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Stewart W. Bainum Jr.

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Stewart Bainum
Born (1946-03-25) March 25, 1946 (age 78)
Takoma Park, Maryland, U.S.
EducationPacific Union College (BA)
University of California, Los Angeles (MBA)
Andrews University
Political partyDemocratic
Children2
RelativesStewart W. Bainum Sr. (father)
Duke Bainum (cousin)

Stewart W. Bainum Jr. (born March 25, 1946) is an American businessman and politician. Bainum is chairman of Choice Hotels International, Inc. Since the 1980s, Bainum has led businesses including four current or former publicly listed companies: Choice Hotels; HCR Manor Care, which operates nursing and assisted living facilities; Vitalink Pharmacy Services; and Sunburst Hospitality.

A Democratic politician, Bainum was a member of the Maryland House of Delegates from 1979 to 1982 and the Maryland Senate from 1983 to 1986.

Background

Stewart W. Bainum Jr. was born March 25, 1946, and raised in Takoma Park, Maryland.[1] He was the second of four children born to Stewart W. Bainum Sr., who was the founder of what became Choice Hotels and HRC Manor Care, and Jane Goyne. Bainum began working for his father's business at age 12 during summer breaks.[2]

Bainum was educated at Takoma Academy, where he was president of his senior class.[1][3] He received a Bachelor of Arts degree in history from Pacific Union College in Napa Valley, California, in 1968.[1] At Pacific Union, Bainum was president of the campus student association.[3] He received a Master in Business Administration from the UCLA Anderson School of Management in 1970, and taught at Southern College in the Tennessee River Valley.[1][3][4] After UCLA, Bainum studied theology at Andrews University in Berrien Springs, Michigan, for 18 months from 1971 to 1972.[1][5]

Career

Business

Bainum joined his father's Manor Care business in 1972 as the director of development and became senior vice president two years later.[6] In 1977, Bainum and his father created a five-year strategy to grow the business' nursing home development through a series of acquisitions and became the first nursing home operation with a corporate marketing department.[6] The Washington Business Journal called Bainum the "quarterback of the company's expansion strategy".[7] From 1972 to 1985, the company's net worth increased from $8 million to $767 million.[8] Seven years after Bainum introduced its mergers and acquisitions plan, Manor Care annual revenues increased from $31 million in 1976[9] to about $500 million.[6]

Bainum led an unsolicited tender offer for Hillhaven Corporation in 1979.[6] Manor Care, a company with a net worth of about $10 million in the late 1970s,[7] gained ownership of 55 percent of Hillhaven's common stock, and sold it a year later making $5 million.[6] Bainum led Manor Care's acquisition of Quality Inns, Inc., in 1980.[6] In 1981, Manor Care acquired Cenco, a private-pay nursing home chain, tripling its size.[6]

By 1983, Manor Care became the United States' second-largest nursing home company.[6] Bainum took over for his father, becoming chairman and CEO in 1987.[10] With Bainum as chairman and CEO, the company spent $280 million to build 39 nursing homes over four years from the late 1980s into the 1990s.[11] Bainum brought in executives from Marriott and The Walt Disney Company, including Disney's Chuck Shields, to bolster management, develop new human resources strategies and redesign compensation packages.[5][12] Bainum instituted programs to reduce turnover of nursing care facility administrators and expanded Manor Care's subacute care facilities in the 1990s to take advantage of a trend in "dehospitalization".[13]

The Washington Business Journal credited Bainum with "turning the low-key company into a billion-dollar enterprise" and the hotels division, which became known as Choice Hotels, became the world's second-largest hotel franchisor.[14] Of the 209 largest family influenced, publicly held companies from 1976 to 1996, the Bainums' Manor Care generated the second-highest average annual shareholder returns, second behind Warren Buffett's Berkshire Hathaway.[15] The company spun off its hotels business in 1996.[16] As of 2017, Bainum remains chairman of Choice Hotels.

Bainum joined the leadership team of Quality Inns, which later became Choice Hotels, in 1977.[17] Since then, the company has grown from 240 Quality Inn hotels[6] to more than 6,500 properties under 11 hotel brands in more than 40 countries.[18]

George Washington University's School of Business and Public Management named Bainum CEO of the year in 1997, citing the company's annual revenue growth from $500 million to 2.4 billion under his leadership.[19] In 1998, Manor Care merged with Healthcare and Retirement Corporation to create a company with a combined value of $4 billion.[20] Bainum was chairman of HRC Manor Care until 2001 and left the board in 2002.[21]

As of March 2017, Bainum is the manager of Artis Senior Living and is on the advisory board for SunBridge Capital Management, LLC.[22][23] Bainum has also held leadership posts with Vitalink Pharmacy Services[24] and Sunburst Hospitality.[25]

In 2019, Bainum received a Lifetime Achievement Award for his work in hospitality, from the Americas Lodging Investment Summit.[26][27] The following year, he received the 2020 John E. Anderson Distinguished Alumni Award from UCLA Anderson School of Management.[28]

Politics

Stewart W. Bainum Jr.
Maryland House of Delegates
In office
1979–1983
Maryland Senate
In office
1983–1987

Bainum, who was described by Forbes as a "fiscal-minded Democrat",[29] served for eight years in the Maryland General Assembly.

