Ronald Burkle: Difference between revisions
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Ron Burkle was born on November 12, 1952, the elder of two sons, to Betty and Joseph Burkle in [[Pomona, California]].<ref name=forbesmiller>{{cite news|last1=Miller|first1=Matthew|title=The Rise Of Ron Burkle|url=http://www.forbes.com/forbes/2006/1211/104.html|publisher=Forbes|accessdate=July 23, 2014|date=November 24, 2006}}</ref> Joseph worked seven days a week, managing a [[Stater Bros.]] grocery store in Pomona and investing his savings in apartment buildings.<ref name=forbesmiller/><ref name="The Complete Ron Burkle">{{cite web|url=http://www.observer.com/node/32454|title=The Complete Ron Burkle|publisher=[[The New York Observer]]|date=2006-04-12|accessdate=2007-10-01}}</ref><ref name=forbesberfield>{{cite web|last1=Berfield|first1=Susan|title=The Other Ron Burkle|url=http://www.businessweek.com/magazine/content/10_11/b4170042334079.htm|publisher=Forbes Businessweek|accessdate=23 July 2014}}</ref> To see his father, Burkle stocked shelves in his father's store with bread and corralled shopping carts.<ref name=forbesmiller/><ref name=newyorkerbruck>{{cite web|last1=Bruck|first1=Connie|title=Cashier du Cinema|url=http://www.newyorker.com/magazine/2012/10/08/cashier-du-cinema|publisher=The New Yorker|accessdate=July 23, 2014}}</ref> |
Ron Burkle was born on November 12, 1952, the elder of two sons, to Betty and Joseph Burkle in [[Pomona, California]].<ref name=forbesmiller>{{cite news|last1=Miller|first1=Matthew|title=The Rise Of Ron Burkle|url=http://www.forbes.com/forbes/2006/1211/104.html|publisher=Forbes|accessdate=July 23, 2014|date=November 24, 2006}}</ref> Joseph worked seven days a week, managing a [[Stater Bros.]] grocery store in Pomona and investing his savings in apartment buildings.<ref name=forbesmiller/><ref name="The Complete Ron Burkle">{{cite web|url=http://www.observer.com/node/32454|title=The Complete Ron Burkle|publisher=[[The New York Observer]]|date=2006-04-12|accessdate=2007-10-01}}</ref><ref name=forbesberfield>{{cite web|last1=Berfield|first1=Susan|title=The Other Ron Burkle|url=http://www.businessweek.com/magazine/content/10_11/b4170042334079.htm|publisher=Forbes Businessweek|accessdate=23 July 2014}}</ref> To see his father, Burkle stocked shelves in his father's store with bread and corralled shopping carts.<ref name=forbesmiller/><ref name=newyorkerbruck>{{cite web|last1=Bruck|first1=Connie|title=Cashier du Cinema|url=http://www.newyorker.com/magazine/2012/10/08/cashier-du-cinema|publisher=The New Yorker|accessdate=July 23, 2014}}</ref> |
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By age 13, Burkle had joined Box Boy Local 770.<ref name=newyorkerbruck/> At age 16, he graduated from high school and entered [[California State Polytechnic University, Pomona]] to study dentistry.<ref name=forbesmiller/><ref name=forbesberfield/><ref name=bloomberglubove>{{cite news|last1=Lubove|first1=Seth|title=Burkle Gets Bill Clinton's Ear, No Respect From Ovitz|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=a9BuMRZAxjJE|publisher=Bloomberg|accessdate=July 23, 2014|date=November 2, 2007 |
By age 13, Burkle had joined Box Boy Local 770.<ref name=newyorkerbruck/> At age 16, he graduated from high school and entered [[California State Polytechnic University, Pomona]] to study dentistry.<ref name=forbesmiller/><ref name=forbesberfield/><ref name=bloomberglubove>{{cite news|last1=Lubove |first1=Seth |title=Burkle Gets Bill Clinton's Ear, No Respect From Ovitz |url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=a9BuMRZAxjJE |publisher=Bloomberg |accessdate=July 23, 2014 |date=November 2, 2007 |deadurl=yes |archiveurl=https://web.archive.org/web/20140729225004/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a9BuMRZAxjJE |archivedate=July 29, 2014 |df= }}</ref> Less than two years later, Burkle dropped out.<ref name=bloomberglubove/> |
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At age 21, he married Janet Steeper, a Stater Bros. clerk and great-grandniece of the aviation pioneers, the [[Wright brothers]].<ref name=forbesmiller/> They would have three children together. Burkle parlayed a $3,000 investment in American Silver and another metals company into $30,000 and began investing in and flipping undervalued grocery stores. He made at least one deal with the assistance of [[junk bond]] financier [[Michael Milken]].<ref name=forbesmiller/><ref name=forbesberfield/> |
At age 21, he married Janet Steeper, a Stater Bros. clerk and great-grandniece of the aviation pioneers, the [[Wright brothers]].<ref name=forbesmiller/> They would have three children together. Burkle parlayed a $3,000 investment in American Silver and another metals company into $30,000 and began investing in and flipping undervalued grocery stores. He made at least one deal with the assistance of [[junk bond]] financier [[Michael Milken]].<ref name=forbesmiller/><ref name=forbesberfield/> |
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In 1986, Burkle founded [[Yucaipa Companies]], a [[private equity]] firm<ref name="The Complete Ron Burkle"/> which invests in retail, manufacturing, and distribution. |
In 1986, Burkle founded [[Yucaipa Companies]], a [[private equity]] firm<ref name="The Complete Ron Burkle"/> which invests in retail, manufacturing, and distribution. |
