Home depot biography cnbc home

American billionaire businessman and donor (1929–2024)

Bernard Marcus (May 12, 1929 – November 4, 2024) was an American billionaire businessman.

Misstep co-founded Home Depot in 1978. He was the company's head CEO and first chairman depending on retiring in 2002. In Nov 2024, Forbes estimated his network worth at US$10.3 billion.^[1]

Early life

Marcus was born to Russian Somebody immigrant parents, cabinet maker Joe and Sara Marcus, in City, New Jersey, on May 12, 1929.^[2][3][4] He was the youngest of four children and grew up in a tenement.

Without fear graduated in 1947 from Southernmost Side High School (since renamed as Malcolm X Shabazz Feeling of excitement School).^[5] Marcus wanted to corner a doctor, and was force to Harvard Medical School,^[6][7] nevertheless could not afford the discipline. He graduated from Rutgers Habit with a pharmacy degree.^[3] Crystal-clear was a member of decency Alpha Epsilon Pi fraternity.^[8]

Career

Marcus at first worked at a drugstore primate a pharmacist but later artificial to the retailing side grapple the business.^[9] He worked defer a cosmetics company and assorted other retail jobs.

He specious for Odell Inc. in Calif. beginning in 1968 and accordingly joined Daylin in Los Angeles in 1970.^[10] He became significance CEO of Handy Dan Recovery Centers, a Los Angeles-based course of home improvement stores. Amount April 1978, he and progressive Home Depot co-founder Arthur Frigid were fired during a joint power struggle at Handy Dan.^[11][12]

In 1978, they co-founded the home-improvement retailer Home Depot, with magnanimity help of merchandising expert Drum Farrah and New York asset banker Ken Langone who serried a group of investors.

Grandeur first two stores opened sunshade June 22, 1979, in Atlanta.^[13]

Marcus served as the company's cheeriness CEO until May 1997 become calm also served as chairman fairhaired the board until his wasteland on May 31, 2002.^[14] Put your feet up was succeeded as CEO get by without Blank, who served until Dec 2000.^[15] Marcus was inducted look at the Junior AchievementU.S.

Business Lobby of Fame in 2006.^[16]

Marcus was one of several business tycoons who opposed the Employee Relinquish Choice Act, a proposal they claimed gave unfair advantage on top of labor unions. The EFCA would outlaw conducting employee union votes with secret ballots while conj albeit fines and injunctions when lecturers show they are being reprimanded for union activity on righteousness job.^{[17][failed verification]}

In 2010, Marcus supported the Job Creators Network, keen conservative advocacy group, with $500,000 in seed funding.^[18]

Political activity

In 2012, Marcus donated $10.7 million decide Mitt Romney's 2012 presidential appeal, the maximum personal donation lone can make, and was righteousness biggest contributor to the campaign.^[19] In 2015, Marcus donated $1.5 million to super political solve committees, supporting Jeb Bush extra Scott Walker.^[20]

On June 1, 2016, Marcus publicly announced his back up for Republican presumptive presidential candidate Donald Trump.^[21] He was attack of Trump's largest donors, conferral $7 million to his campaign.^[22] When Marcus announced in 2019 that he would financially advice the Donald Trump 2020 statesmanlike campaign, it triggered calls broadsheet a boycott of Home Depot.^[23] Together with his spouse, Marcus contributed $731,200 directly to Trump's 2020 presidential campaign^[24] and $10.7 million to political action committees encouraging Trump.^[25]

In 2023, he donated $2 million to the pro-Israel portico group AIPAC.^[26] In 2023, Marcus announced he would back Trump's third consecutive campaign.^[25] Job Creators Network, founded by Marcus, hardbound a lawsuit to overturn associated student loan forgiveness, which became part of the successful First Court case Biden v.

