Ken Langone

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Ken Langone
Born
Kenneth Gerard Langone

(1935-09-16) September 16, 1935 (age 85)
EducationBucknell University (BA)
New York University (MBA)
Net worthUS$4.0 billion (November 2019)[1]
Spouse(s)Elaine Langone
Children3

Kenneth Gerard Langone Sr. KSG (born September 16, 1935) is an American billionaire businessman, investor, and philanthropist, best known for organizing financing for the founders of The Home Depot.[2] He has been a major donor to the Republican Party.[3]

Early life[edit]

Kenneth Langone was born in Roslyn Heights, New York, to Italian American working-class parents. His father was a plumber and his mother a cafeteria worker. Langone's family has been described as having "a lot of love, but not a lot of money."[4] He was a student at Bucknell University and the New York University Stern School of Business.

Business career[edit]

In the early 1960s, Langone began his career at a Wall Street financial services company named R.W. Pressprich, where he helped develop new business. In 1968 Langone met and persuaded Ross Perot to let Pressprich handle Electronic Data Systems's IPO. In 1969, Langone would be named Pressprich’s president.[5]

In 1974, Langone formed the venture capital firm Invemed. Langone organized financing for Marcus and Blank to found Home Depot. Now a national chain with over 400,000 employees, it is Langone's most notable business venture.[6]

Langone has been on the boards of Geeknet,[7] General Electric, Database Technologies,[8] ChoicePoint Inc., Unifi, and Yum! Brands, Inc..[9]

Langone was chairman of the New York Stock Exchange's Compensation Committee from 1999 to 2003. In 2004, New York Attorney General Eliot Spitzer filed a lawsuit against the New York Stock Exchange’s former Chairman Richard Grasso to return $100 million to the NYSE that were part of his $139.5 million pay package.[10] The lawsuit named Langone who had approved the pay package. Langone denied that the pay packages were illegal considering that the NYSE had direct knowledge of the boards decision. On July 1, 2008, the New York State Court of Appeals dismissed all claims against Grasso because the NYSE had changed its status from a nonprofit to a for-profit organization, which meant that the Attorney General had lost standing to sue Grasso.[11]

Personal life[edit]

He and his wife Elaine Langone have three children; Kenneth G. Jr., Stephen, and Bruce Langone.

He is a practicing Roman Catholic, and was made a Knight of St. Gregory by Pope Benedict XVI.

He lives in Sands Point, New York, and had previously lived on Elderfields Road in nearby Flower Hill.[12][13][14]

Langone is a member of Kappa Beta Phi.[15]

On January 13, 2021, Langone said he felt “betrayed” by Donald Trump's actions regarding the 2021 storming of the United States Capitol,[16] echoing Langone's comments from 2017 on the Unite the Right rally.

Philanthropy[edit]

In 2018 Langone pledged $100 million in funding towards a $450 million program to make tuition free for all medical students at the NYU School of Medicine.[17] Langone serves as the Chair of the Board of Trustees of the NYU Langone Medical Center.[18][19]

He serves on the boards of The Ronald McDonald House of NY, CSIS, The Medal of Honor Foundation, and the Harlem Children's Zone.[18][19][20][21]

He is a major donor to the Republican Party as of 2014.[3]

In popular media[edit]

Langone is portrayed by actor Ray Iannicelli in the 2017 HBO Films production The Wizard of Lies. In the film, Langone rejects an offer to invest money in the schemes of convicted Wall Street swindler Bernie Madoff.

References[edit]

  1. ^ The World's Billionaires: Kenneth Langone 20 November 2019
  2. ^ "Ken Langone: The Generosity of Time". The Home Depot. May 15, 2018. Retrieved February 18, 2020.
  3. ^ a b White, Ben; Haberman, Maggie. "The rich strike back". POLITICO. Retrieved May 15, 2019.
  4. ^ Clifford, Catherine (May 22, 2018). "This multibillionaire still calls the cable company when he thinks his bill is too high". CNBC. Retrieved October 31, 2018.
  5. ^ Reborn, Peter (April 12, 1974). "R. W. Pressprich & Co., High Roller of the Sixties, Tries to Regain Its Traditional Bond‐House Role". The New York Times. ISSN 0362-4331. Retrieved February 18, 2020.
  6. ^ Loeb, Walter. "The Story Of Ken Langone, The Visionary Behind Home Depot". Forbes. Retrieved February 18, 2020.
  7. ^ Geeknet Elects Kenneth G. Langone Chairman of the Board of Directors, Geek.net, July 8, 2010, loaded July 8, 2010
  8. ^ Database pioneer ready for new adventure, South Florida Business Journal, March 21, 2005, loaded April 2, 2007
  9. ^ Unifi (February 17, 2020). "Kenneth G. Langone – Board of Directors". Unifi. Retrieved February 18, 2020.
  10. ^ Jr, Landon Thomas (March 14, 2004). "The Man Behind Grasso's Payday". The New York Times. ISSN 0362-4331. Retrieved February 18, 2020.
  11. ^ "No. 12: People v Grasso". www.law.cornell.edu. Retrieved February 18, 2020.
  12. ^ "LandRecord Lookup". lrv.nassaucountyny.gov. Retrieved December 18, 2020.
  13. ^ "Section 3, Block 139-01". Property Records, Section 3, Block 139-01. Nassau County, New York.
  14. ^ Hopper, Justin (April 24, 2014). "10 Famous Port Residents". Port Washington News. Retrieved December 18, 2020.
  15. ^ Roose, Kevin (2014). Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits. London, UK: John Murray (Publishers), An Hachette UK Company. p. 208. ISBN 978-1-47361-161-0.
  16. ^ Budryk, Zack (January 13, 2021). "Billionaire Ken Langone knocks Trump's actions surrounding riot: 'I feel betrayed'". TheHill. Retrieved January 14, 2021.
  17. ^ "Surprise Gift: Free Tuition for All N.Y.U. Medical Students". New York Times. Retrieved August 16, 2018.
  18. ^ a b Langone's Faces of Philanthropy profile. Faces of Philanthropy, accessed December 28, 2010.
  19. ^ a b Langone's Business Week Executive Profile. Business Week, accessed December 28, 2010.
  20. ^ Board Members Archived December 25, 2010, at the Wayback Machine. Tomorrow's Hope Foundation, accessed December 28, 2010
  21. ^ Board of Trustees. Harlem Children's Zone, accessed December 28, 2010.

External links[edit]