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Neal McCabe, former Lehman Brothers exec, dies at 60

Neal McCabe, a former global co-head of a Lehman Brothers unit whose career included working for Salomon Brothers, an heir to the Wal-Mart Stores Inc. fortune and a Texas oil company, has died at 60.

He died on July 17 at New York-Presbyterian Hospital/Weill Cornell Medical Center, according to his sister, Kim McCabe. He had suffered a stroke two months earlier. McCabe was a resident of Manhattan.

His wide-ranging work carried him to Dallas, where he helped run a company in oil and gas exploration and sales, and to Arkansas, where he worked for an investment bank created by the daughter of Wal-Mart founder Sam Walton.

In recent years -- following Lehman's bankruptcy in 2008 and subsequent acquisition by Barclays PLC -- McCabe tried to create a fund focusing on investments in minority communities.

"He was an entrepreneurial guy, who had the guts to leave a situation and strike off and do something he thought would be interesting and successful," his friend, Stephen M. Wolf, the former chairman of US Airways and United Airlines, said. He first met McCabe in the 1980s in Dallas, where McCabe was working for Salomon Brothers.

At New York-based Lehman Brothers Holdings Inc., McCabe was global co-head, with Robert C. Cox, of a business initiative aimed at increasing trades with securities dealers around the world. Also while at Lehman, McCabe helped run TexPool, an investment pool for thousands of communities in Texas.

He worked as a bond trader for Salomon Brothers, becoming a vice president. In 1981 he became chairman of Dallas-based Shanley Oil Co. and led its acquisitions of, among other companies, Nord Petroleum Corp. in 1983. The company in 1986 became Shanley Corp.

In 1989 he worked for Llama Co. of Fayetteville, Ark., an investment bank founded the previous year by billionaire Alice Walton.

-- Bloomberg News

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