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He has served as chairman of the board and controlling shareholder of numerous companies, including [[Alliance Entertainment]],<ref>{{cite news|title=#112 Ronald Burkle|url=http://www.forbes.com/lists/2005/54/TTQT.html|work=Forbes 400|accessdate=2007-10-01}}</ref> [[Golden State Foods]], [[Dominick's]], [[Fred Meyer]], [[Ralphs]], and [[Food4Less]]. He is currently a member of the board of [[Occidental Petroleum Corporation]],<ref>{{cite web|url=http://www.oxy.com/Corporate%20governance/board.htm|archive-url=https://web.archive.org/web/20040823214127/http://www.oxy.com |
He has served as chairman of the board and controlling shareholder of numerous companies, including [[Alliance Entertainment]],<ref>{{cite news|title=#112 Ronald Burkle|url=http://www.forbes.com/lists/2005/54/TTQT.html|work=Forbes 400|accessdate=2007-10-01}}</ref> [[Golden State Foods]], [[Dominick's]], [[Fred Meyer]], [[Ralphs]], and [[Food4Less]]. He is currently a member of the board of [[Occidental Petroleum Corporation]],<ref>{{cite web|url=http://www.oxy.com/Corporate%20governance/board.htm |archive-url=https://web.archive.org/web/20040823214127/http://www.oxy.com/Corporate%20governance/board.htm |dead-url=yes |archive-date=2004-08-23 |title=Board of Directors |publisher=[[Occidental Petroleum Corporation]] |accessdate=2007-10-01 |df= }}</ref> [[KB Home]], and [[Yahoo!]]<ref>{{cite web|url=http://yhoo.client.shareholder.com/press/directors.cfm |title=Board of Directors |publisher=Yahoo! |accessdate=2007-10-01 |deadurl=yes |archiveurl=https://web.archive.org/web/20071011201916/http://yhoo.client.shareholder.com/press/directors.cfm |archivedate=2007-10-11 |df= }}</ref> |
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===Pittsburgh Penguins=== |
===Pittsburgh Penguins=== |
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In 2004, Burkle helped finance the launch of [[Al Gore|Al Gore’s]] [[Current TV]],<ref>{{cite news|last1=Belson|first1=Ken|title=Gore and Investors Buy Cable News Channel|url=https://www.nytimes.com/2004/05/05/us/gore-and-investors-buy-cable-news-channel.html|publisher=New York Times|accessdate=July 26, 2014|date=May 5, 2004}}</ref> which was sold in January 2013 to [[Qatar]]-based [[Cable news|cable-news]] channel [[Al Jazeera]].<ref>{{cite news|last1=Alex Sherman and Christopher Palmeri|title=Current TV Said to Fetch $500 Million From Al Jazeera|url=https://www.bloomberg.com/news/2013-01-03/al-jazeera-news-network-acquires-current-tv-to-expand-in-u-s-.html|publisher=Bloomberg|date=January 3, 2013|accessdate=July 26, 2014}}</ref> |
In 2004, Burkle helped finance the launch of [[Al Gore|Al Gore’s]] [[Current TV]],<ref>{{cite news|last1=Belson|first1=Ken|title=Gore and Investors Buy Cable News Channel|url=https://www.nytimes.com/2004/05/05/us/gore-and-investors-buy-cable-news-channel.html|publisher=New York Times|accessdate=July 26, 2014|date=May 5, 2004}}</ref> which was sold in January 2013 to [[Qatar]]-based [[Cable news|cable-news]] channel [[Al Jazeera]].<ref>{{cite news|last1=Alex Sherman and Christopher Palmeri|title=Current TV Said to Fetch $500 Million From Al Jazeera|url=https://www.bloomberg.com/news/2013-01-03/al-jazeera-news-network-acquires-current-tv-to-expand-in-u-s-.html|publisher=Bloomberg|date=January 3, 2013|accessdate=July 26, 2014}}</ref> |
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During Bill Clinton’s presidency, Burkle was a key fundraiser and they became close friends.<ref name=edsallstein/> In 2002, Burkle hired Clinton as a senior advisor on two [[Yucaipa Companies|Yucaipa]] domestic investment funds.<ref name=wsjemshwiller>{{cite news|last1=Emshwiller|first1=John R.|title=Bill Clinton May Get Payout of $20 Million|url=https://online.wsj.com/news/articles/SB120097424021905843?mod=googlenews_wsj&mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB120097424021905843.html%3Fmod%3Dgooglenews_wsj|publisher=Wall Street Journal|accessdate=26 July 2014|date=January 22, 2008 |
During Bill Clinton’s presidency, Burkle was a key fundraiser and they became close friends.<ref name=edsallstein/> In 2002, Burkle hired Clinton as a senior advisor on two [[Yucaipa Companies|Yucaipa]] domestic investment funds.<ref name=wsjemshwiller>{{cite news|last1=Emshwiller |first1=John R. |title=Bill Clinton May Get Payout of $20 Million |url=https://online.wsj.com/news/articles/SB120097424021905843?mod=googlenews_wsj&mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB120097424021905843.html%3Fmod%3Dgooglenews_wsj |publisher=Wall Street Journal |accessdate=26 July 2014 |date=January 22, 2008 |deadurl=yes |archiveurl=https://web.archive.org/web/20141120013100/http://online.wsj.com/news/articles/SB120097424021905843?mod=googlenews_wsj&mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB120097424021905843.html%3Fmod%3Dgooglenews_wsj |archivedate=20 November 2014 |df= }}</ref> Clinton invested in a Yucaipa global fund focused on foreign companies.<ref name=wsjemshwiller/> In an interview with ''[[The Wall Street Journal]]'', then-U.S. Senator [[Hillary Clinton]] (D-NY) expressed concern that such investments could be used by foreign governments as "instruments of foreign policy."<ref name=wsjemshwiller/> |
