The Home Depot (NYSE: HD) announced the passing of Bernard Marcus, the company’s co-founder and first CEO and chairman, at the age of 95.
Born in Newark, New Jersey on May 12, 1929, Marcus was the youngest of four children born to Russian-Jewish immigrant parents. He was in a tenement and hoped to become a doctor – but while he was accepted Harvard Medical School, he was unable to afford the tuition and instead pursued a pharmacy degree Rutgers University.
Rather than pursue a pharmacy career, Marcus focused on retailing. His career reached its first peak in 1972 when he became president and chairman of the board of Handy Dan Improvement Centers Inc. However, six years later he was fired during a power struggle at the company.
Marcus and Arthur Blank, another Handy Dan executive who was ousted, teamed to create The Home Depot, opening the first two stores in Atlanta in June 1979. Marcy served as the company’s chief executive for its first 19 years and as chairman until his retirement in 2002.
Forbes magazine estimated Marcus’ net worth at $11 billion. Marcus and his wife Billi were signatories of The Giving Pledge, a commitment to give away most of their wealth in philanthropic endeavors.
“Bernie’s philanthropic work will be continued by The Marcus Foundation, with a focus on Jewish causes, children, medical research, free enterprise and the community,” said the company in a statement. “His commitment to excellent customer service, entrepreneurial spirit, giving back and taking care of our people lives on with the associates of The Home Depot.”
Photo courtesy of The Home Depot
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A generous and intelligent man. RIP, Sir. Hopefully, more kind souls will follow in his footsteps and give away their billions to philanthropic endeavors. We need more people like this in our country. God bless him and his family.