A former Oppenheimer Group chairman and CEO, Stephen K. Robert and his wife, Pilar Crespi Robert, contribute to improving healthcare, infrastructure, and educational and economic opportunities for people in multiple countries through their Source of Hope Foundation. Thanks to their generous funding, the Pilar Crespi Robert and Stephen Robert Rapid Medical Evaluation Center at NewYork-Presbyterian/Columbia University Irving Medical Center now serves the needs of some of New York’s most vulnerable patients, many of them uninsured.
Situated in Washington Heights, the Rapid Medical Evaluation Center is an integral component of the Morgan Stanley Adult Emergency Department, offering an innovative model of emergency care for people presenting with non-critical conditions. The center provides a video conference with a medical professional within 15 minutes of a patient’s arrival to facilitate improved post-evaluation testing and treatment. This model allows patients to receive high-quality care and return home in a timely manner. Before the upgrades to the medical facility and the inauguration of the Rapid Medical Evaluation Center, patients could wait as long as nine hours before being examined. Now, the average time from intake to release is about 2.5 hours. Studies have demonstrated the value of shorter emergency room response times. Shorter waits lead to improved triage, faster diagnosis and treatment, better clinical outcomes, and increased patient satisfaction.
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Stephen Robert is a distinguished alumnus of Brown University, where he studied political science. He formerly served as chairman and CEO of Oppenheimer Group, Inc. Alongside his wife, Stephen K. Robert founded the Source of Hope Foundation, a nonprofit dedicated to helping populations in desperate need. Source of Hope is providing essential support and aid to the Bahamas.
Through its partnership with the Source of Hope Foundation, the humanitarian aid organization Mercy Corps was able to step up to support the Bahamas, an island country in the Atlantic Ocean that was the hardest hit by Hurricane Dorian in 2019. A significant part of the humanitarian effort focused on supplying medical equipment to treat injuries. The hurricane devastated the electrical distribution system throughout the country and contaminated the aquifers that had been supplying freshwater for drinking purposes. Besides providing access to clean water in some regions of the country, Mercy Corps distributed lanterns and other essential items. Hurricane Dorian, the strongest hurricane on record to hit the northwestern Bahamas, caused widespread devastation on Grand Bahama and the Great Abaco Islands and resulted in multiple deaths. It also impacted a significant portion of the US eastern seaboard, according to the National Hurricane Center. A former chairman and CEO of Oppenheimer Group Inc., Stephen Robert is a philanthropist who has been involved in numerous charitable activities throughout his career. Along with his wife he is the co-founder of the Source of Hope Foundation. Stephen K. Robert’s contributions have earned him recognition, such as the Henry Street Settlement Award in 2019.
The Henry Street Settlement is a nonprofit social service agency that offers career development and employment opportunities, among other services, to underserved and immigrant communities on the Lower East Side of Manhattan. In April 2023, a team of intern students from the agency's Building Automation Systems Training Program set out to conduct a thorough analysis of the efficiency of Henry Street Settlement buildings. The core purpose of the energy efficiency audit is to vet the electrical systems of each building for compliance with Local Law 97, a law that mandates all large buildings comply with certain energy efficiency standards and greenhouse gas limits in 2024, and is also poised to implement more exacting regulations in 2030. To that aim, the team of interns was examining the heating, ventilation, air conditioning, and lighting systems in each building for efficiency as of April 2023. For aspects of the lighting systems that could be improved, the team plans to formulate and implement more energy-efficient setups. Besides vetting the buildings for compliance, the project also serves as a career development opportunity. Through the audit process, the team is poised to build on their theoretical knowledge of building energy management systems (BEMS) to solve practical, real-life problems surrounding energy efficiency and indoor air quality management. This will help demonstrate each member's experience and proficiency to potential employers. Established by the Henry Street Settlement in partnership with Stacks+Joules, the Building Automation Systems Training Program serves to create a more skilled workforce in internal environment and climate management through free education. New Yorkers who are 18 and older can enroll in the program to develop building energy and air quality management skills for diverse career opportunities. As a trustee of the Source of Hope Foundation, Stephen Robert is committed to creating positive change in low-income areas. In 2015, he and his wife dedicated the Stephen Robert and Pilar Crespi Robert Rapid Medical Evaluation Center at Columbia Presbyterian Hospital, which has dramatically reduced patient wait times. Stephen K. Robert’s dedication to philanthropy is an inspiration to many, and he continues to contribute to the Source of Hope Foundation's efforts to support disadvantaged communities.
