John J. Phelan Jr.

John J. Phelan Jr., chairman of Catholic Charities Board of Trustees and former chair of the New York Stock Exchange (NYSE), died Aug. 4 in New York. He was 81.

Phelan led the Exchange through the October 1987 stock crash and was lauded for his cool leadership during that crisis. He kept the Exchange open on what became known as Black Monday, Oct. 19, 1987, despite fears of a panic when the Dow Jones Industrial Average lost 508 points.

In the days following the crash he became the public face of the Exchange, seeking to calm fears and assure the nation of the market’s essential solidity.

Phelan, who is also credited with modernizing the Exchange through the introduction of computer technology, led the NYSE from 1984 until his retirement in 1990. He had been a long-time specialist on the stock exchange floor before rising to the chairmanship.

Phelan joined the Catholic Charities board in 1985 and was appointed chair in 2002. He provided leadership that expanded the breadth of services Catholic Charities offers and the number of people it serves. Under his guidance Catholic Charities developed many signature events, including the Catholic Charities Gala, the Wall Street Breakfast and the Cardinal’s Christmas Luncheon.

“Mr. Phelan brought insight, integrity and compassion to his role as chairman of the Board of Trustees of Catholic Charities,” said Msgr. Kevin Sullivan, executive director of Catholic Charities. “His commitment of time and energy was genuinely appreciated by his fellow trustees and those of us who worked at Catholic Charities. 

“He understood well the complementary roles of governance and management in an effective nonprofit organization.  Catholic Charities’ strength today and its growth over the past decade are directly attributable to John Phelan’s leadership.  New Yorkers of all religions who are in need owe a tremendous debt to his efforts.”

Phelan had a long record of public service including serving as chairman of President Reagan’s Private Sector Initiative Board and working with both China and Russia to help them establish their capital markets. A graduate of Adelphi University, he became a leading advocate for the school serving as chairman of the board of trustees from 1981 to 1986 and acting as a friend and adviser to the university in the following years. He served on the boards of top corporations including Merrill Lynch, MetLife, Eastman Kodak, Sonat and Avon Products.

He was a staff sergeant in the U.S. Marine Corps and saw combat duty during the Korean War.

He is survived by his wife, Joyce; sons, John, David and Peter; and six grandchildren.

A Funeral Mass was to be offered Aug. 8 at St. Patrick’s Cathedral. Burial was in Holy Rood Cemetery in Westbury.