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Bernard Marcus

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Bernard Marcus
Marcus in 2020
Born(1929-05-12)May 12, 1929
Newark, New Jersey, U.S.
DiedNovember 4, 2024(2024-11-04) (aged 95)
Boca Raton, Florida, U.S.
EducationRutgers University (BS)
Occupations
  • Businessman
  • philanthropist
Years active1978–2002 (at Home Depot)
Political partyRepublican
Spouses
Ruth Rados
​
(div. 1972)​
Billi Marcus
​
(m. 1973)​
Children2 (1 deceased)
Chief Executive Officer of Home Depot
In office
1978 – May 1997
Preceded byPost established
Succeeded byArthur Blank
Chairman of the Board of Home Depot
In office
1978 – May 31, 2002
Preceded byPost established
Succeeded byRobert Nardelli

Bernard Marcus (May 12, 1929 – November 4, 2024) was an American billionaire businessman. He co-founded Home Depot in 1978. He was the company's first CEO and first chairman until retiring in 2002. In November 2024, Forbes estimated his net worth at US$10.3 billion.[1]

Early life

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Bernard Marcus was born to Russian Jewish immigrant parents, cabinet maker Joe and Sara Marcus, in Newark, New Jersey, on May 12, 1929.[2][3][4] He was the youngest of four children and grew up in a tenement. He graduated from the South Side High School (present day Malcolm X Shabazz High School) in 1947.[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]

Career

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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 1968 and then joined Daylin in Los Angeles in 1970. [10] He became the CEO of Handy Dan Improvement Centers, a Los Angeles-based chain of home improvement stores. In April 1978, he and future Home Depot co-founder Arthur Blank were fired during a corporate power struggle at Handy Dan.[11][12]

In 1978, 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, 1979, in Atlanta.[13]

Marcus served as the company's first CEO until May 1997 and also served as chairman of the board until his retirement on May 31, 2002.[14] He was succeeded as CEO by Blank, who served until December 2000.[15] Marcus was inducted into the Junior Achievement U.S. Business Hall of Fame in 2006.[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]

In 2010, Marcus founded the Job Creators Network, a conservative advocacy group, with $500,000 in seed funding.[18]

Political activity

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Marcus with Israeli Prime Minister Benjamin Netanyahu in Jerusalem, December 2014

In 2012, Marcus donated $10.7 million to Mitt Romney's 2012 presidential campaign, the maximum personal donation one can make, and was the biggest contributor to the campaign.[19] In 2015, Marcus donated $1.5 million to super political action committees, supporting Jeb Bush and Scott Walker.[20]

On June 1, 2016, 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 2019 that he would financially support the Donald Trump 2020 presidential campaign, it triggered calls for a boycott of Home Depot.[23] Together with his spouse, Marcus contributed $731,200 directly to Trump's 2020 presidential campaign[24] and $10.7 million to political action committees supporting Trump.[25]

In 2023, he donated $2 million to the pro-Israel lobby group AIPAC.[26] In 2023, 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]

Philanthropy

[edit]
Marcus giving a speech as part of the "Speaker Series" at The Galloway School in Atlanta, October 2016

Marcus was a longtime philanthropist who made plans to give away 90% of his $5.9 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 2019, 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 $9.8 billion in 2024.[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 2020 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 2005, Marcus was awarded the Others Award by the The Salvation Army, their highest honor.[3]

He was named a Georgia Trustee in 2009. 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 1732 to 1752.[38] In 2012, Marcus was awarded the William E. Simon Prize for Philanthropic Leadership.[39][40]

Jewish and Israeli causes

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Marcus co-founded the Israel Democracy Institute in 1991, 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 2016, Marcus and his wife Billi donated $25 million to the construction of the $133 million MDA Marcus National Blood Services Centre in Israel.[42]

Georgia Aquarium

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Marcus and his wife Billi's busts at the aquarium, November 2006

Bernard Marcus heavily contributed to the launch of Georgia Aquarium, which opened in downtown Atlanta in 2005[43] based mostly on the $250 million donation for the aquarium.[44]

Medical research

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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]

Books

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In 1999,[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, 2022.[51]

Personal life and death

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Marcus was married twice.[52] He had two children with his first wife, Ruth (née Schwartz, div. 1972, died 2023): Frederick, a professor at Emory University, and Susanne (1956–2021), 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. 1973). He had 7 grandchildren.[4][57]

Bernard Marcus lived in Atlanta in 2006.[58] He died from natural causes at his home in Boca Raton, Florida on November 4, 2024, at the age of 95.[52][59][60][61]

