With deep love and sorrow, the family of Paul Trowbridge Gillespie, Jr., affectionately known as “Trow,” announces his passing on Friday, September 5, 2025, at his Memphis home of nearly five decades. Surrounded by family and caregivers, Trow lived his 78 years with gratitude, joy, and an unwavering devotion to those closest to him.
A Man Who Never Met a Stranger
Trow had a gift for turning even the briefest encounter into a story worth retelling. One favorite memory recalls him approaching legendary Alabama quarterback Kenny Stabler—whom he had never met—and jokingly taking credit for helping him become an All-American. When Stabler asked how, Trow explained that during his years as a defensive back for Vanderbilt, Stabler had scored 42 points in a game against him. The two ended the exchange laughing, a perfect illustration of Trow’s humor and warmth.
His presence was magnetic. Friends and family remember his trademark answer to “How are you?”—a cheerful “Never better!”—and his playful teasing, like telling his sons’ friends who greeted him with “Hey, Mr. Gillespie” to “save that hay—you might have to marry a mule!” For decades, weekly cookouts with the Gillespie, Henderson, and Morrow families became cherished traditions, filled with food, laughter, and fellowship.
Early Life and Education
Born June 6, 1947, in Morristown, New Jersey, Trow moved to Memphis as a child and grew to love the city that became his lifelong home. He was the son of Paul Trowbridge Gillespie and Dorothy Anderson Gillespie, both of whom preceded him in death.
He attended Presbyterian Day School and Memphis University School (MUS), excelling both academically and athletically. Under the guidance of legendary coaches Jake Rudolph and Jerry Peters, he played football and basketball, proudly serving on Peters’ first MUS basketball team in 1964–1965. His athletic abilities earned him a football scholarship to Vanderbilt University, where he was a three-year starting defensive back. His very first start came against Alabama at Legion Field—a memory he loved sharing for the rest of his life.
Career and Family
After graduation, Trow returned to Memphis, beginning his career in finance with First Tennessee Investment Management while also serving in the National Guard. He often quipped that if his unit had ever been deployed, the casualty rate would have been “100 percent.”
During this period, he met the love of his life, Elizabeth “Drum” Johnston, with whom he shared 47 years of marriage built on humor, devotion, and enduring partnership.
In 1975, Trow co-founded Southeastern Asset Management, and a decade later helped establish NewSouth Capital Management, where he worked for more than 40 years. He treasured his colleagues and clients, often remarking that he felt like “the luckiest man alive” to wake up every day excited to go to work.
Service and Leadership
Guided by Luke 12:48—“To whom much is given, much is required”—Trow devoted himself to service. He was deeply committed to his faith community at St. John’s Episcopal Church, where he served as Senior Warden, chaired stewardship campaigns, and helped lead the construction of the Parish Life Center.
His leadership extended far beyond the church. He served as Chairman of the Board of MUS, President of the Liberty Bowl, a board member of ArtsMemphis, and a leader for both Baptist Memorial Health Care and the Trezevant Manor Foundation. His generosity and vision enriched institutions across Memphis, leaving an enduring mark on the community.
Family Legacy
Trow is survived by his devoted wife, Elizabeth Johnston Gillespie; his sons Paul III (Paige), Stuart (Alexis), and John (Mackenzie); and his cherished grandchildren Bailey Elizabeth, Paul IV, and Grace Hastings Gillespie. He is also survived by his sister, Grace “Gaye” Gillespie Henderson (Haywood), along with nine nieces and nephews who adored their “Uncle T.”
He was preceded in death by his parents, Paul and Dorothy Gillespie.
Trow will be remembered as a man of joy, humor, faith, and generosity—someone who made every room brighter and left an indelible legacy of love, leadership, and service.