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In 2009 [[Bill Clinton]] ended his relationship with Yucaipa due to potential [[Conflict of interest|conflicts of interest]].<ref name=edsallstein/> Following “months” of negotiations, the two were not able to agree on a final payment for Clinton’s advisory services, estimated at up to $20 million, and Clinton “walked away” from the potential payout.<ref>{{cite web|last1=Masters|first1=Kim|title=Bill Clinton's $20 Million Breakup|url=http://www.thedailybeast.com/articles/2010/03/29/bill-clintons-20-million-breakup.html|publisher=Daily Beast|date=March 29, 2010|accessdate=July 26, 2014}}</ref><ref>{{cite news|last1=Emshwiller|first1=John R.|title=Bill Clinton Leaves Yucaipa Business Partnerships|url=https://online.wsj.com/news/articles/SB123716092427335513|publisher=Wall Street Journal|accessdate=July 26, 2014|date=March 16, 2009 |
In 2009 [[Bill Clinton]] ended his relationship with Yucaipa due to potential [[Conflict of interest|conflicts of interest]].<ref name=edsallstein/> Following “months” of negotiations, the two were not able to agree on a final payment for Clinton’s advisory services, estimated at up to $20 million, and Clinton “walked away” from the potential payout.<ref>{{cite web|last1=Masters|first1=Kim|title=Bill Clinton's $20 Million Breakup|url=http://www.thedailybeast.com/articles/2010/03/29/bill-clintons-20-million-breakup.html|publisher=Daily Beast|date=March 29, 2010|accessdate=July 26, 2014}}</ref><ref>{{cite news|last1=Emshwiller |first1=John R. |title=Bill Clinton Leaves Yucaipa Business Partnerships |url=https://online.wsj.com/news/articles/SB123716092427335513 |publisher=Wall Street Journal |accessdate=July 26, 2014 |date=March 16, 2009 |deadurl=yes |archiveurl=https://web.archive.org/web/20131228031847/http://online.wsj.com/news/articles/SB123716092427335513 |archivedate=December 28, 2013 |df= }}</ref> |
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==Awards and recognition== |
==Awards and recognition== |
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Burkle's honors and awards include the [[Los Angeles County, California]] [[Boy Scouts of America|Boy Scouts]] [[James Stewart|Jimmy Stewart]] “Good Turn” Award,<ref>{{cite web|title=Boy Scouts to Honor Ron Burkle with Prestigious Jimmy Stewart 'Good Turn' Award |url=http://scouts-l.com/cgi-bin/wa?A2=ind9706&L=scouts-l&F=&S=&P=294339 |publisher=SCOUTS-L Archives |accessdate=July 25, 2014 |deadurl=yes |archiveurl=https://web.archive.org/web/20140728082314/http://scouts-l.com/cgi-bin/wa?A2=ind9706&L=scouts-l&F=&S=&P=294339 |archivedate=July 28, 2014 |df= }}</ref> the [[AIDS Project Los Angeles]] Commitment to Life Award,<ref>{{cite news|last1=Higgins|first1=Bill|title=Gala AIDS Fund-Raiser Is Sedate but Still Starry|url=http://articles.latimes.com/1998/feb/16/health/he-19704|publisher=Los Angeles Times|accessdate=July 25, 2014|date=February 16, 1998}}</ref> and the Los Angeles [[Urban League]] Whitney M. Young Award.<ref name=founderburkle>{{cite web|title=Founder: Ronald W. Burkle|url=http://burklefoundation.com/ron_burkle/|publisher=The Ronald W. Burkle Foundation|accessdate=July 25, 2014}}</ref><ref>{{cite web|title=Los Angeles Urban League's Whitney M. Young, Jr. Awards|url=http://www.nijart.com/ronburkle1.htm|publisher=Los Angeles Urban League|accessdate=July 25, 2014}}</ref> He has received numerous honors and awards from labor including the [[AFL-CIO]] Murray Green Meany Kirkland Community Service Award<ref>{{cite web|title=Biennial Convention|url=http://www.aflcio.org/Press-Room/Press-Releases/Biennial-Convention|publisher=AFL-CIO|accessdate=July 25, 2014 |
Burkle's honors and awards include the [[Los Angeles County, California]] [[Boy Scouts of America|Boy Scouts]] [[James Stewart|Jimmy Stewart]] “Good Turn” Award,<ref>{{cite web|title=Boy Scouts to Honor Ron Burkle with Prestigious Jimmy Stewart 'Good Turn' Award |url=http://scouts-l.com/cgi-bin/wa?A2=ind9706&L=scouts-l&F=&S=&P=294339 |publisher=SCOUTS-L Archives |accessdate=July 25, 2014 |deadurl=yes |archiveurl=https://web.archive.org/web/20140728082314/http://scouts-l.com/cgi-bin/wa?A2=ind9706&L=scouts-l&F=&S=&P=294339 |archivedate=July 28, 2014 |df= }}</ref> the [[AIDS Project Los Angeles]] Commitment to Life Award,<ref>{{cite news|last1=Higgins|first1=Bill|title=Gala AIDS Fund-Raiser Is Sedate but Still Starry|url=http://articles.latimes.com/1998/feb/16/health/he-19704|publisher=Los Angeles Times|accessdate=July 25, 2014|date=February 16, 1998}}</ref> and the Los Angeles [[Urban League]] Whitney M. Young Award.<ref name=founderburkle>{{cite web|title=Founder: Ronald W. Burkle|url=http://burklefoundation.com/ron_burkle/|publisher=The Ronald W. Burkle Foundation|accessdate=July 25, 2014}}</ref><ref>{{cite web|title=Los Angeles Urban League's Whitney M. Young, Jr. Awards|url=http://www.nijart.com/ronburkle1.htm|publisher=Los Angeles Urban League|accessdate=July 25, 2014}}</ref> He has received numerous honors and awards from labor including the [[AFL-CIO]] Murray Green Meany Kirkland Community Service Award<ref>{{cite web|title=Biennial Convention |url=http://www.aflcio.org/Press-Room/Press-Releases/Biennial-Convention |publisher=AFL-CIO |accessdate=July 25, 2014 |deadurl=yes |archiveurl=https://web.archive.org/web/20140728130828/http://www.aflcio.org/Press-Room/Press-Releases/Biennial-Convention |archivedate=July 28, 2014 |df= }}</ref> and The [[Los Angeles County Federation of Labor]] Man of the Year.<ref>{{cite news|url=http://www.getty.edu/news/press/leaders/burkle.html|work=The Getty|title=Los Angeles County Federation of Labor Man of the Year|accessdate=June 5, 2015}}</ref> |