Bainum first ran for elected office in 1974, when he sought to unseat incumbent Maryland state Senator Victor Crawford.[30] The Maryland Court of Appeals ruled that Bainum was ineligible to run, as he did not meet the state's residency requirements at the time.[31]

In 1978, he was elected to the Maryland House of Delegates, a post he held until 1982, serving on the Ways and Means Committee and as chairman of its Transportation Subcommittee.[30][32] In 1982, Bainum ran successfully for state senator.[33][8][34] He served as state senator of Maryland's 20th District from 1983 to 1986,[30] serving on the Budget and Taxation Committee, the Joint Committee on Budget and Audit, the Subcommittee on Corrections and Transportation, and the Capital Budget Subcommittee.[1]

Bainum is known for his efforts to end special tax breaks for private clubs, such as the all-male Burning Tree Club in Bethesda, Maryland.[30] Bainum and his sister, Barbara Bainum, filed a lawsuit against the club. In 1984, as a result of the lawsuit, a Montgomery County, Maryland, judge ruled that Burning Tree must give up its $186,000 yearly real estate tax exemption if it does not allow women.[35] In 1986, legislation he sponsored that barred private clubs that exclude women from receiving state tax breaks became law.[36] This effort earned him "the hostility of Washington's politico-golfing community".[37] Bainum also sponsored a child support bill to require employers to deduct court-ordered payments, similar to how taxes are deducted,[38] as well as legislation requiring public officials to disclose withdrawals from failed savings and loans, increase penalties for illegal handgun use, make information public on toxic substances and hazardous waste, increase fees on heavy trucks to offset road repair costs,[32] and tax relief for low-income tenants.[8][39]

He received awards from Common Cause and environmental advocates.[40]

Bainum ran for Maryland's 8th congressional district in 1986 when the seat became open. He won his party's primary but lost in the general election to Republican Constance A. Morella.[30][41][42]

Bainum was a supporter, 2008 Democratic National Convention delegate and fundraiser for President Barack Obama.[43] He endorsed Hillary Clinton in the 2016 U.S. presidential election.[44]

Philanthropy

In 2018, Bainum and his wife committed to The Giving Pledge, a campaign to encourage wealthy people to contribute a majority of their wealth to philanthropic causes.[45][46]

In February 2021, it was announced that Bainum was seeking to acquire The Baltimore Sun, whose parent company was being acquired by Alden Global Capital.[47] His bid was in response to the "Save Our Sun" campaign launched by some of The Sun's staff to find a local owner to turn the paper into a non-profit.[48] After he was unsuccessful in this effort,[49] he committed $200 million of his own money to compete with Alden to acquire all of Tribune Publishing Company,[50] with the goal of finding "responsible buyers" for each of the Tribune-owned publications. Bainum was unable to find a buyer for the Chicago Tribune and the effort failed.[49] He then formed the Venetoulis Institute for Local Journalism with his family, as a non-profit organization focused on local Baltimore news and statewide news in Maryland.[51] He is the chairman of the Institute, which was named after former Baltimore County executive Ted Venetoulis, an advocate for local news who died in 2021.[52][53] In October 2021, he announced that he had established an online non-profit news outlet, named The Baltimore Banner.[48][54] The Banner is overseen by the Venetoulis Institute and initially supported by donations.[55][48] Inside Philanthropy named Bainum as the "Journalism Hero of the Year Who Wasn’t (and Then Was)" in its 2021 Philanthropy Awards.[56]

Personal life

Bainum is married and has two children.[1] Bainum first saw his wife, Sandy, while attending a play at the National Theatre, where she played the role of Annie in 42nd Street.[2] Bainum called the theater to introduce himself to Sandy and they began dating shortly after.[2]

Bainum is a member of UCLA's Anderson School of Management's Board of Advisors.[57] He has served on the boards of trustees for University of Maryland Medical System, St. Mary's College of Maryland, Baltimore Symphony Orchestra, Johns Hopkins University and Bowdoin College.[1][58] He was an honorary co-chair of Marylanders Against Handgun Use.[59] In 2008, Bainum helped fund and unsuccessfully advocated against a 2008 referendum that legalized slot machines in Maryland.[60]

