John Milton Hancock

John Milton Hancock (February 2, 1883 – September 25, 1956) was an American Navy officer, interim-manager and Wall Street banker. He is known for distinguished achievement in industrial management in the private and public sector, for which he has been awarded the Henry Laurence Gantt Medal in 1944.

Biography Youth and education Born in Emerado, North Dakota in 1883, Hancock was the son of Henry and Isabel (Irvine) Hancock. A 1950 newspaper article recalled, that "it was thirty below zero the February 2, 1883, that John Milton Hancock was born in Emerado... by the light of a kerosene lamp. If life in North Dakota lacked modern conveniences, it was also remarkably free of modern apprehensions."

Hancock's father originated from Canada, had set up a farm in North Dakota in 1878, and had founded the town of Emerado. In town he was also partner in the local hardware store and a realtor in the township.

In 1897 the family moved to Grand Forks, North Dakota, where after preparatory college Hancock attended the University of North Dakota obtaining his AB in 1903. His first assignment was the reorganization of the Jewel Tea Company in Chicago, Illinois, nowadays part of Jewel (supermarket). Again the University of North Dakota (2017), recalled that the "Jewel Tea Company, Chicago, Illinois... had been financed by them and was now deep in debt. The company had been operating at an annual loss of $2 million, along with a substantial debt of $4.5 million. Hancock came on board as vice-president and under his watch implemented corrective strategies: unprofitable branches were closed, low-volume routes were dropped, inventories were substantially reduced to provide badly needed cash, common dividends were canceled, and preferred dividends were deferred. After these changes were implemented, the result was a complete turnaround for the company. By 1924, the company's annual profit was $750,000."

Hancock died at White Plains Hospital on September 25, 1956 and was interred at Kensico Cemetery.

Reception One of Hancock's most remarkable accomplishments was reported in Time (magazine) in 1944: "For about 18 months the Army, Navy and other war procurement agencies have quick-fingered a hot potato that never grew cool. The problem: How could U.S. war contracts be ended uniformly and quickly so that the industrial plant could speedily shift from one war product to another and reconvert without waste motion at the war's end? When a solution seemed finally impossible, the hot potato was tossed over to Elder Statesman Bernie Baruch and his assistant, ex-Wall Street Banker John Milton Hancock. The two cooled it off in just two months and two days. Then the Baruch-Hancock combination presented Home Front Czar James F. Byrnes with a contract-cancellation clause, ready-made to fit almost all fixed-fee contracts. Promptly Czar Jimmy ordered it put into effect..."

In recognition of his achievements, Hancock received Navy Cross in 1919, the Henry Laurence Gantt Medal in 1945 by the American Management Association and the ASME, and the US Army Medal of Merit in 1948. In 1950 the Hamilton College in New York, and the New York University both granted him honorary degrees.

Publications Bernard Baruch, John M. Hancock. Report on war and post-war adjustment policies. February 15, 1944. Washington : U.S. Govt. Print. Off., 1944.

Articles, a selection Hancock, John M. "There must be no veto on atomic bombs." New York Times Magazine (New York) Dec. 15, 1946: 54-56.

Publications about John Milton Hancock American Management Association, The Henry Laurence Gantt Memorial Gold Medal: John Milton Hancock, medalist, 1945. American Institute of Management. "John Milton Hancock," in: National Biographic, Volume 1, 1953. Mr. Hancock and the Bomb; A Camera exploration of Chicago, Fortune, February 1947. Frank J. Allston. "Lieutenant Commander John Milton Hancock, PC, USN," in: Ready for Sea: The Bicentennial History of the U.S. Navy Supply Corps, 1995, p. 178.