Bernard “Bernie” Marcus, co-founder of The Home Depot, billionaire philanthropist, and significant Republican supporter, has died at the age of 95.
A Home Depot representative said that Marcus died in Boca Raton, Florida, surrounded by family. Marcus was Home Depot’s CEO for the first two decades of its existence and served as chairman of the board until his retirement in 2002.
Home Depot is presently the world’s leading home improvement business. In recent years, he became a vocal supporter of the newly elected President Trump. The company expressed immense gratitude to Marcus, acknowledging him as a master merchant and retail visionary.
They emphasized that, above all, he valued their associates, customers, and communities. His legacy and the company’s backbone—its values and culture—are invaluable gifts he left behind.
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Who Is Bernard Marcus?
Bernard Marcus, the son of Russian Jewish immigrants, was born in 1929 and raised in a tenement in Newark, New Jersey, based on a business biography.
Marcus aspired to be a doctor, but his family could not afford medical school. So, he studied pharmacy at Rutgers University and graduated. According to Home Depot, Bernard Marcus used to say he’d skip classes to sell Amana freezers door to door.
After college, Marcus worked for the manufacturing firm O’Dell’s and the retail chain Vornado, quickly rising through the corporate ranks. In 1972, he became chairman and president of Handy Dan Improvement Centers, a subsidiary of the Daylin conglomerate. Marcus and Arthur Blank developed a lifetime relationship there.
When Did Bernard Marcus Create Home Depot?
Bernard Marcus was sacked from Handy Dan in April 1978, along with future Home Depot co-founder Arthur Blank, amid a corporate power struggle. They co-founded the home-improvement shop Home Depot in 1978 with the help of merchandising guru Pat Farrah and New York investment banker Ken Langone, who put together a group of investors.
The first two locations in Atlanta opened on June 22, 1979. Marcus was the company’s initial CEO until May 1997, then retired as chairman of the board on May 31, 2002. Blank followed him as CEO and remained in office until December 2000. Marcus was honored by the Junior Achievement U.S. Business Hall of Fame in 2006.
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He launched the Job Creators Network, a conservative advocacy organization, with $500,000 in seed funds in 2010. Marcus has donated to various charities, including Jewish and medical groups. He also developed the Georgia Aquarium in Atlanta, which is one of the world’s largest.
According to the corporation, his philanthropic efforts will continue through The Marcus Foundation, which focuses on Jewish causes, children, medical research, free enterprise, and the community.
What Was Bernard Marcus’ Net Worth?
According to Forbes, Bernard Marcus’ net worth at the time of his death was $11 billion. Naturally, the majority, if not all, of his riches came from co-founding Home Depot with Arthur Blank.
Marcus was dedicated to assisting military personnel and first responders with traumatic brain injuries, as well as individuals suffering from post-traumatic stress disorder and substance misuse concerns.
Near the end of his life, Marcus was determined to give away as much of his money as possible. It is estimated that by the time of his death, he had donated more than $2 billion to multiple causes and organizations.
Bernard Marcus’ Political Ideologies
Bernard Marcus, an avowed Republican, has donated millions to the campaigns of right-wing politicians. This includes the late John McCain, current Florida Gov. Ron DeSantis, and Trump.
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Later in life, he made regular appearances on right-wing television channels such as Fox News and Fox Business, typically discussing his support for Trump’s presidential ambitions.
Some Trump opponents threatened to boycott The Home Depot in 2016 and 2019 due to Marcus’ backing for the Republican presidential contender. In a 2022 interview with the Financial Times, Bernie Marcus expressed his concerns about capitalism, stating that the spread of socialism in America has led to a lack of work ethic, with people expecting handouts.
He lamented the loss of free speech, attributing it to the influence of “woke” culture, and remarked that at 93, he does not care about potential backlash against him.
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