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==Philanthropy== |
==Philanthropy== |
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===Board memberships=== |
===Board memberships=== |
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Burkle is a trustee of [[The Carter Center]],<ref name=founderburkle/><ref name=bloombergprofile>{{cite web|title=Executive Profile: Ronald Wayne Burkle|url=http://investing.businessweek.com/research/stocks/private/person.asp?personId=75525&privcapId=23465|publisher=Bloomberg Businessweek|accessdate=July 25, 2014}}</ref> the [[National Urban League]],<ref name=founderburkle/><ref name=bloombergprofile/> [[Frank Lloyd Wright Building Conservancy]]<ref>{{cite web|title=Board and Staff|url=https://www.savewright.org/index.php?page=20|publisher=Frank Lloyd Wright Building Conservancy|accessdate=July 25, 2014}}</ref> and [[AIDS Project Los Angeles]].<ref>{{cite web|title=Board of Directors|url=http://www.apla.org/about-apla/board-of-directors.html|publisher=AIDS Project Los Angeles|accessdate=July 25, 2014 |
Burkle is a trustee of [[The Carter Center]],<ref name=founderburkle/><ref name=bloombergprofile>{{cite web|title=Executive Profile: Ronald Wayne Burkle|url=http://investing.businessweek.com/research/stocks/private/person.asp?personId=75525&privcapId=23465|publisher=Bloomberg Businessweek|accessdate=July 25, 2014}}</ref> the [[National Urban League]],<ref name=founderburkle/><ref name=bloombergprofile/> [[Frank Lloyd Wright Building Conservancy]]<ref>{{cite web|title=Board and Staff|url=https://www.savewright.org/index.php?page=20|publisher=Frank Lloyd Wright Building Conservancy|accessdate=July 25, 2014}}</ref> and [[AIDS Project Los Angeles]].<ref>{{cite web|title=Board of Directors |url=http://www.apla.org/about-apla/board-of-directors.html |publisher=AIDS Project Los Angeles |accessdate=July 25, 2014 |deadurl=yes |archiveurl=https://web.archive.org/web/20140727194741/http://www.apla.org/about-apla/board-of-directors.html |archivedate=July 27, 2014 |df= }}</ref> He is a past board member of the [[J. Paul Getty Trust]],<ref>{{cite news|last1=Reynolds|first1=Christopher|title=Burkle, 2 others to leave Getty|url=http://articles.latimes.com/2006/may/19/entertainment/et-quick19.4|publisher=Los Angeles Times|accessdate=25 July 2014|date=May 19, 2006}}</ref><ref name=boardgame>{{cite news|last1=Reynolds|first1=Christopher|title=The board game|url=http://articles.latimes.com/2003/apr/27/entertainment/ca-reynolds27/6|publisher=Los Angeles Timesdate=April 27, 2003|accessdate=July 25, 2014|date=April 27, 2003}}</ref> the [[Los Angeles County Museum of Art]],<ref>{{cite web|title=Managing Partner: Ron Burkle|url=http://yucaipaco.com/managing-partner/|publisher=The Yucaipa Companies|accessdate=July 25, 2014}}</ref> the [[Los Angeles Music Center]],<ref>{{cite web|title=Staff & Board of Directors|url=http://www.musiccenter.org/about/about-the-music-center/staff--board/|publisher=The Music Center|accessdate=July 25, 2014}}</ref> and the [[Museum of Contemporary Art, Los Angeles]].<ref name=boardgame/> |
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==Personal life== |
==Personal life== |
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* [http://www.observer.com/node/32454 The Complete Ron Burkle] Jason Horowitz, ''The New York Observer'' April 12, 2007 |
* [http://www.observer.com/node/32454 The Complete Ron Burkle] Jason Horowitz, ''The New York Observer'' April 12, 2007 |
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* [http://www.washingtontimes.com/national/20050801-104311-8914r.htm Gore reinvents television with the debut of Current], ''The Washington Times'', August 2, 2005 |
* [http://www.washingtontimes.com/national/20050801-104311-8914r.htm Gore reinvents television with the debut of Current], ''The Washington Times'', August 2, 2005 |
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* [https://online.wsj.com/public/article/SB114480390034723609-WVJUQ2rGVlv6bsuTpGLR_05GR6k_20060419.html?mod=blogs Yellow Peril] |
* [https://web.archive.org/web/20080418091611/http://online.wsj.com/public/article/SB114480390034723609-WVJUQ2rGVlv6bsuTpGLR_05GR6k_20060419.html?mod=blogs Yellow Peril] Ron Burkle, ''Wall Street Journal'', April 19, 2006, about the Payola Six Scandal |
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* [https://www.nytimes.com/2006/04/12/nyregion/12post.html Billionaire and Post Writer in Dance of Tips and Turns] ''New York Times'', April 12, 2006 |
* [https://www.nytimes.com/2006/04/12/nyregion/12post.html Billionaire and Post Writer in Dance of Tips and Turns] ''New York Times'', April 12, 2006 |
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* [http://www.observer.com/node/36611 Ex-Post Keyholer Says He’s Cleared on Extortion Rap] Choire Sicha, ''The New York Observer'', January 29, 2007 |
* [http://www.observer.com/node/36611 Ex-Post Keyholer Says He’s Cleared on Extortion Rap] Choire Sicha, ''The New York Observer'', January 29, 2007 |
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* [https://www.bloomberg.com/apps/news?pid=20601087&sid=arWEU5f1k5Ow&refer=home: Burkle's Source Agrees to Buy Primedia Magazine Group (Update4)] |