The Source of Hope Foundation has been providing humanitarian funding to underserved regions in Africa, with Ethiopia being one of its major beneficiaries. Through a partnership with Mercy Corps, Source of Hope injects funds directly into humanitarian projects in the southern Ethiopian provinces of Derashe and Konso. One such project involved the construction of an aquifer that used gravitational force to transport stream water from high hills to faucets located at the center of villages several miles from the water source. Before the development, women and children had to walk this distance to fetch water and carry it home, a task that could cause spinal distortion over time. With access to clean water, the villagers are no longer vulnerable to spinal injuries or water-borne illnesses. The faucets are durable and reliable, allowing children more time to attend school. Additionally, Mercy Corps and Source of Hope established two business schools in the villages. Women now have access to entrepreneurship training at these schools, providing them with opportunities to start their own businesses. Based in New York City, Stephen K. Robert is a graduate of Brown University, where he studied political science. He is the former chairman and CEO of Oppenheimer Group Inc, Securities. Stephen Robert is also a founder of the Source of Hope Foundation.
The Source of Hope Foundation is a philanthropic organization that assists vulnerable populations. The foundation completes projects in various countries, including Colombia, Jordan, Ethiopia, and Haiti, providing necessities such as food, shelter, education, and health care. The organization's activities in Haiti began after an earthquake in 2010. To assist victims of the catastrophe, the Source of Hope Foundation provided funding through a Haiti-based nongovernmental organization named Partners for Health. The grant from the Source of Hope Foundation funded immediate clinical responses and long-term support. The organization further donated to other healthcare projects in Haiti, including Mirebalais Hospital. On the hospital's campus, the Source of Hope Foundation opened the Stephen Robert and Pilar Crespi Robert Regional Reference Laboratory, an advanced clinical facility that treats health conditions such as cancer. Stephen K. Robert is a member of the Council on Foreign Relations and the Investment Committee of the Peter G. Peterson Foundation. For several years, Stephen Robert and his wife, Pilar Crespi have initiated and supported philanthropic causes through their jointly-founded organization, the Source of Hope Foundation. Since its inception, the foundation has expanded to various countries and supported numerous charitable efforts, including the Juan Felipe Gomez Escobar Foundation (JUANFE), a nonprofit organization in Cartagena de Indias, Colombia.
Created in 2001 by Catalina Escobar, JUANFE seeks to improve the physical and mental well-being of children under 2 and their mothers, specifically teenage mothers and those in the lower-income bracket. JUANFE caters to over 20,000 patients annually. The organization employs a holistic approach that includes economic empowerment through education and job training, healthcare services to tackle diseases and malnutrition among toddlers and their mothers, and workshops on reproductive health and sex education. Stephen K. Robert is the former chief executive officer and chairman of Oppenheimer Group, Inc., a securities company located in New York City. The founder and trustee of the Source of Hope Foundation, Stephen Robert helped fund the Stephen Robert and Pilar Crespi Robert Rapid Medical Evaluation Center, which has greatly reduced wait times for emergency room patients at Columbia Presbyterian Hospital.