References

  1. ^ a b c d e f g h "Society of Senates Past: Roster: STEWART BAINUM Jr". Maryland State Archives. Retrieved November 16, 2015.
  2. ^ a b c Palombo, Ruth (April–May 1994). "Sandy and Stuart Bainum Jr. happily ever after". Washington Life.
  3. ^ a b c "Forbes 400". Forbes. 13 October 1997.
  4. ^ "100 inspirational alumni". UCLA Anderson School of Management. Retrieved 30 March 2017.
  5. ^ a b Novack, Janet (10 December 1990). "Tip O'Neill works here". Forbes.
  6. ^ a b c d e f g h i Hoffer, William (October 1984). "Mind over manor". Regardie's.
  7. ^ a b Desautels, Mark (20 February 1984). "Bainum puts Manor Care on fast track of rapid expansion and diversification". Washington Business Journal.
  8. ^ a b c Karpay, Kenneth D. (22 July 1985). "Bainum assesses the two roads diverging in his path: business or politics". The Daily Record.
  9. ^ Form 10-K, 31 May 1976
  10. ^ Abramowitz, Michael (6 March 1987). "Bainum takes father's post at Manor Care". The Washington Post. Retrieved 10 March 2017.
  11. ^ "Retreat, hell: Four contrarians who hear opportunity knocking". Business Week. 14 January 1991.
  12. ^ Chuck Shields (2016). The Disney Apprentice: Lessons Learned from Inside Disney. Theme Park Press. pp. 119–140. ISBN 9781683900030.
  13. ^ Hinebaugh, Cathy (6 March 1993). "Manor Care:Setting the pace". Warfield's Business Record.
  14. ^ Hall, Thomas C. (1 April 1994). "Stewart Bainum Jr.: Maryland gubernatorial candidate is to the Manor born". Washington Business Journal.
  15. ^ Vickers, Marcia (12 January 1997). "For long=haul performance, consider all the best families". The New York Times. Retrieved 10 March 2017.
  16. ^ Salganik, M. William (4 March 2000). "Manor Care gets 2 buyout offers". The Baltimore Sun. Retrieved 10 March 2017.
  17. ^ "Stewart W Bainum Jr is elected a dir of Quality Inns Internatl". The Wall Street Journal. 13 June 1977. Retrieved 27 March 2017.
  18. ^ "Form 10-K". U.S. Securities and Exchange Commission. 31 December 2016. Retrieved 27 March 2017.
  19. ^ Schwartz, Shelly (9 May 1997). "Manor Care's chief if honored as top executive". Montgomery Gazette.
  20. ^ Hilzenrath, David S. (11 June 1998). "Manor Care Inc. plans to merge with rival HRC". The Washington Post. Retrieved 10 March 2017.
  21. ^ "Manor Care through the years". The Washington Post. 9 July 2007. Retrieved 30 March 2017.
  22. ^ "Executive profile: Stewart W. Bainum Jr". Bloomberg LP. Retrieved 27 March 2017.
  23. ^ "About us". SunBridge Capital Management, LLC. Retrieved 27 March 2017.
  24. ^ "Vitalink Pharmacy Services Inc". The Washington Post. 20 April 1992. Retrieved 10 March 2017.
  25. ^ Spinner, Jackie (21 September 2000). "Sunburst Hospitality sold to buyout group". The Washington Post. Retrieved 10 March 2017.
  26. ^ "HM Exclusive: One-on-One with Stewart W. Bainum Jr". Hotel Management. 9 May 2019. Retrieved 2020-09-09.
  27. ^ "Stewart W. Bainum Jr. '70". UCLA Anderson School of Management. Retrieved 2020-09-09.
  28. ^ "The Ideal Choice". UCLA Anderson School of Management. Retrieved 2020-09-09.
  29. ^ "Stewart Bainum Sr". Forbes. 27 October 1986. Retrieved 8 March 2017.
  30. ^ a b c d e Arnoult, Sandra (4 February 1994). "Bainum set to enter governor's race". The Montgomery Journal.
  31. ^ Bainum v. Kalen et al., John C. Eldridge (Maryland Court of Appeals 28 August 1974).
  32. ^ a b Russakoff, Dale (29 January 1981). "Transportation issue defused". The Washington Post. Retrieved 28 March 2017.
  33. ^ Feinstein, John (5 June 1982). "Smooth dresser, sharp wit to leave Annapolis". The Washington Post. Retrieved 28 March 2017.
  34. ^ "Uncontested votes listed in Maryland". The Washington Post. 5 November 1982. Retrieved 28 March 2017.
  35. ^ Franklin, Ben A. (14 September 1984). "Judge penalizes Burning Tree Club". The New York Times. Retrieved 8 March 2017.
