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Bernard Marcus

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Bernard Marcus
Born(1929-05-12)May 12, 1929
Newark, New Jersey, U.S.
DiedNovember 5, 2024(2024-11-05) (aged 95)
Boca Raton, Florida, U.S.
EducationRutgers University (BS)
Occupation(s)Businessman, Philanthropist, Investor
TitleChairman and CEO, The Home Depot
Term1978–2002
Political partyRepublican
Spouses
  • Ruth Rados
  • Billi Marcus
Children3

Bernard Marcus (May 12, 1929 – November 5, 2024) was an American billionaire businessman. He co-founded The Home Depot. He was the company's first CEO and first chairman until retiring in 2002. In November 2024, Forbes estimated his net worth at US$11 billion.[1]

Early life

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Bernard Marcus was born to Russian Jewish immigrant parents in Newark, New Jersey, on May 12, 1929.[2][3] He was the youngest of four children and grew up in a tenement. He graduated from South Side High School in 1947.[4] Marcus wanted to become a doctor, and was accepted to Harvard Medical School,[5][6] 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.[7]

Career

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Marcus worked at a drugstore as a pharmacist but became more interested in the retailing side of the business.[citation needed] He worked at a cosmetics company and various other retail jobs,[8] eventually reaching a position as CEO of Handy Dan Improvement Centers, a Los Angeles-based chain of home improvement stores. In 1978, he, and future Home Depot co-founder Arthur Blank, were fired during a corporate power struggle at Handy Dan.[9]

In 1978, they co-founded the home-improvement retailer The 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.[10]

The store revolutionized the home improvement business with its warehouse concept. Blank, Marcus, and Langone became billionaires. Marcus served as the company's first CEO for 19 years and also served as chairman of the board until his retirement in 2002. Marcus was inducted into the Junior Achievement U.S. Business Hall of Fame in 2006.[citation needed]

Marcus is one of several business tycoons who opposed the Employee Free Choice Act, a controversial proposal they claim gives 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.[11]

In 2010, Marcus founded the Job Creators Network, a conservative advocacy group, with $500,000 in seed funding.[12]

Political activity

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In 2015, Marcus donated $1.5 million to Super PACs supporting Jeb Bush and Scott Walker.[13]

On June 1, 2016, Marcus publicly announced his support for Republican presumptive presidential nominee Donald Trump.[14] He was one of Trump's largest donors, giving $7 million to his campaign.[15] 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.[16] Together with his spouse, Marcus contributed $731,200 directly to Trump's 2020 presidential campaign[17] and $10.7 million to political action committees supporting Trump.[18]

In 2023, Bernard Marcus donated $2 million to the pro-Israel lobby group AIPAC.[19]

In 2023, Marcus announced he would back Trump's third consecutive campaign.[18]

Marcus founded the conservative advocacy organization Job Creators Network. The JCN backed a lawsuit to overturn federal student loan forgiveness, which became part of the successful Supreme Court case Biden v. Nebraska.[20]

Philanthropy

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Marcus was a longtime philanthropist who made plans to give away 90% of his $5.9 billion fortune to charity. Bernie and Billi Marcus are signatories of The Giving Pledge, a commitment to give away the majority of their wealth to philanthropic causes.[21] As of 2019, he had given away $2 billion to various philanthropic causes and pledged to give away most of his fortune,[22][23][24] which had doubled to $9.8 billion in 2024.[25] 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.[26]

Marcus was one of the first signees of the Jewish Future Pledge, 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.[27] Marcus was chairman of the Marcus Foundation, whose focuses include children, medical research, free enterprise, military veterans, Jewish causes, and the community.[28] Marcus was on the Board of Directors and an active volunteer for the Shepherd Center.[29] One of his main initiatives was providing care for war veterans with traumatic brain injuries.[30]

In May 2005, Marcus was awarded the Others Award by 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.[31] In 2012, Marcus was awarded the William E. Simon Prize for Philanthropic Leadership.[32][33]

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.[34] 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.[35]

Georgia Aquarium

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Marcus heavily contributed to the launch of Georgia Aquarium, which opened in downtown Atlanta, Georgia, in 2005. [36] Based mostly on the $250 million donation for the Aquarium,[37]

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.[38]

Books

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In 1999,[39][40] 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.[41][42]

Marcus, with Catherine Lewis, wrote a book titled Kick Up Some Dust: Lessons on Thinking, Giving Back and Doing It Yourself.[43] The book debuted at The Book Festival of the Marcus Jewish Community Center of Atlanta (MJCCA) on November 6, 2022.[44]

Personal life

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Marcus was married twice.[45] He had two children with his first wife, Ruth: Frederick Marcus and Susanne Marcus Collins.[45] With his second wife, Billi, he had a stepson, Michael Morris.[46]

Marcus died on November 4, 2024, in Boca Raton, Florida, at the age of 95.[47][45]

