American billionaire businessman and philanthropist (–)
Bernard Marcus | |
|---|---|
Marcus in | |
| Born | ()May 12, Newark, New Jersey, U.S. |
| Died | November 4, () (aged&#;95) Boca Raton, Florida, U.S. |
| Education | Rutgers University (BS) |
| Occupations |
|
| Years&#;active | – (at Home Depot) |
| Political party | Republican |
| Spouses | Ruth Rados &#; (div.&#;)&#;Billi Marcus &#; (m.&#;)&#; |
| Children | 2 (1 deceased) |
| In office – May | |
| Preceded by | Post established |
| Succeeded by | Arthur Blank |
| In office – May 31, | |
| Preceded by | Post established |
| Succeeded by | Robert Nardelli |
Bernard Marcus (May 12, – November 4, ) was an American billionaire businessman. He co-founded Home Depot in He was the company's first CEO and first chairman until retiring in In November , Forbes estimated his net worth at US$ billion.[1]
Marcus was born to Russian Jewish immigrant parents, cabinet maker Joe and Sara Marcus, in Newark, New Jersey, on May 12, [2][3][4] He was the youngest of four children and grew up in a tenement. He graduated in from South Side High School (since renamed as Malcolm X Shabazz High School).[5] Marcus wanted to become a doctor, and was accepted to Harvard Medical School,[6][7] but could not afford the tuition. He graduated from Rutgers University with a pharmacy degree.[3] He was a member of the Alpha Epsilon Pi fraternity.[8]
Marcus initially worked at a drugstore as a pharmacist but later moved to the retailing side of the business.[9] He worked at a cosmetics company and various other retail jobs. He worked for Odell Inc. in California beginning in and then joined Daylin in Los Angeles in [10] He became the CEO of Handy Dan Improvement Centers, a Los Angeles-based chain of home improvement stores. In April , he and future Home Depot co-founder Arthur Blank were fired during a corporate power struggle at Handy Dan.[11][12]
In , they co-founded the home-improvement retailer Home Depot, with the help of merchandising expert Pat Farrah and New York investment banker Ken Langone who assembled a group of investors. The first two stores opened on June 22, , in Atlanta.[13]
Marcus served as the company's first CEO until May and also served as chairman of the board until his retirement on May 31, [14] He was succeeded as CEO by Blank, who served until December [15] Marcus was inducted into the Junior AchievementU.S. Business Hall of Fame in [16]
Marcus was one of several business tycoons who opposed the Employee Free Choice Act, a proposal they claimed gave 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.[17][failed verification]
In , Marcus founded the Job Creators Network, a conservative advocacy group, with $, in seed funding.[18]
In , Marcus donated $ million to Mitt Romney's presidential campaign, the maximum personal donation one can make, and was the biggest contributor to the campaign.[19] In , Marcus donated $ million to super political action committees, supporting Jeb Bush and Scott Walker.[20]
On June 1, , Marcus publicly announced his support for Republican presumptive presidential nominee Donald Trump.[21] He was one of Trump's largest donors, giving $7 million to his campaign.[22] When Marcus announced in that he would financially support the Donald Trump presidential campaign, it triggered calls for a boycott of Home Depot.[23] Together with his spouse, Marcus contributed $, directly to Trump's presidential campaign[24] and $&#;million to political action committees supporting Trump.[25]
In , he donated $2 million to the pro-Israel lobby group AIPAC.[26] In , Marcus announced he would back Trump's third consecutive campaign.[25] Job Creators Network, founded by Marcus, backed a lawsuit to overturn federal student loan forgiveness, which became part of the successful Supreme Court case Biden v. Nebraska.[27]
Marcus was a longtime philanthropist who made plans to give away 90% of his $ billion fortune to charity. Bernie and Billi Marcus were signatories of The Giving Pledge, a commitment to give away the majority of their wealth to philanthropic causes.[28]
By , Bernard Marcus had given away $2 billion to various philanthropic causes and pledged to give away most of his fortune,[29][30][31] which had doubled to $ billion in [32] The previous year, Marcus was recognized as one of the Top 10 individuals who gave or pledged the most to charity in the United States.[33] He was one of the first signees of the Jewish Future Promise, a charitable campaign launched in modeled after The Giving Pledge to encourage American Jews to designate at least 50% of their charitable giving to Jewish or Israel-related causes.[34]
Marcus was the chairman of the Marcus Foundation, whose focuses include children, medical research, free enterprise, military veterans, Jewish causes, and the community.[35] Marcus was on the Board of Directors and an active volunteer for the Shepherd Center.[36] One of his main initiatives was providing care for war veterans with traumatic brain injuries.[37] In May , Marcus was awarded the Others Award by The Salvation Army, their highest honor.[3]
He was named a Georgia Trustee in 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 to [38] In , Marcus was awarded the William E. Simon Prize for Philanthropic Leadership.[39][40]
Marcus co-founded the Israel Democracy Institute in , 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.[41] In , Marcus and his wife Billi donated $25 million to the construction of the $ million MDA Marcus National Blood Services Centre in Israel.[42]
Bernard Marcus heavily contributed to the launch of Georgia Aquarium, which opened in downtown Atlanta in [43] based mostly on the $ million donation for the aquarium.[44]
Marcus funded and founded The Marcus Institute, a center for the provision of services for children and adolescents with developmental disabilities. Marcus founded and donated $25 million to Autism Speaks to spearhead its efforts to raise money for research on the causes and cure for autism. He was an active member of the board of directors.[45]
In ,[46][47] Marcus, along with Arthur Blank and Bob Andelman, wrote the book Built from Scratch: How a Couple of Regular Guys Grew The Home Depot from Nothing to $30 Billion.[48][49] Marcus, with Catherine Lewis, wrote a book titled Kick Up Some Dust: Lessons on Thinking, Giving Back and Doing It Yourself.[50] The book debuted at The Book Festival of the Marcus Jewish Community Center of Atlanta on November 6, [51]
Marcus was married twice.[52] He had two children with his first wife, Ruth (née&#;Schwartz, div. , died ): Frederick, a professor at Emory University, and Susanne (–), a musician, music manager and philanthropist.[52][4][53][54][55] She ran her own charity, The Susanne Marcus Collins Foundation.[53][56] Bernard had a stepson, Michael Morris, the owner and publisher of The Atlanta Jewish Times, from his second wife, philanthropist Billi Morris (m. ). He had 7 grandchildren.[4][57]
Marcus lived in Atlanta in [58] He died from natural causes at his home in Boca Raton, Florida on November 4, , at age [52][59][60]