References

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  1. ^ "Forbes profile: Bernard Marcus". Forbes. Retrieved November 3, 2024.
  2. ^ "Marcus, Bernie". Current Biography. 68 (8): 31. August 2007. ASIN B004U7D506.
  3. ^ a b c "Hall of Fame Biographies: Arthur Blank and Bernard Marcus". World Retail Hall of Fame. Archived from the original on August 17, 2011. Retrieved May 27, 2009.
  4. ^ a b c Rifkin, Glenn (November 5, 2024). "Bernie Marcus, Home Depot Co-Founder, Is Dead at 95". The New York Times. Retrieved November 6, 2024.
  5. ^ The Ultimate New Jersey High School Year Book
  6. ^ Smith, Scott S. (January 19, 2023). "Getting Fired Was The Best Thing To Happen To This Billionaire". Investor's Business Daily.
  7. ^ Sportelli, Natalie. "Billionaire Bernard Marcus Gives $75 Million To Atlanta Hospital". Forbes.
  8. ^ "Well-known alumni". Alpha Epsilon Pi. Archived from the original on July 1, 2008. Retrieved May 27, 2009.
  9. ^ Steinbacher, Raymond (2015). "Bernard Marcus". New Jersey Hall of Fame. Retrieved November 6, 2024.
  10. ^ "Bernie Marcus: A timeline of his life". Atlanta Journal-Constitution. November 5, 2024.
  11. ^ Murry, Kendall (November 5, 2024). "Home Depot co-founder and former CEO Bernie Marcus has died". WABE.
  12. ^ Senanayake, Natalia (November 5, 2024). "Billionaire Home Depot Cofounder Bernard Marcus Dead at 95". People. Retrieved November 6, 2024.
  13. ^ Cain, Áine. "Here's what Home Depot looked like when it first opened in 1979". Business Insider.
  14. ^ "Bernard Marcus". Partnership for Public Service. Retrieved November 6, 2024.
  15. ^ "Senior GE Exec Becomes Home Depot CEO". Los Angeles Times. December 6, 2000. Retrieved November 6, 2024.
  16. ^ Bell, Stephanie (February 2, 2006). "Six Business Legends to Be Inducted into the U.S. Business Hall of Fame". Build-A-Bear Workshop. Retrieved November 6, 2024.
  17. ^ McGovern, George S. (May 7, 2009). "The 'Free Choice' Act is Anything but". Wall Street Journal.
  18. ^ Mandelbaum, Robb. "Who Funds This New Small Business-Group? Hint: Mostly Not Small Businesses". Forbes. Retrieved February 21, 2019.
  19. ^ Clifton, Eli (August 5, 2013). "Home Depot founder's quiet $10 million right-wing investment". Salon.com. Retrieved November 6, 2024.
  20. ^ "Million-Dollar Donors in the 2016 Presidential Race". New York Times. August 25, 2015.
  21. ^ "Why I Stand With Donald Trump". RealClearPolitics. June 1, 2016.
  22. ^ "What Trump's major donors are spending in the midterms". OpenSecrets. October 30, 2018.
  23. ^ Held, Amy (July 10, 2019). "Home Depot Responds To Calls For Boycott Over Co-Founder's Support For Trump" – via NPR.
  24. ^ "Here Are The Billionaires Who Donated To Donald Trump's 2020 Presidential Campaign". Forbes. Retrieved March 27, 2024.
  25. ^ a b Allison, Bill (November 10, 2023). "Billionaire Home Depot Co-Founder Bernard Marcus Backs Trump". BNN Bloomberg. Retrieved March 27, 2024.
  26. ^ "Who's Funding AIPAC's Political Spending Barrage?". Sludge. March 4, 2024. Retrieved August 12, 2024.
  27. ^ Cochran, Lexi Lonas (January 3, 2023). "Where student loan forgiveness stands: Legal fight shifts to Supreme Court". The Hill. Retrieved November 5, 2024.
  28. ^ "Pledger Profiles". The Giving Pledge. Retrieved January 24, 2017.
  29. ^ Denham, Hannah (July 1, 2019). "Home Depot co-founder plans to give away most of his billions". Washington Post. Retrieved January 27, 2023.
  30. ^ Kempner, Matt (June 10, 2019). "Home Depot co-founder Bernie Marcus raises $117 million for nonprofits". Atlanta Journal-Constitution.
  31. ^ Lam, Katherine (June 30, 2019). "Billionaire Bernie Marcus to donate majority of fortune, support Trump for re-election". FOXBusiness.
  32. ^ "Bernard Marcus". Forbes. Retrieved January 30, 2024.
  33. ^ "Donations by Top 50 US Donors Fell Again in 2023". Giving Compass. March 6, 2024.
