Mr. Banks received his B.A. (international relations) from Brown University in 1962. Upon graduation he was commissioned an Ensign in the United States Navy, where he served two years on active duty and five additional years in the Naval Reserve, advancing to Lieutenant (USNR). Mr. Banks joined the Peebles Supply Division of Ferguson Enterprises in 1967, advancing quickly through appointments as General Manager of Ferguson's Herndon location and to Regional Manager for the Southeast region. In 1987, he moved to the corporate office as Senior Executive Vice President and in 1989 was promoted to President and Chief Executive of Ferguson Enterprises Inc. In 1992 Mr. Banks was appointed to the Board of Wolseley PLC (the parent company of Ferguson) and in 2001 was appointed Group Chief Executive. Mr. Banks retired in July 2006. He retired December 31, 2010, as a partner in Clayton, Dubilier & Rice, and, after nine years, retired as a Non-Executive Director of Bunzl PLC. Mr. Banks is currently a director of TowneBank/Peninsula. He holds an honorary degree from Christopher Newport University. In 1989, Mr. Banks was elected to the William & Mary Business School Foundation Board of Directors and from 1992 until 2001 served as chairman. In 2005 the Alumni Association elected Mr. Banks an Honorary Alumnus and in 2006 he was awarded the T.C. and Elizabeth Clarke Medallion by the Business School. Mr. Banks was appointed to the Board of Visitors in 2006. Mr. Banks is a past Chair of the Committee on Athletics and of the Committee on Financial Affairs. Currently, he serves as Vice Rector of the College and Vice Chair of the Executive Committee.