Billionaire Philanthropist and Business Leader Died
Bernard “Bernie” Marcus, co-founder of Home Depot, passed away at the age of 95, as announced by the company on Tuesday. Home Depot expressed its condolences in a statement, saying, “The entire Home Depot family is deeply saddened by the death of our co-founder, Bernie Marcus. We owe an immeasurable debt of gratitude to Bernie.”
Legacy of Home Depot
Marcus was instrumental in establishing Home Depot alongside Arthur Blank in 1978. Under their leadership, the company grew from its origins to become a retail giant with a market valuation of almost $400 billion and approximately 2,300 stores.
Marcus held the position of CEO until 1997 and continued as chairman until his retirement in 2002. His net worth was estimated at about $7.4 billion, according to Bloomberg’s Billionaire Index.
Early Life and Career
Marcus was born in 1929 in Newark, New Jersey. His parents were Russian Jewish immigrants, and he was the youngest of 4 children. He graduated from Rutgers University with a degree in marketing and merchandising.
He entered the retail industry by working for several chains and met Arthur Blank while employed at Handy Dan Home Improvement in California. After both were fired, they collaborated to create a new type of home improvement store that emphasized better-trained staff and customer service.
Philanthropic Efforts
Beyond his business success, Marcus was known for his philanthropy, particularly in Atlanta, where he and his wife, Billi, contributed significantly to various causes. They founded the Marcus Autism Center at Emory University, dedicated to assisting children with developmental disabilities.
Additionally, in 2005, Marcus donated $250 million to help establish the Georgia Aquarium. Furthermore, he played a crucial role in creating the Marcus Heart and Vascular Center at Piedmont Hospital and the Marcus Trauma Center at Grady Memorial Hospital.
Political Involvement and Views
An outspoken supporter of the Republican Party, Marcus was a significant donor to various right-wing politicians, including Donald Trump, Florida Governor Ron DeSantis, and the late John McCain.
His support for Trump led to calls for boycotts of Home Depot from some Trump opponents in 2016 and 2019. In a 2022 interview, Marcus expressed concerns about capitalism in the U.S., attributing societal issues to what he perceived as a rise in “socialism” and a decline in work ethic among Americans.
Tributes and Remembrance
Arthur Blank shared his grief over Marcus's passing, stating he was “heartbroken” and acknowledging their nearly 60 years of friendship and collaboration. Blank noted Marcus’s “tremendous commitment to so many causes” and the “immeasurable impact on countless individuals and families” through his philanthropy.
Home Depot remembered Marcus as a “master merchant and a retail visionary” who prioritized the values of associates, customers, and communities. The company highlighted his enduring legacy, emphasizing the principles he instilled that continue to shape Home Depot’s culture.
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