Wait times for patients at hospitals throughout the United States are longer than most citizens might expect. Massachusetts ranks as one of the slowest states in the country, with most patients waiting an average of 189 minutes before speaking with a medical professional. Delaware medical facilities were even slower, according to researcher SysAid, which found local patients had to wait an average of 195 minutes in waiting rooms and emergency rooms. Maryland took the No. 1 spot as the slowest medical services provider in the nation, according to data derived from The Centers for Medicare and Medicaid Services. Patients in the state can expect to wait about 228 minutes for medical care, or nearly four hours. Every state ranked among the top 10 slowest service providers took at least two and a half hours to meet with patients. The top five was rounded out by Rhode Island, at 185 minutes, and New York State, at 184. Stephen Robert is a retired financial executive who led Oppenheimer Group, Inc., and has worked as an investment banker in numerous capacities. Fully involved in philanthropy, Stephen K. Robert co-founded the Source of Hope Foundation, which provides assistants to nonprofits worldwide, including the Juan Felipe Gomez Escobar Foundation (JUANFE) in Columbia.
The Juan Felipe Gomez Escobar Foundation has been supported by Source of Hope for eleven years. JUANFE was formed to meet the need for hundreds of young moms to receive education and employment training. This is the foundation's primary goal. JUANFE provides early medical treatment to children and mothers, which has resulted in lower infant mortality rates and the prevention of death due to hunger and sickness. Babies delivered with the program's assistance also receive follow-up care in their first few months of life. Catalina Escobar is the Colombian who founded JUANFE. Catalina Escobar's 16-month-old son died in a car accident in 2000. She had been working with young, low-income moms in her Colombian home, so she transformed her grief into a mission to assist the women in breaking free from the poverty cycle that ravages Cartagena City in Columbia. To accomplish this goal, she founded JUANFE. Stephen Robert, founder of the Source of Hope Foundation for international assistance and chancellor emeritus of Brown University, was honored by the school in 2019 with its dedication of Stephen Robert Hall. The space adds 25,000 square feet to the Watson Institute for International and Public Affairs. During his tenure as chancellor, Stephen Robert worked closely with university president Vartan Gregorian, who served from 1989 to 1997 and passed away at age 87 in April 2021.
Gregorian’s work as a scholar, humanitarian, and advocate for intellectual freedom was legendary, as was his leadership of Brown, the Carnegie Corporation of New York, and the New York Public Library. In his last convocation address in 1997, Gregorian emphasized the need to champion diversity, access, and equity in American colleges and universities. “Brown must be a microcosm of America,” he said, rather than an elite institution available only to those with financial means. His own experiences growing up as a disadvantaged immigrant to the United States from Armenia influenced this commitment to democratizing education through providing a robust liberal arts curriculum to students from all backgrounds. Gregorian rose to the pinnacles of scholarly achievement in history and the humanities and spoke seven languages. “A wise man and a great leader” is how Stephen Robert described Gregorian, who was also an eloquent advocate for international peace through his presidency of the Carnegie Corporation. Gregorian’s New York Times obituary called him “the savior of the New York Public Library,” based on his almost single-handed rebuilding of the library’s finances, prestige, and staff morale in the 1980s. A retired financial professional, Stephen Robert joined Oppenheimer & Co. in 1968, ultimately serving as the company’s chief executive officer and largest stockholder. Stephen Robert is also the founder of the Source of Hope Foundation and a strong supporter of his alma mater, Brown University, where a building was named for him in 2018.
A part of an expansion of the Watson Institute for International Studies, which involved the renovation of historical buildings and the construction of new buildings at the corner of Brook and Charlesfield streets, Stephen Robert ’62 Hall provides a welcoming study space for students. With bright white walls and ample natural light, the building offers the opportunity for collaborative study with its open spaces and comfortable seating. The building also houses a cafe where students can order fresh coffee, juice, and snacks. The modern design of the building creates a bold architectural statement, with 42 percent of its facade consisting of glass. At night, 25 lights suspended above the 400-square-foot outdoor agora make the building appear to glow. |
AuthorThe former owner, Chairman, and Chief Executive Officer of Oppenheimer & Co. Inc. Archives
March 2022
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