MountainWest Capital Network honored Spencer F. Eccles as 2025 Entrepreneur of the Year for his contributions to Utah’s business, philanthropy, and innovation.
On February 13, 2025, MountainWest Capital Network (MWCN) held its annual Entrepreneur of the Year Award luncheon at Hyatt Regency Salt Lake City to honor Spencer Fox Eccles, former Chairman and CEO of First Security Corp and current Chairman and CEO of the George S. and Dolores Doré Eccles Foundation.
MWCN's Entrepreneur of the Year award is given on the criteria of sustained success, encouraging entrepreneurship in others, and giving back to the community.
Known for its impact on business, philanthropy, and community development, the influence of the Eccles family stretches across the state, benefiting generations of Utahns.
Born in Ogden, Utah, Spencer F. Eccles grew up skiing at Snowbasin, a hobby that would later become one of his key passions. A high school athlete at Ogden High, Eccles competed in baseball and skiing before attending the University of Utah, where he earned a degree in finance and was a member of the ski team. He also got the chance to represent the United States on the national ski team. Eccles later earned a master’s degree in finance from Columbia University, where he wrote a thesis on his uncle Mariner Eccles, former chair of the U.S. Federal Reserve.
Eccles’ professional legacy began in 1982 when he became the chairman and CEO of First Security Corporation. He was able to guide the company through decades of prosperity. Under his leadership, the bank expanded from $4 billion to $23 billion, while still supporting Utah’s small towns. Eccles led First Security Corporation until its merger with Wells Fargo in 2000.
Eccles has been able to help families pursue their dreams, businesses succeed, and communities thrive. As Robert Hatch, former First Security Bank CEO and Utah Bankers Association, stated, “I’ve seen firsthand how Spence has positively impacted the lives of so many people through his keen business sense and big heart.”
In addition to his business success, Spencer F. Eccles became the chairman and CEO of the George S. and Dolores Dore Eccles Foundation, one of Utah’s largest charitable organizations. Through this and other family foundations, Eccles has supported many initiatives, including the David Eccles School of Business, the Spencer Fox Eccles School of Medicine, and financial literacy programs through Junior Achievement.
Spencer Eccles was also a main figure in the 2002 Winter Olympics, allowing the state to be on the international stage and leaving a lasting legacy for future generations of athletes.
Despite his many achievements, Eccles is known for his humility and integrity. Lee Benson, a longtime friend and Deseret News Sportswriter and Columnist, summed up Eccles’ character, saying, “His integrity, his loyalty, his great sense of humor... he has a childlike awe of the beauty of the world. He is as genuine a person as I have ever talked to.”
A pioneer in Utah's banking industry, Eccles led First Security Corporation as Chairman and CEO until its historic merger with Wells Fargo in 2000. His impact extends far beyond banking through his philanthropic leadership of five Eccles family foundations, championing initiatives in education, health and wellness, the arts, community development, and preservation of Utah's landscapes and historical places. His transformative support of higher education, particularly the University of Utah, and commitment to youth sports and the Olympic movement have earned him prestigious recognition including the IOC's Pierre de Coubertin award.
His grandfather, David F. Eccles arrived on a ship named Cynosure from Scotland in 1863. The family is embedded in Utah’s network of business, medicine, social work and art. Its philanthropy has been a major force for good within the state.
Each year, MWCN highlights Utah business leaders who have taken risks and have built successful companies, giving back to the state, employing hundreds of thousands of Utahns, and providing a safe and prosperous environment for families to grow and thrive. The MWCN event highlights trail-blazers in the industry and recognizes leaders for Utah’s growing hub of innovation, courage and philanthropy.
Law firm Parsons Behle & Latimer sponsored the event along with 40 other businesses including JPMorgan Chase & Co., Morgan Stanley and Bank of America.
Keynote speakers included the Governor Spencer J. Cox, University of Utah President Taylor Randall, and Cynosure Group co-founder Spencer P. Eccles, the son of Spencer F Eccles.
Governor Cox highlighted the Eccles family’s deep ties to Utah, specifically mentioning the late Cleone Peterson Eccles, wife of Spencer F. Eccles for 50 years, who hailed from his own hometown of Fairview, Utah.
The governor noted that he frequently interacts with governors across the country, many of whom boast about their states’ economic accomplishments.
"Utah is often at the very top of those economic rankings," Governor Cox said. "And I am asked about what makes our state different. Inevitably, I find myself talking about our people—not the government, not elected officials. I quickly realize that the difference between Utah and other states is that they don’t have a Spencer F. Eccles, or people like him, who are constantly giving back to make life better for our citizens."
Spencer F. Eccles viewed banking as a noble profession that fuels entrepreneurship and strengthens the economy by helping businesses and individuals thrive. His optimistic, forward-thinking spirit was a recurring theme throughout the event.
“We need to make sure that... ‘the best really is yet to come,’” echoed Spencer P. Eccles, referencing his father’s favorite phrase—one that has served as a guiding light for both their family and the broader community.
University of Utah President Taylor Randall shared a personal story about when he was asked to become dean of the David Eccles School of Business in 2009.
“At the time, I had only one managerial experience,” Randall recalled. “I had managed my brother on our paper route. We made more money selling the bike than we ever did delivering papers. But that was the kind of risk Spencer took on me.”
President Randall also spoke about Eccles’ ability to inspire others taking a quote from a famous philosopher, “The way you see people is the way you treat them. The way you treat them is what they become. I experienced this with Spencer Fox Eccles. He is a builder of individuals. He is a builder of leaders.” Randall recorginzed Eccles's contribution and credited many of the David Eccles Business School’s successes to him, from the founding of the national advisory board to the endowment that allows the school to invest in great faculty. “Every good thing had Spence’s thumbprint on it,” Randall said.
Spencer P. Eccles of the The Cynosure Group and Eccles’ son, shared his admiration for his father’s support, recalling how he never missed a tennis match or a ski race. “Business is in his DNA. He always gives 110%,” he said, highlighting his father’s drive and commitment to both family and professional life.
"Our mission is to help good people do good things," he continued. "Dad, thank you for reinforcing that idea. Of all the great things you’ve done for the community, we remember the lessons we learned from you—at Christmas, at family dinners, at Thanksgiving, through the good times and the hard times.”
To close the ceremony, Spencer F. Eccles reflected on his journey, he stated “It warms this old Ogden boy’s heart to see all the people who have been with me on this remarkable journey in business and in life. But I have to say, I would not be where I am today without my incredible family.”
From his beginnings in Ogden to his career in business, his role in the community, and his passion for his family, Spencer F. Eccles has left a mark on the state of Utah. In typical Eccles fashion, laced with optimism, his final remarks were the same that he closes each speech with: “The best is still yet to come.”
As Spencer F. Eccles received the Entrepreneur of the Year Award, the room erupted in applause, with attendees giving him a standing ovation.
To see past MWCN Entrepreneur of the Year awardees, click here.
