Bernie Marcus dies: Home Depot co-founder, billionaire philanthropist was 95

NEW YORK (AP) — Bernard “Bernie” Marcus, the co-founder of The Residence Depot, the world’s largest residence enchancment chain, a billionaire philanthropist, and an enormous Republican donor, has died. He was 95.

Marcus died Monday in Boca Raton, Florida, surrounded by household, in line with a Residence Depot spokesperson.

Marcus was Residence Depot’s CEO because it grew quickly throughout its first 20 years, and was chairman of the board till his retirement in 2002. In recent times, he turned an outspoken supporter of former president Donald Trump.

“We owe an immeasurable debt of gratitude to Bernie,” the corporate mentioned in a press release. “He was a grasp service provider and a retail visionary. However much more importantly, he valued our associates, prospects and communities above all. He’s left us with a useful legacy and the spine of our firm: our values and tradition. ”

The son of Russian Jewish immigrants, Marcus was born in 1929 and grew up in a tenement in Newark, New Jersey, in line with a biography on the corporate’s web site. Marcus had aspirations of turning into a physician, however his household couldn’t afford medical faculty and he endeavored to change into a pharmacist, receiving a level from Rutgers College. Marcus used to say he’d skip lessons to promote Amana freezers door-to-door, in line with Residence Depot.

After school, Marcus labored on the manufacturing conglomerate O’Dell’s and the retail chain Vornado, shortly ascending the company ladder. By 1972, Marcus was chairman and president of Helpful Dan Enchancment Facilities, a part of the Daylin conglomerate. It was there that Marcus fashioned a lifelong friendship with Arthur Clean.

The large second in his profession arrived after he was fired by Helpful Dan in 1978, together with Clean. Marcus had dreamt of a one-stop store for do-it-yourselfers. At age 49, Marcus, together with Clean, based Residence Depot. Funding banker Ken Langone helped to safe financing to get The Residence Depot began, in line with the corporate.

The primary Residence Depot opened in Atlanta the next 12 months and by 1981, the corporate went public and commenced promoting inventory. There at the moment are greater than 2,000 Residence Depot shops and the corporate employs greater than 500,000 folks. Up to now decade annual gross sales at Residence Depot have doubled, reaching practically $153 billion in 2023

Marcus has financially supported varied charities in addition to Jewish and medical organizations by way of donations. He additionally constructed the Georgia Aquarium in Atlanta, one of many largest on the earth. The corporate mentioned that his philanthropic work will proceed by way of The Marcus Basis, with a deal with Jewish causes, kids, medical analysis, free enterprise and the neighborhood.

Marcus was a vocal and monetary supporter of Donald Trump, donating practically $5 million to the Republican Celebration between 2016 and 2020, in line with OpenSecrets, a company that tracks political spending. Final 12 months, Marcus penned an op-ed for the correct wing web site Actual Clear Politics, a clearinghouse of elections knowledge and evaluation, that spelled out the explanations he was endorsing Trump for a second time period.

Initially Revealed: November 5, 2024 at 10:55 AM MST