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Anthony Pratt (businessman)

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This article is about The Australian businessman. For The inventor of Cluedo, see Anthony E. Pratt.

Anthony Pratt
Born
Anthony Joseph Pratt

(1960-04-11)11 April 1960
Melbourne, Australia
CitizenshipAustralia
Alma materMonash University
Occupation(s)Executive Chairman of Visy Industries and Pratt Industries
Organization(s)Visy Industries and Pratt Industries
Board member of
PartnerClaudine Revere
ChildrenLeon and Lilly[1]
Parents
Relatives

Anthony Joseph Pratt (born 11 April 1960 in Melbourne, Victoria), an Australian businessman and billionaire, is the Executive Chairman of Visy Industries and Pratt Industries in America, which is the world’s largest privately owned packaging and paper company.[5] According to the Financial Review Rich List, Pratt and his family have a net worth of A$12.90 billion. Forbes assessed Pratt's net worth in 2016 at US$4.2 billion;[6] listing his sisters' wealth independently.[7][8]

Pratt is the son of the late Richard Pratt, a former manufacturing magnate and former president of the Carlton Football Club, and Jeanne Pratt AC, a philanthropist.[9]

Early life and education

Pratt was born in Melbourne, Victoria to Richard Pratt (née Przecicki) and Jeanne Pratt AC, both Polish-Jewish immigrants.[10] He graduated from Monash University, Melbourne, with a Bachelor of Economics (Hons) in 1982.[11]

Career

Pratt joined McKinsey & Co, a management consulting firm, in 1982 before joining Visy as joint General Manager of its board.[12] In 1988, he became Deputy Chairman of Visy Industries. Three years later, he moved to the United States to lead the company's expansion there. Over the next 15 years, Pratt Industries grew 15-fold in sales and earnings, through greenfield initiatives and the acquisition of several corrugated manufacturing companies that now form the heart of Pratt Industries. Company revenues grew from US$100 million in 1991; and by 2016 revenue was US$3 billion.[13][14] During that time, Pratt Industries grew from the 46th largest corrugated box producer in the U.S. to the 5th largest. It is the only major paper container board company that is 100 percent recycled. In 2013, then-New York City Mayor Michael Bloomberg presented Pratt with a proclamation declaring September 17, 2013, Pratt Industries Day.[15][16] In 2016, Pratt was awarded the RISI North American Packaging CEO of the Year Award.[17][18] That same year, Pratt opened a 100% recycled paper mill near Chicago, adding about US$1 billion to his wealth.[19] It was officially opened by then-Governor Mike Pence.[20] In March, 2017, Pratt opened his 68th factory, a box-making plant, with Wisconsin Governor Scott Walker in Beloit.[21] On May 4th, 2017, Pratt pledged in the presence of President Donald Trump to invest $2 billion to create 5,000 high-paying manufacturing jobs over 10 years mainly in the Midwest.[22][23] In August 2017, in the presence of Australian Prime Minister Malcolm Turnbull, Pratt made a further investment pledge of A$2 billion in Visy Australia to create 5,000 Australian manufacturing jobs.[24][25] That same week Pratt, pledged to give away A$1 billion to charity before he dies.[26][27]

Although Pratt remains Chairman of the American arm of the family’s packaging business, he returned to Australia to take over as Executive Chairman of Visy following the death of his father, Richard, in 2009. Visy's corporate reputation index ranking went from #43 to #3 between 2009 and 2011.[28]

Personal life

Pratt sits on the National Board of the Muhammad Ali Center in Louisville, Kentucky, and is also active in charity organizations throughout Australia and the United States. In 1998, he arranged for Muhammad Ali to visit Australia for the Australian Football League grand final, as well as for a subsequent trip two years later.[29] Pratt is a member of the Climate Group, an international environmental group founded by former British prime minister Tony Blair. He has been honoured for his efforts by Mikhail Gorbachev's Global Green USA and Ted Turner's Captain Planet Foundation. Pratt is a member of the United States Studies Centre at the University of Sydney.[12]

In 2007, Pratt committed to former President Clinton’s Global Initiative to invest more than US$1 billion over the ensuing decade in recycling infrastructure and clean energy.[12] He fulfilled his pledge five years early.[30] In 2009, Pratt was honored by the New York-based Foreign Policy Association with its Corporate Social Responsibility Award.[31][32]

Since taking over the company, Pratt has taken a strong interest in sustainable agriculture, food security, and water issues, stating that his motivation is 70% of his Australian customers are in the food and beverage sector.[33]

In April 2013, Pratt gave the keynote address at the Global Food Forum, an international conference on food security, which he organized in partnership with The Australian newspaper. He said it was possible for Australia to quadruple its current food production, through greater support for farmers and food companies, and to eventually feed 200 million people.[34] The conference attracted leading political, agribusiness, food-industry, and academic figures.[35] In October 2016, Pratt was the founding sponsor of The Wall Street Journal's inaugural U.S.-based Global Food Forum.[36][37][38][39][40] In his opening remarks, Pratt called on food industry leaders to start a national conversation about how to double the size of the American food industry to US$1.8 trillion and thereby create millions of new jobs under the slogan "Export Food, Not Jobs".[41][42][43] At subsequent Global Food Forum dinners during 2017 in Los Angeles and Chicago, Pratt continued to advocate for increased U.S. food exports.