* [https://www.bloomberg.com/apps/news?pid=20601087&sid=arWEU5f1k5Ow&refer=home: Burkle's Source Agrees to Buy Primedia Magazine Group (Update4)] Leon Lazaroff, ''Bloomberg.com'', May 14, 2007 |
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* [http://www.forbes.com/business/feeds/afx/2007/06/05/afx3790011.htm Dow Jones Union Asks Tycoons to explore Alternatives to News Corp Bid]{{dead link|date=April 2017}} Forbes, 1 October 2007 |
* [http://www.forbes.com/business/feeds/afx/2007/06/05/afx3790011.htm Dow Jones Union Asks Tycoons to explore Alternatives to News Corp Bid]{{dead link|date=April 2017}} Forbes, 1 October 2007 |
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* [http://www.washingtonpost.com/wp-dyn/content/article/2008/04/04/AR2008040403927.html Clintons Earned $109 Million in 8 Years] Washington Post, 5 April 2008 |
* [http://www.washingtonpost.com/wp-dyn/content/article/2008/04/04/AR2008040403927.html Clintons Earned $109 Million in 8 Years] Washington Post, 5 April 2008 |
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* [http://news.bbc.co.uk/2/hi/business/4483894.stm Aloha Bankruptcy Scheme Approved] BBC News, 30 November 2005; accessed 31 March 2008 |
* [http://news.bbc.co.uk/2/hi/business/4483894.stm Aloha Bankruptcy Scheme Approved] BBC News, 30 November 2005; accessed 31 March 2008 |
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* {{Cite news |
* {{Cite news|first=Mark |last=Belko |title=The secret life of Ron Burkle |url=http://www.post-gazette.com/pg/10136/1058553-28.stm |work=Pittsburgh Post-Gazette |date=May 16, 2010 |accessdate=May 17, 2010 |deadurl=yes |archiveurl=https://web.archive.org/web/20100520014750/http://www.post-gazette.com/pg/10136/1058553-28.stm |archivedate=May 20, 2010 |df= }} |
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{{Pittsburgh Penguins Owners}} |
{{Pittsburgh Penguins Owners}} |
Revision as of 05:35, 25 May 2017
Ronald Burkle | |
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File:RON BURKLE.jpg Burkle in 2006 | |
Born | Ronald Wayne Burkle November 12, 1952 Pomona, California, U.S. |
Occupation(s) | Co-Founder and Managing Partner The Yucaipa Companies, LLC |
Years active | 1986–present |
Children | 3 |
Website | Yucaipaco.com Ronald W. Burkle Foundation |
Ronald Wayne Burkle (born November 12, 1952) is an American investor and philanthropist. He is co-founder and managing partner of The Yucaipa Companies, LLC, a private equity and venture capital firm that specializes in underperforming U.S. companies in the distribution, logistics, food, retail, consumer and light industrial sectors.[2][3] Yucaipa has executed grocery chain mergers and acquisitions involving supermarket chains including Fred Meyer, Ralphs, and Jurgensen's, and owns stakes in about 35 companies including grocery chains A&P and Whole Foods Market.[4]
Burkle’s net worth is estimated at $2.9 billion.[1] He was ranked #633 on Forbes' list of “The Richest People On The Planet 2014.” [1]
Burkle is a prominent Democratic activist and fundraiser.[5][6][7]
Early life and education
Ron Burkle was born on November 12, 1952, the elder of two sons, to Betty and Joseph Burkle in Pomona, California.[8] Joseph worked seven days a week, managing a Stater Bros. grocery store in Pomona and investing his savings in apartment buildings.[8][9][10] To see his father, Burkle stocked shelves in his father's store with bread and corralled shopping carts.[8][11]
By age 13, Burkle had joined Box Boy Local 770.[11] At age 16, he graduated from high school and entered California State Polytechnic University, Pomona to study dentistry.[8][10][12] Less than two years later, Burkle dropped out.[12]
At age 21, he married Janet Steeper, a Stater Bros. clerk and great-grandniece of the aviation pioneers, the Wright brothers.[8] They would have three children together. Burkle parlayed a $3,000 investment in American Silver and another metals company into $30,000 and began investing in and flipping undervalued grocery stores. He made at least one deal with the assistance of junk bond financier Michael Milken.[8][10]
Burkle was promoted to store manager at Stater Bros. and later became a vice president at Petrolane, Inc., Stater's parent company. When he was 29, Petrolane decided to sell Stater Bros.[8] Burkle secretly organized a leveraged buyout with Charles Munger, vice-chairman of Berkshire Hathaway, who agreed to put up half of the equity.[8][11] Burkle made his bid to Petrolane's board that was 20% lower than Petrolane's internal valuation. The board rejected Burkle's offer and fired him. Burkle's portfolio was by then worth some $5 million and during the next five years he continued to invest in stocks and oversaw his family's rental properties.[8][11]
Career
In 1986, Burkle founded Yucaipa Companies, a private equity firm[9] which invests in retail, manufacturing, and distribution.
He has served as chairman of the board and controlling shareholder of numerous companies, including Alliance Entertainment,[13] Golden State Foods, Dominick's, Fred Meyer, Ralphs, and Food4Less. He is currently a member of the board of Occidental Petroleum Corporation,[14] KB Home, and Yahoo![15]
Pittsburgh Penguins
Burkle is part owner of the Pittsburgh Penguins[16] National Hockey League team, although his current share is unknown. He co-owns the franchise with Penguins legend Mario Lemieux.
