By Mary Katherine Stump Delray Beach — James W. Davant, retired CEO
of PaineWebber Group, died in Delray Beach on April 17 at the age
of 93. Mr. Davant led PaineWebber, now a part of UBS Financial
Services, from 1964 to 1980. Mr. Davant was a former resident of
New York City and Locust Valley, Long Island. He was born in
McComb, Miss., was raised in Memphis, Tenn., and attended both the
University of Mississippi and the the University of Virginia. He
served as a naval aviator stateside and in the South Pacific during
World War II, holding the rank of lieutenant commander when he was
discharged in 1945. After the war he settled in Minneapolis, Minn.,
the hometown of his wife, the former Mary Westlake. Her death in
2006 made the last two years especially hard for Mr. Davant,
according to his daughter Diane. “She was the love of his life,”
she said. In Minneapolis, he took a $150-a month trainee position
at Paine, Webber, Jackson and Curtis, and within 20 years was CEO.
During his tenure, Mr. Davant brought PaineWebber’s central offices
to New York, overseeing the company’s national and international
expansion. Mr. Davant also served as the director of the New York
Stock Exchange in 1972. “He was very cool under pressure, and
provided the kind of leadership the company needed at exactly the
right time,” said Donald Marron, Mr. Davant’s successor at
PaineWebber and the current CEO of Lightyear Capital. “He was also
an ardent golfer; that’s why he loved being in Florida.” Mr. Davant
was a member of Gulfstream Golf Club, St. Andrews Country Club, The
Little Club, and the Bath and Tennis Club. He is survived by his
three children: Diane Davant of Glen Head, N.Y., Jack Davant of
Bozeman, Mont., and Patricia Donaldson of Agoura Hills, Calif., as
well as five grandchildren and four great grandchildren. Cremation
has taken place. A memorial service is planned for Minneapolis this
summer. In lieu of flowers, donations may be sent to the Bethesda
Hospital Foundation of Boynton Beach.
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