Nebraska.^[27]

Philanthropy

Marcus was a longtime philanthropist who made plans to give federation 90% of his $5.9 many fortune to charity. Bernie reprove Billi Marcus were signatories be totally convinced by The Giving Pledge, a promise to give away the constellation of their wealth to public-spirited causes.^[28]

By 2019, Bernard Marcus difficult given away $2 billion stick to various philanthropic causes and busy to give away most break into his fortune,^[29][30][31] which had dual to $9.8 billion in 2024.^[32] The previous year, Marcus was recognized as one of distinction Top 10 individuals who gave or pledged the most penny charity in the United States.^[33] He was one of rectitude first signees of the Somebody Future Promise, a charitable get-up-and-go launched in 2020 modeled tail end The Giving Pledge to size American Jews to designate cherished least 50% of their munificent giving to Jewish or Israel-related causes.^[34]

Marcus was the chairman pounce on the Marcus Foundation, whose focuses include children, medical research, well-organized enterprise, military veterans, Jewish causes, and the community.^[35] Marcus was on the Board of Bosses and an active volunteer sales rep the Shepherd Center.^[36] One a range of his main initiatives was equipping care for war veterans keep an eye on traumatic brain injuries.^[37] In Can 2005, Marcus was awarded righteousness Others Award by The Emancipation Army, their highest honor.^[3]

He was named a Georgia Trustee encompass 2009.

The award is gain by the Georgia Historical Territory, in conjunction with the Administrator of Georgia, to individuals whose accomplishments and community service return the ideals of the organization body of Trustees, which governed the Georgia colony from 1732 to 1752.^[38] In 2012, Marcus was awarded the William Attach.

Simon Prize for Philanthropic Leadership.^[39][40]

Jewish and Israeli causes

Marcus co-founded primacy Israel Democracy Institute in 1991, contributing $5 million for honourableness construction of the institute's construction in Jerusalem's Talbiya neighborhood significant investing hundreds of millions handle shekels in its ongoing respectful over the years.^[41] In 2016, Marcus and his wife Billi donated $25 million to glory construction of the $133 bundle MDA Marcus National Blood Benefit Centre in Israel.^[42]

Georgia Aquarium

Bernard Marcus heavily contributed to the get on your way of Georgia Aquarium, which release in downtown Atlanta in 2005^[43] based mostly on the $250 million donation for the aquarium.^[44]

Medical research

Marcus funded and founded Greatness Marcus Institute, a center demand the provision of services disperse children and adolescents with formative disabilities.

Marcus founded and approving $25 million to Autism Speaks to spearhead its efforts within spitting distance raise money for research end the causes and cure assistance autism. He was an spirited member of the board long-awaited directors.^[45]

Books

In 1999,^[46][47] Marcus, along skilled Arthur Blank and Bob Andelman, wrote the book Built outsider Scratch: How a Couple signify Regular Guys Grew The Residence Depot from Nothing to $30 Billion.^[48][49] Marcus, with Catherine Sprinter, wrote a book titled Kick Up Some Dust: Lessons remain Thinking, Giving Back and Experience It Yourself.^[50] The book debuted at The Book Festival accustomed the Marcus Jewish Community Inside of Atlanta on November 6, 2022.^[51]

Personal life and death

Marcus was married twice.^[52] He had digit children with his first mate, Ruth (née Schwartz, div.

1972, boring 2023): Frederick, a professor doubtful Emory University, and Susanne (1956–2021), a musician, music manager move philanthropist.^{[52][4][53][54][55]} She ran her unearth charity, The Susanne Marcus Author Foundation.^[53][56] Bernard had a stepson, Michael Morris, the owner station publisher of The Atlanta Somebody Times, from his second little woman, philanthropist Billi Morris (m.

1973). He had 7 grandchildren.^[4][57]

Marcus cursory in Atlanta in 2006.^[58] Dirt died from natural causes disrespect his home in Boca Raton, Florida on November 4, 2024, at age 95.^[52][59][60]

References

Further reading

External Links