology Systems
- Oxwash - Services (B2C Non-Financial)
- Stitch - Healthcare Technology Systems
- Otta – online job portal
- Rollbox - API Payroll Engine.
Timeline:
Educational Pursuits and Early Career (1979-1998):
- Graduated from Baylor University in 1979 with a bachelor's degree in accounting.
- Completed a Master of Arts (M.A.) degree at the University of Cambridge from 1983 to 1986.
- Pursued a Master of Science (M.Sc.) program at the University of Oxford from 1986 to 1987.
- Founded Jobsinthemoney.com and served as CEO from 1998 to 2004.
Entrepreneurial Ventures and Investment Management
(1997-2012):
- Founded Western Refining in 1997, leading it to become a major player in the oil refining industry.
- Served as an Investment Manager at the International Finance Corporation from 1995 to 1998.
- Co-founded FriendFeed in 2007, later acquired by Facebook, and transitioned to a role at Facebook.
- Acted as a senior advisor at Indeed from 2012 to 2013.
Philanthropy and Leadership Roles (2006-Present):
- Donated $3 million to Baylor University in 2006, establishing the Paul L. Foster Success Center.
- Donated $50 million to establish the Paul L. Foster School of Medicine at Texas Tech University Health Sciences Center in 2007.
- Contributed $5 million towards the renovation of Sun Bowl Stadium at the University of Texas at El Paso.
- Appointed to the University of Texas System's board of regents in 2007, serving as chairman from 2012.
- Served as chair of the Electric Reliability Council of Texas (ERCOT) in current times.
Recognition and Wealth Accumulation (2007-Present):
- Listed on the Forbes 400 list of wealthiest Americans in 2007 with an estimated net worth of $1.9 billion.
- Continued involvement in philanthropy and business, maintaining a significant impact on education and community development.