Technology investments
He has invested in technology startup companies through A-Grade Investments, a venture capital fund founded by Ashton Kutcher, Guy Oseary and Ron Burkle.[17] A-Grade's investments include SeatGeek,[18] SoundCloud[19] and Airbnb.[20]
He has also invested in technology startup companies through Inevitable Venture, a venture capital fund founded by D.A Wallach, and Chris Hollod. Inevitable Ventures's investment include Picnic Health, 8i, Thrive Market, and Wiser Care.[21]
Media investments
Burkle has recently invested in a branded entertainment company, Three Lions Entertainment,[22] which focuses on branded entertainment events and cross platform marketing.[23]
Wild Oats
Wild Oats Markets was an operator of natural foods stores and farmers' markets in North America. Burkle started buying Wild Oats stock in February 2005. By the time Whole Foods Market, a natural-foods grocer, agreed to pay $565 million for Wild Oats, Burkle was the largest shareholder of Wild Oats.[24]
Golden State Foods
Burkle sold his majority stake in supplier Golden State Foods to St. Louis-based Wetterau Associates for about $110 million. Golden State, one of McDonald's biggest suppliers, operates 11 distribution centers in the United States and abroad and two U.S. processing plants.[25]
Investments and transactions
Burkle's investments and transactions include:
- Sold Dominick's chain to Safeway in 1998 for over $200 million in profits;[citation needed]
- Owns 20.7% stake in Americold Realty Trust;[citation needed]
- Leveraged buyouts of Jurgensen's, Fred Meyer, Food 4 Less, and Ralphs supermarket chains, and sold to Kroger for $13.5 billion;[citation needed]
- Signed Fleming Companies, Inc. as sole food supplier to Kmart;[citation needed]
- Majority stake in Pathmark grocery stores;[citation needed]
- Cyrk, the former Beanie Baby promotion agency;[citation needed]
- Merged Alliance Entertainment with Source Interlink;[citation needed]
- 49% of British jewelry brand Stephen Webster purchased in 2007;[citation needed]
- Invested $100 million in Sean Combs's (P. Diddy) Sean John clothing line;[citation needed]
- Purchased Enthusiast Media publications and assets of Primedia for $1.2 billion;[citation needed]
- Burkle's investment firm, Yucaipa Cos., owns 18.7% of the common stock of Barnes & Noble.[26] In early 2010 he sought to raise his stake to 37% without triggering the shareholders' rights plan.[27][28][29] B&N Chairman Len Riggio, with 27.8% ownership of the bookseller's common stock, is Barnes & Noble's largest shareholder.[30]
- Owns 6% stake in American Apparel, Inc.[31]
- Burkle offered to purchase the financially troubled Sacramento Kings franchise and prevent the team from relocating to Anaheim; Burkle's plan was rejected by the current owners, Joe and Gavin Maloof.[citation needed]
- A significant equity stake in Relativity Media.[32][33]
Political activities
Burkle has personally contributed millions of dollars to the Democratic Party and raised an estimated $100 million at celebrity-studded fundraising events he hosted for Democratic Party candidates at his Green Acres Estate in Beverly Hills, California.[34][35] Burkle has hosted fundraisers for Bill and Hillary Clinton,[34][36] John Kerry,[5] Cory Booker[6] and Terry McAuliffe,[37] as well as former Republican California Governor Arnold Schwarzenegger,[8] among others.
In January 2011, he hosted a fundraiser to support efforts to overturn Proposition 8, California's ban on same-sex marriage.[38]
In 2004, Burkle helped finance the launch of Al Gore’s Current TV,[39] which was sold in January 2013 to Qatar-based cable-news channel Al Jazeera.[40]
During Bill Clinton’s presidency, Burkle was a key fundraiser and they became close friends.[7] In 2002, Burkle hired Clinton as a senior advisor on two Yucaipa domestic investment funds.[41] Clinton invested in a Yucaipa global fund focused on foreign companies.[41] In an interview with The Wall Street Journal, then-U.S. Senator Hillary Clinton (D-NY) expressed concern that such investments could be used by foreign governments as "instruments of foreign policy."[41]
In 2009 Bill Clinton ended his relationship with Yucaipa due to potential conflicts of interest.[7] Following “months” of negotiations, the two were not able to agree on a final payment for Clinton’s advisory services, estimated at up to $20 million, and Clinton “walked away” from the potential payout.[42][43]
Awards and recognition
Burkle's honors and awards include the Los Angeles County, California Boy Scouts Jimmy Stewart “Good Turn” Award,[44] the AIDS Project Los Angeles Commitment to Life Award,[45] and the Los Angeles Urban League Whitney M. Young Award.[3][46] He has received numerous honors and awards from labor including the AFL-CIO Murray Green Meany Kirkland Community Service Award[47] and The Los Angeles County Federation of Labor Man of the Year.[48]
Philanthropy
Ronald W. Burkle Foundation
Burkle is founder and chairman of the board of The Ronald W. Burkle Foundation.[3] The Foundation's mission is to “positively influence people around the world and their communities” by supporting programs that “strengthen international understanding, foster worker’s rights, empower underserved communities, nurture the arts and architecture, engage children in learning and advance scientific research.”[49]
Burkle Center for International Relations
Burkle serves as co-chairman of The Ronald W. Burkle Center for International Relations at UCLA, to promote "research on and promotes discussion of international relations, U.S. foreign policy, and complex issues of global cooperation and conflict."[50][51] The Center has hosted eminent figures in world affairs including United Nations Secretary-General Ban Ki-moon, and former U.S. presidents Bill Clinton and Jimmy Carter.[51]
Board memberships
Burkle is a trustee of The Carter Center,[3][52] the National Urban League,[3][52] Frank Lloyd Wright Building Conservancy[53] and AIDS Project Los Angeles.[54] He is a past board member of the J. Paul Getty Trust,[55][56] the Los Angeles County Museum of Art,[57] the Los Angeles Music Center,[58] and the Museum of Contemporary Art, Los Angeles.[56]
Personal life
Burkle is a fan of historic architecture. In 2011, he purchased [59] the partially restored Ennis House, a Los Angeles landmark designed by Frank Lloyd Wright. Burkle owns Greenacres, an estate built for Harold Lloyd.