In September 2013, Pratt was elected an executive member of the Australia-Japan Business Cooperation Committee, a group dedicated for more than 50 years to strengthening ties between the two countries.[44] In October 2013, Prime Minister Tony Abbott invited Pratt on an official visit to Indonesia – the first overseas trip by the incoming leader.[45] Later that month, Pratt announced that former advisor to President Obama and the outgoing US Ambassador to Australia, Jeffrey Bleich, would join the Pratt Group advisory board.[46]

In 2013, Pratt was awarded an honorary PhD by Monash University, for an "outstanding career of achievement and service to philanthropy, business and commerce."[47]

He is also a member of the Australian-American Leadership Dialogue, which seeks to strengthen and deepen the ties between Australian and American leaders.[48]

In 2017, Anthony Pratt attended Vice President Mike Pence’s business roundtable at the Vice President's official residence in Washington D.C.[49] Also in 2017, Anthony Pratt became a member of Mar-a-Lago, President Trump's private Florida club.[50] Pratt and his family split time between New York City and Melbourne.[17] Pratt is Jewish.[1]

Wealth rankings

Pratt first appeared on the Financial Review (AFR) Rich List in 2009 (then published as the BRW Rich 200, following the death of his father earlier that year. He debuted as the richest person in Australia with a net worth of A$4.3 billion.[51] In subsequent years, his wealth increased; however, those with interests in the then rapidly growing Australian resources sector came to dominate the list.[52][53] Since 2009, the AFR Rich List and the Forbes Asia list of Australia's 50 Richest People generally assessed Pratt's net worth on a similar basis, aggregated with his family. However, in 2015, Forbes reported the wealth of Pratt separate to the net worth of his two sisters, Fiona Geminder and Heloise Waislitz.[54][55][7]

In 2016, the Australian Taxation Office revealed that despite more than $2.5 billion in revenue in 2013-14, Pratt Consolidated Holdings had not paid any taxes.[56] In response, Pratt said, "All I can say is that we abide by all the laws, as any good ethical company does."[17]

Year Financial Review
Rich List 		Forbes
Australia's 50 Richest
Rank Net worth (A$) Rank Net worth (US$)
2009[51] 1 Increase $4.30 billion Increase
2010[51][57][58] 2 Decrease $4.60 billion Increase
2011[59][60] 4 Decrease $5.18 billion Increase 7 Increase $2.70 billion Increase
2012[61][62] 5 Decrease $5.45 billion Increase 7 Steady $3.40 billion Increase
2013[13][63] 4 Increase $5.95 billion Increase 7 Steady $4.50 billion Increase
2014[64][65] 2 Increase $7.64 billion Increase 2 Increase $7.00 billion Increase
2015[54][55][7] 2 Steady $10.76 billion Increase 7 Decrease $3.50 billion Decrease
2016[19][6] 2 Steady $10.35 billion Decrease 5 Decrease $4.20 billion Increase
2017[66] 1 Increase $12.60 billion Increase
2018[2][3] 1 Steady $12.90 billion Increase
Legend
Icon Description
Steady Has not changed from the previous year
Increase Has increased from the previous year
Decrease Has decreased from the previous year

Philanthropy

Pratt is a family trustee of the Pratt Foundation, which was established in 1978 by the late Richard Pratt and Jeanne Pratt AC, donating US$15 million - US$17 million per year.[67] Pratt also serves on the board of trustees of the Appeal of Conscience Foundation.[68] Pratt is patron of the Trilateral Track II Food and Water Security Dialogue which he launched with former Israeli Prime Minister Shimon Peres between India, Israel and Australia.[69][70] Pratt is a patron of the Australia India Leadership Dialogue,[71] and founding patron of The Prince's Charities Australia.[72] In 2017, Pratt hosted a Food Waste Summit at his Melbourne home aimed at halving Australia's food waste by 2030.[73] Also in 2017, he was executive producer and guest conductor at a fundraising gala concert for the Melbourne Symphony Orchestra, aimed at bringing classical music to the masses.[74]

References

  1. ^ a b Kitney, Damon (18 March 2011). "Anthony Pratt to return from US and take helm of family flagship". The Australian. Retrieved 3 June 2012.
  2. ^ a b Stensholt, John (24 May 2018). "2018 AFR Rich List: How Donald Trump helps Anthony Pratt get richer". Financial Review. Fairfax Media. Retrieved 6 June 2018.
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