Douglas Hayes
Douglas Hayes, professor emeritus of finance, U-M Business School, died Feb. 28 in Naples, Fla. He was 93.
Hayes earned his Master of Business Administration degree at the Business School in 1940, and volunteered for the U.S. Navy while working toward his doctorate. He was the first doctoral student to study under Professor Emeritus Paul McCracken. Upon earning his doctorate in 1950, Hayes joined McCracken on the business school faculty, where he remained for 37 years. Colleague Herb Hildebrandt describes him as a “master in the banking world, as good as any banker on the East Coast.”
Hayes authored four books on banking and finance, including the popular text “Investments: Analysis and Management.” Known as an expert in commercial banking, he created and ran an annual two-week program for commercial banking officers during the summers in Ann Arbor, the attendance at which was considered an important career enhancer among regional bankers. He also served as the faculty chairman of Michigan’s Board in Control of Intercollegiate Athletics. From this position Hayes played a key role in the hiring of U-M’s Don Canham as athletic director and Bo Schembechler as football coach.
In 1975 Hayes was appointed to the board of Security Bank in Southgate, and elected chairman of the board in 1978. During the years of severe inflation and elevated interest rates he used his knowledge to correctly match the bank’s liabilities with its assets, and thus not only ensured the bank’s health, but also turned the bank’s earnings into one of the fastest growing in the country. This endeared him to shareholders.
Hayes was unusually accomplished in a wide variety of endeavors. An excellent athlete, he became a six-handicap golfer and won numerous club championships. He also played competitive tennis. As a college athlete in track, he was a member of Michigan’s mile relay team that set a Big Ten record in 1938, which stood for 15 years.
He met his first wife, Anne Carolyn Martin, while an undergraduate at U-M. They were married for 55 years, until her passing in 1996. Doug is survived by his second wife Carol; his three children, Douglas, Randall and Susan; Carol’s two children, eight grandchildren, and four great-grandchildren.
A memorial service will be held at 11 a.m. Wednesday at the Bower Chapel at Moorings Park in Naples, Fla. In lieu of flowers, offerings may be made to Avow Hospice, 1095 Whippoorwill Lane, Naples, Fla., 34105 or to the Salvation Army.
— Submitted by Gene Anderson, Stephen M. Ross School of Business
