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Bernard Marcus

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Bernard Marcus
Marcus in 2010
Born (1929-05-12) May 12, 1929 (age 95)[1]
Newark, New Jersey, U.S.
EducationRutgers University, New Brunswick (BS)
OccupationBusinessman
Years active1979-2002
Known forCo-Founder of Home Depot
Political partyRepublican
Spouse(s)Ruth Rados
Billi Marcus
Children3

Bernard "Bernie" Marcus (born May 12, 1929) is an American billionaire businessman. He co-founded The Home Depot and was the company's first CEO, and chairman until retiring in 2002.

Early life and education

Bernard Marcus was born to Russian Jewish immigrant parents in Newark, New Jersey.[2] He grew up in a tenement and graduated from South Side High School in 1947.[3] Marcus wanted to become a doctor but could not afford the tuition, so he worked for his father as a cabinet maker. He studied at Rutgers University for a pharmacy degree.[2] While there he joined the Alpha Epsilon Pi fraternity.[4]

Career

Marcus worked at a drugstore as a pharmacist but became more interested in the retailing side of the business. He worked at a cosmetics company and various other retail jobs, eventually reaching a position as CEO of Handy Dan Improvement Centers, a Los Angeles-based chain of home improvement stores. In 1978, both he and future Home Depot co-founder Arthur Blank were fired during a corporate power struggle at Handy Dan.

In 1979, they co-founded the home-improvement retailer The Home Depot, with the help of merchandising expert Pat Farrah and New York investment banker Ken Langone who assembled a group of investors.

The store revolutionized the home improvement business with its warehouse concept. Blank, Marcus, and Langone became billionaires. Marcus served as the company's first CEO for 19 years and also served as chairman of the board until his retirement in 2002. Marcus was inducted into the Junior Achievement U.S. Business Hall of Fame in 2006.

Marcus is one of several business tycoons who opposed the Employee Free Choice Act, a controversial proposal they claim gives unfair advantage to labor unions. The EFCA would outlaw conducting employee union votes with secret ballots while allowing fines and injunctions when employees show they are being punished for union activity on the job.[5]

In January 2014, Marcus founded the Job Creators Network, a conservative advocacy group, with $500,000 in seed funding.[6]

In 2015, Marcus donated $1.5 million to Super PACs supporting Jeb Bush and Scott Walker.[7] On June 1, 2016, Marcus publicly announced his support for Republican presumptive presidential nominee Donald Trump.[8] He was one of Trump's largest donors, giving $7 million to his campaign.[9] When Marcus announced in 2019 that he would financially support the Donald Trump 2020 presidential campaign, it triggered calls for a boycott of Home Depot even though Marcus was by then no longer with the company.[10]

In a June 2019 interview, Marcus said most of his wealth is in Home Depot stock.[11]

Philanthropy

Marcus co-founded the Israel Democracy Institute in 1991, contributing $5 million for the construction of the institute's building in Jerusalem's Talbiya neighborhood and investing hundreds of millions of shekels in its ongoing operation over the years.[12] He heavily contributed to the launch of the Georgia Aquarium, which opened in downtown Atlanta, Georgia, in 2005.[13] Based mostly on the US$250M million donation for the Aquarium, Marcus and his wife, Billi, were listed among the top charitable donors in the country by The Chronicle of Philanthropy in 2005. Marcus also funded and founded The Marcus Institute, a center for the provision of services for children and adolescents with developmental disabilities. In May 2005, Marcus was awarded the Others Award by the Salvation Army, its highest honor.[2] Marcus donated $25 million to Autism Speaks to spearhead its efforts to raise money for research on the causes and cure for autism. He is an active member of the board of directors.[14] Bernie and Billi Marcus are signatories of The Giving Pledge, a commitment to give away the majority of their wealth to philanthropic causes.[15]

