The Story of Joe Moglia: From Defensive Coordinator to CEO to Head Coach

From 1981 to 1983, Joe Moglia was Dartmouth’s defensive coordinator, coaching the defense as Dartmouth earned two Ivy Championships. But by season’s end, Moglia abandoned football for the financial sector in order to support his family, and now, 30 years later, Moglia returned to the sidelines, achieving his lifelong dream of coaching a college football team.

Moglia’s story came to national prominence when Sports Illustrated’s Monte Burke featured Moglia when his Coastal Carolina Chanticleers prepared to take on the 11^th ranked FBS-program South Carolina Gamecocks.

Coastal Carolina was a trendy upset pick against the rising SEC power only to be demolished 70-10 by South Carolina. Despite the lopsided defeat, Moglia’s legacy and inspirational story remain untarnished. Few would have expected a person of Moglia’s background to live the life he has enjoyed.

The oldest of five children, Moglia grew up in New York City where his father operated a small fruit stand and his family lived in a small, two-bedroom apartment. By the time Moglia graduated high school, he knew he wanted to become a head football coach.

Equipped with a bachelors in economics from Fordham and a masters in secondary education from the University of Delaware, Moglia worked his way through the assistant coaching ranks, making stops at NYC’s Fordham Prep, Delaware’s Archmere Academy and Pennsylvania’s Penncrest High School.

He moved on to his first defensive coordinating position at Pennsylvania’s Lafayette College before directing Dartmouth’s defense under head coach Joe Yukica, who coached Dartmouth from 1978 to 1986.

Moglia’s defense was considered one of the best in the nation, helping Dartmouth to consecutive Ivy Championships in 1981 and 1982.

Despite his professional success, Moglia’s personal life was starting to crumble as his wife, who he had married at 19, divorced him. Moglia was forced to live in the unheated storage room at the top of the Davis Varsity House as he couldn’t afford a separate apartment on his $33,000 salary.

In 1983, Moglia’s final year of coaching, Dartmouth tied for third in the Ivy, going 4-5-1 (4-2-1 Ivy).

During the offseason, Moglia was offered a defensive assistant position at the University of Miami who was coming off its first national championship title in school history after winning the Orange Bowl under head coach Howard Schnellenberger.

Schnellenberger then left Miami for the ill-fated United States Football League and was replaced by Jimmy Johnson. Johnson would go on lead Miami to a second national championship before moving on to the NFL’s Dallas Cowboys where he won two Super Bowls. The core players Johnson built around at both Miami and Dallas would combine for another three national titles without Johnson.

Moglia turned down the Miami job in order to make the jump to the financial world so that he could provide the financial resources to raise his four children. At 34 years old, Moglia entered the financial sector, enrolling in a financial training class at Merrill Lynch that included 24 MBA graduates and one former defensive coordinator.

In his 17 years at Merrill Lynch, he climbed the ladder until he was a member of the executive committees for both institutional business and private client business. He was responsible for all investment products, the insurance company, 401(k)s and the middle-market.

Moglia, who was quickly making a habit of taking risks, abandoned his lucrative position at Merrill Lynch to become the CEO of TD Ameritrade in 2001, an online broker that had barely survived the dot-com bubble bust. It was a move many considered crazy but Moglia couldn’t climb any higher up the ladder at Morgan Lynch.

During his seven-year tenure as CEO, TD Ameritrade’s assets grew from $24 billion to over $300 billion and its market capitalization increased from $700 million to $12 billion, all the while recording five consecutive years of record earnings. Capitalizing on merger and acquisition opportunities, he led TD Ameritrade in two of the largest acquisitions: Datek Online Holdings in September 2002 and TD Waterhouse in January 2006.

“If we were a football team, it would be like we won two championships,” Moglia said according to a 2010 article published by Joe Wertheim. “And it wasn’t like we were doing it as USC or Nebraska. It was like we were Wake Forest.”

Thanks to Moglia’s leadership, TD Ameritrade sidestepped the 2008 Financial Crisis when he refused to deal in subprime mortgages despite intense pressure from investors. While E-Trade lost $1.3 billion and Merrill Lynch, Moglia’s former employer, lost $28 billion, TD Ameritrade recorded an $800 million profit.

Just as he was at the top of the financial world, in March 2008, Moglia announced he would step down to pursue other interests, officially vacating the CEO position in September 2008. He still stayed with the company as chairman.

One of Moglia’s claims to fame was the he was one of a few people who published books on football and finance. He wrote The Key to Winning Football: The Perimeter Offense (1981) and Coach Yourself to Financial Success: Winning the Investment Game (2005).

Originally intending to take an extended vacation, Moglia politely refused numerous job opportunities. But when a friend who was a Yale alumnus called to inform Moglia that the Yale head coaching position was open, Moglia was intrigued.

He took a couple months to decide whether he wanted to coach or not, but he eventually decided yes, much to the chagrin of most of his work associates and part of his family. Moglia knew he wasn’t going to be offered a position at a major FBS school, but he believed he was good enough for teams in conferences like the Ivy or the Patriot.

He started shopping his resume around to different college programs, but few were interested because of his 25-year hiatus. He made regular calls to Athletic Directors (ADs) as well as Yale, but Yale never returned the call and decided to hire Tom Williams (Williams has since resigned after a season that featured a scandal regarding a Rhodes Scholarship application).