In December 2013, Burkle purchased an Olympic gold medal won by Jesse Owens at the 1936 Berlin Games for $1.4 million[60] and owns William Faulkner's Nobel Prize for Literature.[61][62]
Controversies
Journalism scandal
In April 2006, Burkle accused New York Post columnist Jared Paul Stern of attempting to extort money from him in exchange for stopping the publication of stories in Page Six, the paper's gossip column, about his private life. He secretly videotaped two private meetings between himself and Stern, with the second meeting orchestrated and monitored by the FBI. Stern allegedly asked Burkle for a $220,000 investment in his clothing business in exchange for better coverage. Stern was subsequently fired by the Post.[63]
Follieri and the Vati-Con scandal
On April 30, 2008, a Delaware judge dismissed Burkle's lawsuit against Raffaello Follieri, ex-boyfriend of actress Anne Hathaway, after Follieri agreed to repay $1.3 million Burkle loaned to him in the Vati-Con scandal.[64]
See also
References
- ^ a b c "The World's Billionaires: Ron Burkle". Forbes. Retrieved July 23, 2014.
- ^ Hillary Canada and Laura Kreutzer (September 4, 2012). "Yucaipa Returns to Market With $1.65 Billion Target". Wall Street Journal. Retrieved July 28, 2014.[dead link]
- ^ a b c d e "Founder: Ronald W. Burkle". The Ronald W. Burkle Foundation. Retrieved July 25, 2014.
- ^ "Company Information: The Yucaipa Companies LLC". Hoovers. Retrieved July 28, 2014.
- ^ a b Kasindorf, Martin (March 31, 2004). "Stars align for Kerry fundraising". USA Today. Retrieved 26 July 2014.
- ^ a b Daunt, Tina. "Matt Damon, Ben Affleck to Co-Host Cory Booker Fundraiser". Hollywood Reporter. Retrieved July 26, 2014.
- ^ a b c Thomas B. Edsall and Sam Stein (December 12, 2007). "Protecting Hillary: Bill Clinton Severs Business Ties With Billionaire Buddy Burkle". Huffington Post. Retrieved July 26, 2014.
- ^ a b c d e f g h i j Miller, Matthew (November 24, 2006). "The Rise Of Ron Burkle". Forbes. Retrieved July 23, 2014.
- ^ a b "The Complete Ron Burkle". The New York Observer. 2006-04-12. Retrieved 2007-10-01.
- ^ a b c Berfield, Susan. "The Other Ron Burkle". Forbes Businessweek. Retrieved 23 July 2014.
- ^ a b c d Bruck, Connie. "Cashier du Cinema". The New Yorker. Retrieved July 23, 2014.
- ^ a b Lubove, Seth (November 2, 2007). "Burkle Gets Bill Clinton's Ear, No Respect From Ovitz". Bloomberg. Archived from the original on July 29, 2014. Retrieved July 23, 2014.
{{cite news}}
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suggested) (help) - ^ "#112 Ronald Burkle". Forbes 400. Retrieved 2007-10-01.
- ^ "Board of Directors". Occidental Petroleum Corporation. Archived from the original on 2004-08-23. Retrieved 2007-10-01.
{{cite web}}
: Unknown parameter|dead-url=
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suggested) (help) - ^ "Board of Directors". Yahoo!. Archived from the original on 2007-10-11. Retrieved 2007-10-01.
{{cite web}}
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- ^ "Ron Burkle Crunchbase Profile". Crunchbase. 2012-01-31.
- ^ "New Ashton Kutcher Investment". Gigaom. 2011-02-22.
- ^ "SoundCloud Receives Investment from Ashton Kutcher's A-Grade". Billboard.biz. 2011-06-15.
- ^ Wortham, Jenna (2011-05-25). "Ashton Kutcher Knows His Start-Ups". New York Times.
- ^ "Inevitable Ventures". Angel List.
- ^ Miller, Daniel (March 25, 2013). "Mogul Ron Burkle partnering in new branded entertainment company". The LA Times. Retrieved June 5, 2015.
- ^ "Three Lions Entertainment". Retrieved June 5, 2015.
- ^ "Ronald Burkle Harvests His Wild Oats". The New York Times. 2007-02-22. Retrieved June 5, 2015.
- ^ "Burkle sells 51% stake in Golden State Foods". Nation's Restaurant News. February 16, 2004. Retrieved June 5, 2015.
- ^ Trachtenberg, Jeffrey A. (2010-03-01). "Burkle Presses Barnes & Noble on Stake". The Wall Street Journal.
- ^ http://sec.gov/Archives/edgar/data/890491/000110465910004168/a10-2792_1ex99d2.htm
- ^ Eric Savitz (February 1, 2010). "Burkle's Yucaipa Funds Targets Barnes & Noble; Asks OK To Boost Stake To 37%, Matching Riggios". Barrons. Retrieved June 5, 2015.
- ^ Shwiff, Kathy; Trachtenberg, Jeffrey A. (2010-02-02). "Burkle Targets Barnes & Noble". The Wall Street Journal.
- ^ Trachtenberg, Jeffrey A. (2010-02-19). "Barnes & Noble Won't Let Burkle Raise Stakes". The Wall Street Journal. Retrieved June 5, 2015.
- ^ Holmes, Elizabeth (2010-06-25). "Ron Burkle Reports 6% Stake In American Apparel". The Wall Street Journal.
- ^ Finke, Nikki. "Relativity Bargaining To Acquire Rogue". Deadline Hollywood. Retrieved July 28, 2014.
- ^ Finke, Nikki. "Relativity Media Buys Rogue Pictures". Deadline Hollywood. Retrieved July 28, 2014.
- ^ a b Daunt, Tina (November 18, 2007). "The Hollywood Money Palaces". Los Angeles Times. Retrieved July 26, 2014.
- ^ Belko, Mark (May 16, 2010). "The secret life of Ron Burkle". Pittsburgh Post-Gazette. Retrieved July 26, 2014.
- ^ Morain, Dan (March 24, 2007). "Clinton's back in Beverly Hills tonight". Los Angeles Times. Retrieved July 26, 2014.
- ^ Fain, Travis. "McAuliffe headed to Aspen, L.A. for PAC fundraisers". Virginia Daily Press. Retrieved 26 July 2014.