Marcus is chairman of the Marcus Foundation, whose focuses include children, medical research, free enterprise, military veterans, Israeli causes and the community.[16] Marcus is on the Board of Directors and an active volunteer for the Shepherd Center.[17] His main focus is in providing care for war veterans with traumatic brain injuries.[18] He was named a Georgia Trustee in 2009. The award is given by the Georgia Historical Society, in conjunction with the Governor of Georgia, to individuals whose accomplishments and community service reflect the ideals of the founding body of Trustees, which governed the Georgia colony from 1732 to 1752.[19] In 2012, Marcus was awarded the William E. Simon Prize for Philanthropic Leadership.[20][21]

In 2016, Marcus and his wife Billi donated $25 million to the construction of the $133 million MDA Marcus National Blood Services Centre in Israel.[citation needed]

Personal life

Marcus has been married twice. He has two children with his first wife, Ruth: Frederick Marcus and Susanne Marcus Collins. With his second wife, Billi, he has a stepson, Michael Morris.[22]

References

  1. ^ "Marcus, Bernie". Current Biography. 68 (8): 31. August 2007. ASIN B004U7D506.
  2. ^ a b c "Hall of Fame Biographies: Arthur Blank and Bernard Marcus". World Retail Hall of Fame. Archived from the original on 2011-08-17. Retrieved 2009-05-27.
  3. ^ The Ultimate New Jersey High School Year Book
  4. ^ "Well-known alumni". Alpha Epsilon Pi. Archived from the original on July 1, 2008. Retrieved 2009-05-27.
  5. ^ McGovern, George S. (7 May 2009). "The 'Free Choice' Act is Anything but". Wall Street Journal.
  6. ^ Mandelbaum, Robb. "Who Funds This New Small Business-Group? Hint: Mostly Not Small Businesses". Forbes. Retrieved 21 February 2019.
  7. ^ "Million-Dollar Donors in the 2016 Presidential Race". New York Times. 25 August 2015. Retrieved 14 October 2015.
  8. ^ "Why I Stand With Donald Trump - RealClearPolitics". realclearpolitics.com. Retrieved 5 November 2018.
  9. ^ "What Trump's major donors are spending in the midterms". OpenSecrets. 30 October 2018.
  10. ^ Home Depot Responds To Calls For Boycott Over Co-Founder's Support For Trump
  11. ^ Matt Kempner, The Atlanta Journal-Constitution. "Atlanta billionaire plans to give almost all of it away". ajc. Retrieved 2019-10-20.
  12. ^ Sadeh, Shuki (17 March 2013). "How foreign donors reshaped Israel: A who's who". Haaretz. Retrieved 30 November 2013.
  13. ^ Tharpe, Jim (May 29, 2005). Bernie Marcus makes mark with Georgia Aquarium The Atlanta Journal-Constitution
  14. ^ GiveSmart.org, 2013 Bernie Marcus' Philanthropic Profile Archived September 26, 2013, at the Wayback Machine
  15. ^ "Pledger Profiles". The Giving Pledge. Retrieved 24 January 2017.
  16. ^ Wolfe, Josh (January 4, 2007). "Nano Talk With Bernie Marcus". Forbes/Wolfe Nanotech Report. Retrieved 2009-05-27.
  17. ^ "Shepherd Center, Donor Profile: Bernie Marcus". Archived from the original on 2010-07-07. Retrieved 2010-12-21.
  18. ^ Miller, T. Christian (December 21, 2010). "Philanthropist Provides Care That The Pentagon Won't". N.P.R. N.P.R. Retrieved 2010-12-21.
  19. ^ "Governor and Georgia Historical Society to Name First New Georgia Trustees in 260 Years". Savannah Daily News. 1 December 2008. Archived from the original on 2013-02-02. Retrieved 26 June 2012.
  20. ^ "The Philanthropy Roundtable announces Bernie Marcus as the 2012 recipient of the William E. Simon Prize". Retrieved 30 April 2012.
  21. ^ Jonathan V. Last. "Do It Yourself". philanthropyroundtable.org.
  22. ^ Reference for Business: "Bernie Marcus" retrieved March 30, 2014

Further reading

Business positions
Preceded by
none
 CEO of Home Depot
1979–1997 		Succeeded by
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