Terry Holland, then the athletic director at East Carolina, said Moglia’s candidacy raise more questions than it answered, and the only thing working against his resume, which demonstrated all the skills necessary, was the lack of recent experience.

ADs are naturally risk-averse because they need to select coaches that can win games or risk losing their jobs. Moglia’s lack of experience meant few would consider biting.

Kevin White, the AD of Duke University, met with Moglia in early 2009 but decided not to hire him.

“He would be a non-traditional hire,” White explained. “A university would have to see him as a risk that makes sense to take.”

Perception was working against Moglia, who was perceived as a rich person looking for a Saturday hobby.

Eventually, the University of Nebraska allowed Moglia to work as an unpaid voluntary assistant coach and mentor for two years. He broke down game film, attended practices and coaches meetings, wrote copious notes and religiously studied the Cornhuskers’ playbook.

Moglia estimated that he worked 70 hours per week for free, a massive departure from his salary at TD Ameritrade which averaged $14 million annually, topping out at $21 million in 2008.

Eventually, Moglia was hired to his first head-coaching gig, but it was for the Omaha Nighthawks of the now-defunct United Football League. He coached the Nighthawks to a 1-5 record, losing games to Marty Schottenheimer and Jim Fassel, but beating Dennis Green.

Then the UFL folded and Moglia was on the job search again, giving college football one more try. Fordham and Florida Atlantic expressed interest but they hired different candidates.

In 4^th & Goal, a biography of Moglia written by Monte Burke, Moglia admitted, “as much as I wanted to spend the rest of my life coaching, I did not want to spend the rest of my life looking for a job.”

And then Coastal Carolina of the FCS Big South Conference called.

David Bennett, the school’s first head coach, had been surprisingly fired despite Coastal Carolina’s 7-4 record and 3-3 conference record. Bennett had become more recognized for a viral video than as a serious head coach, leading to his termination.

David DeCenzo, Coastal Carolina’s university president, hired Moglia to be the school’s second head football coach in the school history, with a five-year contract that paid him $175,000 annually.

An agent for former Coastal Carolina players now in the NFL called the hiring “an insult to the entire coaching profession.”

DeCenzo was fully aware of the potential repercussions of his gamble and willing to accept them.

“This is either the smartest or dumbest decision I’ve ever made,” DeCenzo said at the time.

White, Duke’s AD, had been completely right. Only a school willing to break tradition could hire Moglia.

Coastal Carolina was a unique situation because it started its football program in 2003 and lacked the major traditions of other Division I programs. There were no major boosters available to protest and withhold money because the program was still building itself. Hiring Moglia wouldn’t torpedo recruiting efforts like it would at major schools like Alabama or Texas.

Even then, Moglia was filling big shoes. Bennett had, quite literally since 2003, built a winning program out of nothing.

Alan Black of the Bleacher Report heavily criticized Moglia’s hiring. Black wrote that the obvious reason Moglia was hired was due to his wealth and connections to the financial sector.

“It’s a shrewd business deal, but completely tramples the integrity of college sports,” Black wrote. “If the NCAA is all about athletic and academic integrity and amateurism, it sure doesn’t show in Coastal Carolina’s hire… How are the Chanticleer football players supposed to trust their own head coach when they know that he isn’t qualified to lead them and essentially bought his way into the position?”

As it would turn out, Black’s analysis was wrong and Moglia continued Coastal Carolina’s winning ways. But at the time, little evidence suggested Moglia would exceed Bennett.

Bennett coached Coastal Carolina to a 63-39 record, a 27-16 conference record, two FCS playoff appearances and four conference championships, three of which came in the program’s first four years. He also defeated traditional FCS powers like James Madison, Furman and Wofford.

However, Bennett was unable to win a playoff game, something Moglia achieved in his first year, defeating Bethune-Cookman 24-14.

But Moglia’s short tenure hasn’t been a cakewalk.

His first season at the helm started out rocky as Coastal Carolina went 2-4, including an embarrassing 55-14 defeat to Appalachian State. Just as naysayers seemed right, Moglia’s team started clicking, reeling off five wins by an average of 30 points.

Moglia finished his first year with an 8-5 record, including the school’s first playoff victory before losing 63-35 to Old Dominion in Round 2. He was named the Big South Conference’s Coach of the Year.

Expectations were higher for Moglia his second year, but he met them, registering two playoff victories and a 12-3 record.

Coastal Carolina recovered from the embarrassing loss against South Carolina by advancing to the FCS Playoff Quarterfinals.

In the playoffs, Moglia defeated Bethune-Cookman and Montana. Moglia’s season ended after a 48-14 Quarterfinals loss to North Dakota State. NDSU just won its third consecutive national championship after defeating Towson on January 4^th to extend its winning streak to 24. Despite the lopsided loss, Coastal Carolina still finished the season ranked seventh in the FCS.

As Moglia’s success continues, it will become a matter of “when,” not “if,” Moglia will receive a call from an FBS program.

Disclaimer: The quotes presented in this article are courtesy of 4th&Goal (the biography of Moglia) and different articles published by Sports Illustrated, the Bleacher Report and U.S. News. URLs will be provided upon request.