  36. ^ Ifill, Gwen (7 April 1986). "The battle of Burning Tree". The Washington Post. Retrieved 8 March 2017.
  37. ^ Molotsky, Irvin; Weaver Jr., Warren (16 November 1986). "Washington Talk: Briefing". The New York Times. Retrieved 27 March 2017.
  38. ^ McQueen, Michel (15 March 1984). "Bill on child support advances in Md. Senate". The Washington Post. Retrieved 8 March 2017.
  39. ^ Melton, R.H. (28 October 1986). "Bainum's businessline political drive; 8th District candidate's methods are deliberate, sophisticated -- and successful". The Washington Post. Retrieved 8 March 2017.
  40. ^ Melton, R.H.; Tapscott, Richard (14 March 1994). "New face in MD.'s gubernatorial pool". The Washington Post. Retrieved 27 March 2017.
  41. ^ Meyer, Eugene L. (10 September 1986). "Bainum easily wins Md. 8th: Bainum, Morella win bids for Barnes' seat in Md. 8th". The Washington Post. Retrieved 8 March 2017.
  42. ^ Abramowitz, Michael (6 March 1987). "Bainum Takes Father's Post At Manor Care". The Washington Post. Retrieved 8 March 2017.
  43. ^ Slack, Donovan (31 January 2012). "President Obama's mystery hosts? Stewart and Sandra Bainum". Politico. Retrieved 8 March 2017.
  44. ^ Epstein, Jennifer (23 June 2016). "Republicans are among business leaders backing Clinton". Bloomberg. Retrieved 8 March 2017.
  45. ^ Schultz, Abby (May 27, 2019). "MacKenzie Bezos Among 19 Billionaires Joining the Giving Pledge". Barron's. Archived from the original on May 28, 2019.
  46. ^ Earl, Jennifer (May 28, 2019). "MacKenzie Bezos, among world's richest women, pledges to donate half her $35B fortune to charity". Fox Business. Retrieved June 4, 2019.
  47. ^ Tracy, Marc (February 16, 2021). "Hedge Fund Reaches a Deal to Buy Tribune Publishing". New York Times. Retrieved February 17, 2021.
  48. ^ a b c "Report: Stewart Bainum Jr. Plans To Launch 'The Baltimore Banner,' An All-Digital News Outlet". CBS Baltimore. October 14, 2021. Retrieved January 18, 2022.
  49. ^ a b Coppins, McKay (January 18, 2022). "A Secretive Hedge Fund is Gutting Newsrooms". The Atlantic. Retrieved January 18, 2022.
  50. ^ Robertson, Katie (April 30, 2021). "Maryland hotel mogul continues his quest for Tribune Publishing as time runs out". New York Times. Retrieved January 31, 2022.
  51. ^ Simmons, Melody (January 13, 2022). "Baltimore Banner signs lease for downtown office, building naming rights". Baltimore Business Journal. Retrieved January 18, 2022.
  52. ^ Dieterle, Marcus (October 26, 2021). "The Baltimore Banner names editor in chief, will operate under nonprofit Venetoulis Institute for Local Journalism". Baltimore Fishbowl. Retrieved January 31, 2022.
  53. ^ Edmonds, Rick (February 10, 2022). "A philanthropist pivots: How Stewart Bainum Jr. came to pledge $50 million to launch The Baltimore Banner". Poynter. Retrieved February 14, 2022.
  54. ^ Ellison, Sarah (October 26, 2021). "Bainum unveils plans for new Baltimore Banner news site — and hires Kimi Yoshino, a top L.A. Times editor, to run it". The Washington Post. Retrieved January 18, 2022.
  55. ^ Dieterle, Marcus (January 5, 2022). "Baltimore Banner hires Sun reporters, other Baltimore-area journalists". Baltimore Fishbowl. Retrieved January 18, 2022.
  56. ^ "Philanthropy Awards, 2021". Inside Philanthropy. December 28, 2021. Retrieved January 18, 2022.
  57. ^ "Board of advisors". UCLA Anderson School of Management. Retrieved 8 March 2017.
  58. ^ "Bowdoin College trustees elect new members, approve emeritus status". Bowdoin College. 17 May 2011. Retrieved 8 March 2017.
  59. ^ "WBR talks with Stewart Bainum Jr". Warfield's Business Record. 25 March 1994.
  60. ^ Smitherman, Laura (20 July 2008). "Wealth driving 'No' vote on slots". The Baltimore Sun. Retrieved 8 March 2017.
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