Four years ago, Monitor released its inaugural list of industry icons and honored Richard Doherty as its first Veteran Icon. Today, the industry mourns the untimely loss of Doherty, who passed away on Aug. 28, 2024.
“If asked to describe Rich Doherty in one word, my answer would be: leader,” Thomas Vasilakos, senior managing director of Wingspire Equipment Finance, says. “In today’s world, which often simplistically equates academic pedigree with acumen and captaincy, Rich had a rare competency built not only on wide knowledge, but on deep perspective. He earned each of his business stripes as he rose from a successful field sales officer all the way to the presidency of, what became under his leadership, one of the largest leasing companies in the industry. Rich knew his stuff from the bottom to the top.”
Doherty graced the equipment finance industry with 43 years of dedication, knowledge and fellowship. He began his career with PNC Bank in 1976, attending the bank’s training program. His industry tenure also included CIT Group and Bank of America in key leadership positions, though he would ultimately return to PNC for over a decade before his retirement.
“Rich was an exceptional leader and icon in the equipment finance and leasing industry for many years,” Douglas E. Shaffer, executive vice president and vice chairman of PNC, says. “Rich was unique as he was able to bring his diverse experience, deep industry knowledge, business acumen, team-oriented culture, relationship-focused values and attention to risk management to drive a winning combination.”
This, Shaffer highlights, was reflective in Doherty’s tenure as president of PNC Equipment Finance. In this role, he implemented a new vision for PNC by identifying existing core competencies and leveraging them across new teams to gain efficiencies. This transformed the company into a client-focused organization. He demonstrated both open-mindedness and transparency through his efforts, which established him as a trusted and reliable leader. Ultimately, this was the foundation for the company’s growth from $7 billion to $16 billion in earning assets, garnering new clients and elevating customer satisfaction along the way.
His dedication to the equipment finance industry did not stop with the banks. He was a board member for the Equipment Leasing & Finance Foundation for four years, from 2013 to 2017. Even his retirement couldn’t keep him from the industry. He most recently served as president of High Street Capital Advisors, where he brought his expertise in building and expanding businesses in both new and
existing markets, and was a highly valued advisor to executives, from CEOs and CFOs to senior risk officers.
A PASSION FOR PEOPLE
Doherty also committed his time and knowledge to serving as a mentor for STRIPES Leadership Program. “A keen assessor of talent, Rich was a natural coach and a teambuilder,” Vasilakos says. “From coaching his children’s Little League teams to mentoring aspiring industry executives, those seeking guidance gravitated to him and he to them. Putting the right people in the right spots and mentoring them to be their best were his superpowers.”
Vasilakos, who worked closely with Doherty for many years, shares a personal perspective. “Rich was honest; some might say brutally, but I say refreshingly so. He may have ruffled some feathers, but those who were close to him appreciated his candor and his ability to ‘cut to the chase,’” Vasilakos says. “Rich called it like he saw it, but this was not the whole of his personality. He had a sense of humor which sprang from his Irish DNA, and he loved a good laugh. Rich had a never-ending supply of jokes and, just as he inspired his colleagues to excel in business, he also created something of an ongoing joke competition. Everyone brought their best to Rich.”
For those who know Doherty, his deep dedication to people is no surprise. In his profile for Monitor’s inaugural Icons issue, Doherty’s passion for people shone through. “It all begins and ends with your people,” he said. “It’s not how low your cost of funds is, or how big or small you are. If you have the right people, and then you develop a vision that you really believe in which you can execute, that’s a
solid foundation.”
Another hallmark of Doherty’s passions revolved around sports. Not only was he a massive fan of multiple sports — particularly of Philadelphia teams, despite being a New Jersey resident — he also fostered a deep love for playing golf. He could always be found on the course with his family and friends, including his industry peers.
“For Rich, competition didn’t end at business and humor — like a good Irishman, Rich also loved to golf, and his love of the game was contagious,” Vasilakos says. “With his skill as a coach and keen sense of competition and fun, he passed his enthusiasm for the sport on to his wife and kids and spent many a happy hour with them on the links.”
Back in high school, Doherty was a valued member of William Penn Charter School’s football team, and he continued to play football through college. After graduation, as he started his own family, Doherty dedicated time to coaching local basketball teams and frequenting his children’s sports games.
His love for sports and people merged, highlighted by the analogy, drawing a comparison between building strong teams and playing sports, that he shared in his Monitor icon profile: “Some years, you’re going to have injuries, and you’re not going to be able to make it [to] the Super Bowl. Other years, you’re going to get lucky breaks, so you’re going to get there, but that foundation of having a solid strategy, focused execution and constantly hiring and training the right people is a winning formula.”
From his family and friends, to peers, colleagues and mentees, Doherty left a profound mark on the people he encountered.
“I knew Rich for many decades,” Lisa Rafter, publisher of Monitor, says. “He was the kindest, most compassionate person I’ve met in the industry. His love for people and our industry was palpable in every conversation. Perhaps most evident, from every conversation I had with Rich, was his love of his family. He was an adoring husband and father. He will be very missed by anyone who knew and
loved him.”
According to his obituary, Doherty was predeceased by his parents, Richard and Theresa, and survived by his wife, Kiera; their four children, Drew, Annie, Jack and Patrick; one daughter-in-law, Elizabeth; two siblings, Pat and Jeff; a brother- and sister-in-law, Mike and Dee; one grandson, Miles; and many nieces and nephews.
“Rich was deeply devoted to his family, his friends and his faith — always having the time to spend with anyone and listen to their stories,” Shaffer says. “He will be missed by many, but his legacy will carry on by those he touched.”
“Rich embodied a rare combination of charm and competence that garnered respect and admiration throughout the industry, and his devotion to family was reflected in the love of his beloved wife and his children,” Vasilakos says. “He will be sorely missed by all, and I raise a virtual Guinness — his drink of choice — to his life and legacy.” •
