From the Valley to the Alps
Coneway Ascends to Ambassador
by Rob Meyer
Delivering the McCombs 2005 Undergraduate Commencement
address, Peter Coneway spoke passionately to the
graduates about holding true to their values and the
values taught at The University of Texas at Austin as
they embarked on a life in business. “I’ve seen the pressures of business change the smartest people,” Coneway said back in 2005. “I have seen ambition turn into greed and confidence turn into arrogance.”
By all accounts, Coneway heeded his own advice during a 37-year career at Goldman Sachs and a lifetime committed to advancing health care, education and the arts. And it didn’t go unnoticed. Coneway’s dedication to his profession and his community was rewarded when he was chosen to be U.S. Ambassador to Switzerland and Liechtenstein.
“I am honored and privileged to serve the president and our country with so many dedicated and talented people,” says Coneway, BBA ’66 and a member of the McCombs School Hall of Fame. “I take this responsibility seriously, particularly in a time such as this when there is so much at stake in the global arena.”
Coneway, who raised two children in Texas with his wife Lynn, took up his post in the Swiss capital of Bern in October after his nomination was approved by the U.S. Senate.
“Bern is a lovely city, relatively small but large in its importance,” Coneway says. “It is a clean, friendly and beautiful community. On a clear day, you feel as though you can reach out and touch the Alps.”
His journey to becoming “Ambassador Coneway” began in 1969 when Coneway joined Goldman Sachs after earning his MBA from Stanford University. He founded the firm’s Houston office in 1975 and was named a general partner in 1978. From 1987 to 1988, he established its equities sales, trading and research division in Tokyo before returning to the Houston office.
Coneway is quick to credit Goldman Sachs with much of his success. “Goldman Sachs was an incredibly important part of my life for 37 years,” he says. “Its culture of teamwork, putting the client first, integrity, and hard work served me well in every facet of life. In fact, my client relationships actually led to my interest in community service and support of those institutions that I admire and love.”
Through the years, Coneway has volunteered his leadership to the University of Texas System as a member of the Board of Regents; the M.D. Anderson Cancer Center as chairman of the Board of Visitors; Stanford University as chairman of the Stanford Business School Trust; Houston’s Museum of Fine Arts as chairman of the Investment Committee; and the Texas Heart Institute as a member of the Executive Committee.
Coneway also has dedicated significant time to The University of Texas at Austin, serving on the Commission of 125 and on the McCombs School Advisory Council. He received the Outstanding Young Texas Ex Award in 1983 and was named a Distinguished Alumnus of the university in 2003.
“Pete never offers to fill a position unless he’s committed to doing an outstanding job,” says Charles Tate, BBA ’68 and fellow member of the McCombs School Hall of Fame. Tate, chairman of Capital Royalty in Houston, has known Coneway since 1963 when Coneway was his fraternity brother and mentor.
Political activism and community service are not new to Coneway, says Tate. As a senior at Harlingen High, Coneway came to Austin for Boys State, his first encounter with the university. His peers elected him governor—an early indication of his leadership abilities and aspirations. After graduating with a degree in finance, Coneway spent a year at the University of Hong Kong as a Rotary Foundation Scholar.
“He brings to the ambassadorship the experience of a businessman with the insights of the political process,” says Tate, noting that Switzerland is an important financial center and business partner with the U.S. “He has superb interpersonal skills. He will represent us well.”
Like Tate, Patrick Oxford, BBA ’66, has known Coneway since their undergraduate days at UT Austin. “More than anyone I’ve ever known, Pete is a man of his word,” says Oxford, a former UT Regent and managing partner at Bracewell & Giuliani in Houston. “If Pete tells you he is going to do something, you can absolutely ‘book it.’ He has a tremendous amount of experience in international finance and can see the big picture,” Oxford adds. “He has a great deal of personal charm, and he can articulate thoughts clearly.”
Since moving to Europe, Coneway says he has been going nonstop. A typical day begins with a 6:00 a.m. workout at his residence before leaving for the embassy. Once there, he reviews overnight communications from Washington, takes part in economic, political and press briefings and has an executive session with the Deputy Chief of Mission Carol Urban.
Then there is work involving any number of the 130-person embassy staff from public affairs, consular services, defense attaché, homeland security, drug enforcement, security, and the standing financial, facilities, general services, information resources and human resources departments.
“Life as a U. S. Ambassador has been action-packed,” he says. “The highlight so far was an all-day working session with the Swiss on policy matters chaired by Assistant U.S. Secretary of State Daniel Fried, where we covered economic and trade development issues, concerns over international terrorism including financing and proliferation of WMD and how best to promote democracy and economic development in Central and South Asia.
“I have also presented my credentials to the Swiss president, met with my Canadian, Japanese and South Korean counterparts on the morning of North Korea’s nuclear test announcement, and had many detailed meetings and briefings from my senior staff.”
Coneway says his outlook on the job mirrors what U.S. Secretary of State Condoleezza Rice describes as “transformational diplomacy,” relationships based on partnership rather than paternalism.
“I believe that an understanding and empathy of other cultures, religions and governments is at the core of successful diplomacy,” he says.
While he is concentrating on his responsibilities as ambassador, Coneway is keeping up on happenings in Texas.
“I am staying informed on developments at the McCombs School of Business and other institutions where I have been closely involved while I am out of the country,” says Coneway, adding that he did get to watch the Texas football team beat Oklahoma in October. “Before I left the U.S., I made sure to research satellite television options for watching the Longhorns from Europe.”
