It is with profound sadness and love that the family of Paul Trowbridge Gillespie, Jr., affectionately known as “Trow,” announces his passing on Friday, September 5, 2025, at his Memphis home of 48 years. Surrounded by family and caregivers, Trow lived every day with gratitude, joy, and a deep devotion to those he loved.
Trow was the kind of man who never met a stranger. He had a rare ability to turn the most awkward encounter into a cherished story. Once, he approached Alabama quarterback Kenny Stabler, whom he did not know, and proudly told him he had helped make him an All-American.
When Stabler asked how, Trow explained he had played defensive back for Vanderbilt in a game where Stabler scored 42 points. Both men ended the exchange with a laugh—a perfect example of Trow’s gift for connection.
His presence was magnetic. He made everyone feel like the most important person in the room. Friends and family recall his trademark response to “How are you?”—a hearty “Never better!”—and his playful humor, like joking with his sons’ friends when they greeted him with, “Hey, Mr. Gillespie,” to which he always replied, “You better save that hay—you might have to marry a mule!” Weekly cookouts with the Gillespie, Henderson, and Morrow families became legendary gatherings, filled with laughter, food, and storytelling.
Born June 6, 1947, in Morristown, New Jersey, Trow moved to Memphis as a young boy, beginning his lifelong love affair with the city. He was the son of Paul Trowbridge Gillespie and Dorothy Anderson Gillespie, both of whom preceded him in death.
Trow attended Presbyterian Day School and Memphis University School (MUS), where he shined both academically and athletically. He played football and basketball under legendary coaches Jake Rudolph and Jerry Peters, and he was a proud member of Peters’ first MUS basketball team in 1964–1965. His athleticism earned him a football scholarship to Vanderbilt University, where he started as a defensive back for three years. His very first start was against Alabama at Legion Field—an experience that gave him stories he loved to retell.
After graduating, Trow returned to Memphis and launched a career in finance with First Tennessee Investment Management, all while serving in the National Guard. He often joked that if his unit had ever been deployed, the casualty rate would have been “100 percent.” During this time, he met the love of his life, Elizabeth “Drum” Johnston, and they enjoyed 47 years of marriage built on devotion, humor, and partnership.
In 1975, Trow co-founded Southeastern Asset Management, and later, in 1985, he co-founded NewSouth Capital Management, where he worked for four decades. He cherished the relationships he built with colleagues and clients, often saying he felt like the luckiest man alive to wake up excited to go to work.
Beyond his professional achievements, Trow believed in service to others. Guided by Luke 12:48—“To whom much is given, much is required”—he poured his time and heart into organizations that shaped Memphis. He served as Senior Warden at St. John’s Episcopal Church, chaired stewardship campaigns, and led efforts to build the Parish Life Center.
He was a Chairman of the Board of MUS, a longtime ArtsMemphis board member, President of the Liberty Bowl, and a leader for Baptist Memorial Health Care and Trezevant Manor Foundation. His leadership and generosity touched countless lives across his community.
Trow is survived by his beloved wife, Elizabeth Johnston Gillespie; sons Paul III (Paige), Stuart (Alexis), and John (Mackenzie); three grandchildren, Bailey Elizabeth, Paul IV, and Grace Hastings Gillespie; his sister, Grace “Gaye” Gillespie Henderson (Haywood); and nine nieces and nephews who adored their “Uncle T.” He was preceded in death by his parents.