  34. ^ Oster, Marcy (May 14, 2020). "New Jewish giving pledge takes a page from Gates and Buffett initiative". Jewish Telegraphic Agency. Retrieved October 9, 2023.
  35. ^ Wolfe, Josh (January 4, 2007). "Nano Talk With Bernie Marcus". Forbes/Wolfe Nanotech Report. Retrieved May 27, 2009.
  36. ^ "Shepherd Center, Donor Profile: Bernie Marcus". Archived from the original on July 7, 2010. Retrieved December 21, 2010.
  37. ^ Miller, T. Christian (December 21, 2010). "Philanthropist Provides Care That The Pentagon Won't". NPR. Retrieved December 21, 2010.
  38. ^ "Governor and Georgia Historical Society to Name First New Georgia Trustees in 260 Years". Savannah Daily News. December 1, 2008. Archived from the original on February 2, 2013. Retrieved June 26, 2012.
  39. ^ "The Philanthropy Roundtable announces Bernie Marcus as the 2012 recipient of the William E. Simon Prize". Retrieved April 30, 2012.
  40. ^ Jonathan V. Last. "Do It Yourself". philanthropyroundtable.org.
  41. ^ Sadeh, Shuki (March 17, 2013). "How foreign donors reshaped Israel: A who's who". Haaretz. Retrieved November 30, 2013.
  42. ^ Voytko, Lisette. "Billionaire Bernie Marcus Promises Fortune to Charity (and Some to Trump)". Forbes.
  43. ^ "Bernard Marcus, Benefactor, Chairman Emeritus of the Board". Georgia Aquarium.
  44. ^ Kempner, Matt (June 30, 2019). "Atlanta billionaire plans to give almost all of it away". Atlanta Journal-Constitution.
  45. ^ GiveSmart.org, 2013 Bernie Marcus' Philanthropic Profile Archived September 26, 2013, at the Wayback Machine
  46. ^ "Built from Scratch: How a Couple of Regular Guys Grew T…". Goodreads.
  47. ^ Marcus, Bernie (January 27, 1999). Built from scratch: how a couple of regular guys grew the Home Depot from nothing to $30 billion. Times Business. ISBN 9780812930580. OL 381057M – via The Open Library.
  48. ^ Schmidt, Ann (August 1, 2020). "How Arthur Blank, Bernie Marcus co-founded Home Depot after being fired". FOXBusiness.
  49. ^ "How Bill Gates, Richard Branson and other billionaires made it big". South China Morning Post. August 12, 2020.
  50. ^ "Kick Up Some Dust by Bernie Marcus". capitalresearch.org.
  51. ^ Heller, Sasha (October 13, 2022). "Bernie Marcus at 93 is Still Kicking Up Dust". Atlanta Jewish Times.
  52. ^ a b c Kempner, Matt (November 5, 2024). "Bernie Marcus, cofounder of Home Depot, dies". The Atlanta Journal-Constitution. Retrieved November 6, 2024.
  53. ^ a b "Susanne Marcus Collins". Asheville Citizen-Times. September 30, 2021. Retrieved November 6, 2024.
  54. ^ Heller, Sasha (July 12, 2023). "Obituary: Ruth Marcus Rados". The Atlanta Jewish Times. Retrieved November 6, 2024.
  55. ^ Ritchie, Logan C. (November 5, 2024). "Home Depot co-founder, philanthropist Bernie Marcus dies at 95". Rough Draft Atlanta. Retrieved November 6, 2024.
  56. ^ Wilkinson, Christopher (June 19, 2021). "Susanne Laurie Marcus Collins". Hamilton College. Retrieved November 6, 2024.
  57. ^ Schechter, David (November 5, 2024). "Bernie Marcus Leaves Lasting Legacy of Giving". The Atlanta Jewish Times. Retrieved November 6, 2024.
  58. ^ "Bernard Marcus, The World's Richest People". Forbes. February 13, 2006. Retrieved November 6, 2024.
  59. ^ "Bernard Marcus, cofounder of The Home Depot and billionaire Republican megadonor, has died". CNN. November 5, 2024.
  60. ^ Henry, David (November 5, 2024). "Bernard Marcus, a Billionaire Behind Home Depot, Dies at 95". Bloomberg News. Retrieved November 6, 2024.
  61. ^ Gasparino, Charlie (November 5, 2024). "Billionaire Home Depot co-founder Bernie Marcus dead at 95". New York Post. Retrieved November 6, 2024.

Further reading

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[edit]
Business positions
Preceded by
none
 CEO of Home Depot
1978–1997 		Succeeded by
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