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. ^ The Ultimate New Jersey High School Year Book
  5. ^ Smith, Scott S. (January 19, 2023). "Getting Fired Was The Best Thing To Happen To This Billionaire". Investor's Business Daily.
  6. ^ Sportelli, Natalie. "Billionaire Bernard Marcus Gives $75 Million To Atlanta Hospital". Forbes.
  7. ^ "Well-known alumni". Alpha Epsilon Pi. Archived from the original on July 1, 2008. Retrieved May 27, 2009.
  8. ^ "Bernie Marcus: A timeline of his life". The Atlanta Journal-Constitution. November 5, 2024. Retrieved November 5, 2024.
  9. ^ Rebecca, Etter (November 5, 2024). "Home Depot co-founder and former CEO Bernie Marcus has died". WABE (FM). Retrieved November 5, 2024.
  10. ^ Cain, Áine. "Here's what Home Depot looked like when it first opened in 1979". Business Insider.
  11. ^ McGovern, George S. (May 7, 2009). "The 'Free Choice' Act is Anything but". Wall Street Journal.
  12. ^ Mandelbaum, Robb. "Who Funds This New Small Business-Group? Hint: Mostly Not Small Businesses". Forbes. Retrieved February 21, 2019.
  13. ^ "Million-Dollar Donors in the 2016 Presidential Race". New York Times. August 25, 2015. Retrieved October 14, 2015.
  14. ^ "Why I Stand With Donald Trump - RealClearPolitics". realclearpolitics.com. Retrieved November 5, 2018.
  15. ^ "What Trump's major donors are spending in the midterms". OpenSecrets. October 30, 2018.
  16. ^ Held, Amy (July 10, 2019). "Home Depot Responds To Calls For Boycott Over Co-Founder's Support For Trump" – via NPR.
  17. ^ "Here Are The Billionaires Who Donated To Donald Trump's 2020 Presidential Campaign". Forbes. Retrieved March 27, 2024.
  18. ^ a b Allison, Bill (November 10, 2023). "Billionaire Home Depot Co-Founder Bernard Marcus Backs Trump". BNN Bloomberg. Retrieved March 27, 2024.
  19. ^ "Who's Funding AIPAC's Political Spending Barrage?". Sludge. March 4, 2024. Retrieved August 12, 2024.
  20. ^ Cochran, Lexi Lonas (January 3, 2023). "Where student loan forgiveness stands: Legal fight shifts to Supreme Court". The Hill. Retrieved November 5, 2024.
  21. ^ "Pledger Profiles". The Giving Pledge. Retrieved January 24, 2017.
  22. ^ Denham, Hannah (July 1, 2019). "Home Depot co-founder plans to give away most of his billions". Washington Post. Retrieved January 27, 2023.
  23. ^ Kempner, Matt (June 10, 2019). "Home Depot co-founder Bernie Marcus raises $117 million for nonprofits". ajc. Retrieved January 27, 2023.
  24. ^ Lam, Katherine (June 30, 2019). "Billionaire Bernie Marcus to donate majority of fortune, support Trump for re-election". FOXBusiness.
  25. ^ "Bernard Marcus". Forbes. Retrieved January 30, 2024.
  26. ^ DONATIONS BY TOP 50 US DONORS FELL AGAIN IN 2023. Giving Compass. Mar 6, 2024. https://givingcompass.org/article/donations-by-top-50-us-donors-fell-again-in-2023
  27. ^ Oster, Marcy (May 14, 2020). "New Jewish giving pledge takes a page from Gates and Buffett initiative". Jewish Telegraphic Agency. Retrieved October 9, 2023.
  28. ^ Wolfe, Josh (January 4, 2007). "Nano Talk With Bernie Marcus". Forbes/Wolfe Nanotech Report. Retrieved May 27, 2009.
  29. ^ "Shepherd Center, Donor Profile: Bernie Marcus". Archived from the original on July 7, 2010. Retrieved December 21, 2010.
  30. ^ Miller, T. Christian (December 21, 2010). "Philanthropist Provides Care That The Pentagon Won't". N.P.R. Retrieved December 21, 2010.
  31. ^ "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.
  32. ^ "The Philanthropy Roundtable announces Bernie Marcus as the 2012 recipient of the William E. Simon Prize". Retrieved April 30, 2012.
  33. ^ Jonathan V. Last. "Do It Yourself". philanthropyroundtable.org.
  34. ^ Sadeh, Shuki (March 17, 2013). "How foreign donors reshaped Israel: A who's who". Haaretz. Retrieved November 30, 2013.
  35. ^ Voytko, Lisette. "Billionaire Bernie Marcus Promises Fortune To Charity (And Some To Trump)". Forbes.
  36. ^ Tharpe, Jim (May 29, 2005). Bernie Marcus makes mark with Georgia Aquarium The Atlanta Journal-Constitution
  37. ^ Kempner, Matt (June 30, 2019). [billionaire plans to give almost all of it away.] Atlanta Journal-Constitution.
  38. ^ GiveSmart.org, 2013 Bernie Marcus' Philanthropic Profile Archived September 26, 2013, at the Wayback Machine
  39. ^ "Built from Scratch: How a Couple of Regular Guys Grew T…". Goodreads.
  40. ^ 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.
  41. ^ Schmidt, Ann (August 1, 2020). "How Arthur Blank, Bernie Marcus co-founded Home Depot after being fired". FOXBusiness.
  42. ^ "How Bill Gates, Richard Branson and other billionaires made it big". South China Morning Post. August 12, 2020.
  43. ^ "Kick Up Some Dust by Bernie Marcus". capitalresearch.org.
  44. ^ Heller, Sasha (October 13, 2022). "Bernie Marcus at 93 is Still Kicking Up Dust". Atlanta Jewish Times.
  45. ^ a b c "Bernard "Bernie" Marcus Obituary". Legacy. November 5, 2024. Retrieved November 5, 2024.
  46. ^ Reference for Business: "Bernie Marcus" retrieved March 30, 2014
  47. ^ "Bernard Marcus, cofounder of The Home Depot and billionaire Republican megadonor, has died". CNN. November 5, 2024. Retrieved November 5, 2024.
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Further reading

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Business positions
Preceded by
none
 CEO of Home Depot
1979–1997 		Succeeded by
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