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On March 8—after 37 years as the voice of the consumer—J.D. “Dave” Power
III ’53 sold his company, J.D. Power and Associates,
to McGraw-Hill Cos. With the sale finalized in April, Power
stepped down as company chairman and now holds the title
of “founder.” He is staying on for a period of
time to work on strategy and the integration of his company
into McGraw-Hill.
Power says the sale of the company he founded, nurtured
and grew into a consumer research powerhouse is “bittersweet.”
“The biggest realization is that I’m getting
older. That’s one thing you can’t slow down.
There’s a time for everything.”
J.D. Power and Associates is often the first place consumers
consult when buying a car, boat, television, digital camera
and other products. The firm also rates hotels, hospitals,
insurance companies, restaurants, home builders and more.
A top ranking from J.D. Power and Associates serves as a
mark of prestige for a company and can have a profound impact
on sales.
Power started the company in 1968 after working for the
Ford Motor Company, Marplan, J.I. Case Company, and McCulloch
Corporation. J.D. Power and Associates has built a reputation
for trust and quality both with consumers and corporations.
Power’s business philosophy revolves around “integrity,
independence and impact.”
“We try to maintain our integrity by telling it like
it is,” Power says. “We remain independent by
doing our own research. And we can have greater impact by
remaining independent.”
A Worcester native, Power says he had no choice as to where
he would go to college. One could say Holy Cross was in his
blood. His father, James Jr., was a 1920 graduate; an uncle
graduated in 1916 and, another, in 1923. Power’s brother,
John, received his degree from the College in 1969—and
his daughter Susan is a 1993 graduate.
While a student at Holy Cross, Power developed guiding principles
that have shaped his life.
“I think the Jesuit education had the greatest impact
on me,” Power says. “It has influenced my personal
philosophy. I respect the inquisitiveness that the Jesuit
education gave me to dig down for basic truths and to learn
how to ask the right questions. That has served me well in
the business world.”
Q&A:
What was the first car you bought, and how would it
have rated with J.D. Power and Associates?
I bought a used car when I got out of the Coast Guard. It
was a 1952 Chevy coupe. It served me well all through graduate
school. But later on I was driving to Detroit, and the insulation
on a rubber mat caught fire because of oil dripping on it.
So I had to stop the car and throw the mat out onto the road.
Who was your greatest inspiration in life?
My father and mother. My dad was always for the underdog
and the less fortunate.
What is your favorite book?
I just read Moneyball: The Art of Winning An Unfair
Game, by Michael Lewis—since I’ve followed
the Red Sox for so long. On the wall of my office I have
a picture of Ted Williams taking his first at-bat. It was
April 14, 1939, and it was at Holy Cross. I was 8 years
old and at that game. My uncle was editor of the Worcester
Evening Gazette, and he took us to the game.
Statistics:
- Born: May 30, 1931, in Worcester, Mass.
- Residence: Westlake
Village, Calif.
- Family: Wife, Joan; his first wife, Julie,
died in 2002. Father of four children—James IV, Mary,
Jonathan and Susan ’93. Seven grandchildren. Brother
of John ’69
and Ann—another brother, Richard, is deceased.
- Job
Title: Founder, J.D. Power and Associates
- Education: Holy
Cross, 1953, bachelor of arts degree in English; University
of Pennsylvania, Wharton School of Finance, 1959, M.B.A.
- Most
Influential Holy Cross Professor: Rev. Patrick J. Cummings,
S.J., English and Latin
- Residence Hall: “None. Lived
at home and commuted to school. Such students were called “day-hops” in
those days. Had a locker in the ‘day room,’ which
was previously a gym. Played cards there with other students.”
- Activities
at Holy Cross: Intramural sports
- Michael Reardon |