- ^ Keegan, Rebecca (January 20, 2011). "Elton John fetes crowd at Ron Burkle's estate in support of Prop. 8 court challenge". L.A. Times music blog. Retrieved July 26, 2014.
- ^ Belson, Ken (May 5, 2004). "Gore and Investors Buy Cable News Channel". New York Times. Retrieved July 26, 2014.
- ^ Alex Sherman and Christopher Palmeri (January 3, 2013). "Current TV Said to Fetch $500 Million From Al Jazeera". Bloomberg. Retrieved July 26, 2014.
- ^ a b c Emshwiller, John R. (January 22, 2008). "Bill Clinton May Get Payout of $20 Million". Wall Street Journal. Archived from the original on 20 November 2014. Retrieved 26 July 2014.
{{cite news}}
: Unknown parameter|deadurl=
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suggested) (help) - ^ Masters, Kim (March 29, 2010). "Bill Clinton's $20 Million Breakup". Daily Beast. Retrieved July 26, 2014.
- ^ Emshwiller, John R. (March 16, 2009). "Bill Clinton Leaves Yucaipa Business Partnerships". Wall Street Journal. Archived from the original on December 28, 2013. Retrieved July 26, 2014.
{{cite news}}
: Unknown parameter|deadurl=
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suggested) (help) - ^ "Boy Scouts to Honor Ron Burkle with Prestigious Jimmy Stewart 'Good Turn' Award". SCOUTS-L Archives. Archived from the original on July 28, 2014. Retrieved July 25, 2014.
{{cite web}}
: Unknown parameter|deadurl=
ignored (|url-status=
suggested) (help) - ^ Higgins, Bill (February 16, 1998). "Gala AIDS Fund-Raiser Is Sedate but Still Starry". Los Angeles Times. Retrieved July 25, 2014.
- ^ "Los Angeles Urban League's Whitney M. Young, Jr. Awards". Los Angeles Urban League. Retrieved July 25, 2014.
- ^ "Biennial Convention". AFL-CIO. Archived from the original on July 28, 2014. Retrieved July 25, 2014.
{{cite web}}
: Unknown parameter|deadurl=
ignored (|url-status=
suggested) (help) - ^ "Los Angeles County Federation of Labor Man of the Year". The Getty. Retrieved June 5, 2015.
- ^ "Mission Statement". The Ronald W. Burkle Foundation. Retrieved July 25, 2014.
- ^ "Ron Burkle". UCLA Burkle Center for International Relations. Retrieved July 25, 2014.
- ^ a b "About the Burkle Center". UCLA Burkle Center for International Relations. Retrieved July 25, 2014.
- ^ a b "Executive Profile: Ronald Wayne Burkle". Bloomberg Businessweek. Retrieved July 25, 2014.
- ^ "Board and Staff". Frank Lloyd Wright Building Conservancy. Retrieved July 25, 2014.
- ^ "Board of Directors". AIDS Project Los Angeles. Archived from the original on July 27, 2014. Retrieved July 25, 2014.
{{cite web}}
: Unknown parameter|deadurl=
ignored (|url-status=
suggested) (help) - ^ Reynolds, Christopher (May 19, 2006). "Burkle, 2 others to leave Getty". Los Angeles Times. Retrieved 25 July 2014.
- ^ a b Reynolds, Christopher (April 27, 2003). "The board game". Los Angeles Timesdate=April 27, 2003. Retrieved July 25, 2014.
- ^ "Managing Partner: Ron Burkle". The Yucaipa Companies. Retrieved July 25, 2014.
- ^ "Staff & Board of Directors". The Music Center. Retrieved July 25, 2014.
- ^ "Ennis House". ennishouse.com. Retrieved July 25, 2014.
- ^ "Penguins co-owner Burkle pays 1.4 million for Jesse Owens' gold medal". Pittsburgh Post-Gazette. 2013-12-09. Retrieved July 25, 2014.
- ^ "Sports names: Jesse Owens, Ted Ligety". SFGate.com. December 9, 2013. Retrieved July 28, 2014.
- ^ Duff, Alex (December 9, 2013). "Jesse Owens Medal Sold to Billionaire Burkle for $1.5 Million". Bloomberg News. Retrieved July 28, 2014.
- ^ "Joe Tacopina To Testify About Bernie Kerik's Lies". Archived from the original on May 19, 2011. Retrieved July 25, 2014.
{{cite news}}
: Unknown parameter|deadurl=
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suggested) (help) - ^ "Side Dish". New York Daily News. New York. 2008-04-30. Retrieved June 5, 2015.
Further reading
- Bruck, Connie: “Cashier du Cinema - Aftersupermarkets, private equity and politics, Ron Burkle makes a move on Hollywood“. The New Yorker, October 8, 2012 (pp. 76 to 87).
External links
- Ron Burkle's federal campaign contributions at newsmeat.com
- Forbes - The 400 Richest Americans 2005
- The Complete Ron Burkle Jason Horowitz, The New York Observer April 12, 2007
- Gore reinvents television with the debut of Current, The Washington Times, August 2, 2005
- Yellow Peril Ron Burkle, Wall Street Journal, April 19, 2006, about the Payola Six Scandal
- Billionaire and Post Writer in Dance of Tips and Turns New York Times, April 12, 2006
- Ex-Post Keyholer Says He’s Cleared on Extortion Rap Choire Sicha, The New York Observer, January 29, 2007
- Burkle's Source Agrees to Buy Primedia Magazine Group (Update4) Leon Lazaroff, Bloomberg.com, May 14, 2007
- Dow Jones Union Asks Tycoons to explore Alternatives to News Corp Bid[dead link] Forbes, 1 October 2007
- Clintons Earned $109 Million in 8 Years Washington Post, 5 April 2008
- Aloha Bankruptcy Scheme Approved BBC News, 30 November 2005; accessed 31 March 2008
- Belko, Mark (May 16, 2010). "The secret life of Ron Burkle". Pittsburgh Post-Gazette. Archived from the original on May 20, 2010. Retrieved May 17, 2010.
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- 1952 births
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