IMG’s Ted Forstmann Passes Away

NEW YORK: Ted Forstmann, the chairman and CEO of IMG Worldwide, has passed away at the age of 71 after losing his battle against brain cancer.

Forstmann had been the chairman and CEO of IMG since acquiring the company in 2004. Prior to IMG, Forstmann established himself as a private equity pioneer, having founded the firm Forstmann Little & Co, which made 31 acquisitions and investments, returning more than $15 billion to its investors. Among his noteworthy investments was Dr. Pepper, which Forstmann Little took private in 1984.

In a statement about Forstmann’s passing, IMG highlights: "While known for his entrepreneurial spirit and business acumen, Mr. Forstmann was also a philanthropist in every sense of the word. He was most passionate about children’s causes, but rarely missed an opportunity to dedicate his time or make a financial contribution to other charitable organizations or goodwill groups."