Early Life
Randolph David Lerner was born on February 21, 1962, in Brooklyn, New York, into a Jewish family. He graduated from Columbia University in 1984, where he also studied at Clare College, Cambridge, in 1983. He later earned a law degree from Columbia Law School.
Rise to Success
Lerner's career began as an investment analyst at the Progressive Corporation. In 1991, his father, Alfred Lerner, started an independent investment firm, Securities Advisors, Inc. (SAI), with Progressive capital. In 1993, Randolph became a director at MBNA Corporation. Upon his father's death in 2002, Randolph Lerner became the chairman of MBNA Corporation, which was later acquired by Bank of America in 2006 for $35 billion.
Key Business Strategies
Lerner's key business strategies include his investment in MBNA Corporation, which was a major source of his family's wealth. He also made key business decisions in the sports industry when he owned the Cleveland Browns and Aston Villa F.C. In 2006, Lerner became the owner of Aston Villa F.C. of the Premier League and in 2016, Lerner sold the club.
Philanthropy
Lerner has been involved in philanthropy, supporting the UK's National Portrait Gallery. In 2008, he donated £5 million to the gallery. He is also a major benefactor to Clare College, Cambridge, where a space has been named "Lerner Court" in his honor.