Doug Ducey was born and raised in Toledo, Ohio, but Arizona is Doug’s home. It’s where he met his college sweetheart – now wife of 23 years – Angela, and where they have raised their three sons Jack (17), Joe (15), and Sam (11).
Doug came to Arizona in 1982 to attend Arizona State University where he graduated with his Bachelor of Science in Finance in 1986. He worked his way through college at Hensley & Co., the local Anheuser-Busch distributorship. After a stint at Procter & Gamble, Doug helped launch Cold Stone Creamery on its path to success. When he and his business partner sold the company in 2007, Cold Stone had grown from a local scoop shop in Tempe to over 1,440 locations, and it now operates in 31 countries around the world.
Like many citizens, in 2008 and 2009 Doug was alarmed at the state of the economy and the massive spending and debt that government was incurring. Instead of sitting on the sidelines he decided to seek public office in an effort to make a positive difference. He won a competitive Republican primary and was elected on November 2, 2010. He took office January 3, 2011 as Arizona’s 32nd State Treasurer.
As Arizona’s Chief Banker and Investment Officer, Treasurer Ducey oversees more than $12 billion in state assets and serves as an investment manager for local governments. Within the first 60 days in office Doug initiated portfolio changes within the Permanent Land Endowment Trust Fund, of which K-12 education is the largest beneficiary. The Fund has since eclipsed the $4 billion threshold for the first time in state history, and the unrealized gains for the Endowment are also at an all-time high of more than $1.2 billion.
As Treasurer, Doug also commissioned and completed the first-ever asset allocation study for the Endowment Trust Fund. The analysis uncovered a critically flawed formula being used to distribute proceeds to Arizona’s public schools. Because the formula was added to the Arizona Constitution in 1998, any changes would need to be approved at the ballot box. Doug gained broad bipartisan support to ensure that Arizona voters were given the opportunity to choose more reliable and consistent earnings distributions to schools. Prop 118 passed the Legislature, was approved by voters, and will result in an additional $8.4 million distribution to Arizona’s public schools in fiscal year 2013.
In 2012 Doug also led the opposition to Prop 204, a permanent $1 billion-a-year tax increase that was put on the ballot by special interest groups. Doug pointed out that the ballot measure was a blank check with virtually no reform and no oversight envisioned. He orchestrated broad opposition to the initiative among business and civic organizations – including noted education reformer Craig Barrett and The Arizona Republic editorial board – because it was such poorly-conceived public policy. As a result, Prop 204 lost by a nearly two-to-one margin and the 2010 temporary tax increase that was promised to voters expired in 2013.
Doug has always been involved in the community and has served various roles with Thunderbird Charities, the Catholic Community Foundation, Teach for America, the Arizona State Charter School Board, the Pat Tillman Foundation, and Young Presidents Organization (YPO).
Honors include the 2002 Spirit of Enterprise Award on behalf of Cold Stone Creamery by the Center for the Advancement of Small Business at the W. P. Carey School of Business at Arizona State University, and induction into the W. P. Carey School of Business Hall of Fame in 2004. In 2006 he was named an Entrepreneurial Fellow for the Eller College of Management at the University of Arizona, and in 2009 he was named Father of the Year by the Father’s Day Council benefiting the American Diabetes Association. Most recently, in 2012 Doug was recognized with the Tom and Madena Stewart Lifetime Compassion Award from the Arizona chapter Make-A-Wish Foundation.