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    • Home Depot co-founder and billionaire philanthropist Bernie Marcus dies at 95
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    Home Depot co-founder and billionaire philanthropist Bernie Marcus dies at 95

    Harry Posted on

    Anne D’Innocenzio
    | Associated Press

    new York – Bernard “Bernie” Marcus, co-founder of The Home Depot, billionaire philanthropist and major Republican donor, has died. He was 95 years old.

    Marcus died Monday surrounded by his family in Boca Raton, Florida, according to a Home Depot spokesperson.

    Marcus was CEO of Home Depot, which grew rapidly during its first two decades, and was chairman of the board until his retirement in 2002. Home Depot is currently the largest home improvement chain in the world. He has been an outspoken supporter of former President Donald Trump in recent years.

    “We owe Bernie an immeasurable debt of gratitude,” the company said in a statement. “He was a master trader and retail visionary. But more importantly, he valued our partners, customers and communities above all else. He left us an invaluable legacy and the backbone of our company: our values ​​and culture. ”

    The son of Russian Jewish immigrants, Marcus was born in 1929 and grew up in an apartment building in Newark, New Jersey, according to a biography on the company’s website. Marcus had dreams of becoming a doctor, but because his family could not afford medical school, he pursued becoming a pharmacist and earned a degree from Rutgers University. According to Home Depot, Marcus said he would skip classes to sell Amana freezers door-to-door.

    After college, Marcus worked at O’Dell’s manufacturing company and retail chain Vornado, quickly climbing the corporate ladder. In 1972, Marcus was chairman and president of Handy Dan Healing Centers, part of the Daylin conglomerate. Marcus formed a lifelong friendship with Arthur Blank.

    The big moment in his career came in 1978 after he and Blank were fired by Handy Dan. Marcus dreamed of a one-stop shop for self-employed people. Marcus founded Home Depot with Blank when he was 49 years old. Investment banker Ken Langone helped secure financing for The Home Depot’s launch, according to the company.

    The first Home Depot opened in Atlanta the following year, and in 1981 the company went public and began selling stock. There are currently more than 2,000 Home Depot stores and the company employs more than 500,000 people. Over the past decade, Home Depot’s annual sales have doubled, reaching nearly $153 billion by 2023.

    Marcus financially supported various charities as well as Jewish and medical organizations through donations. He also built the Georgia Aquarium in Atlanta, one of the largest in the world. The company said its philanthropic work will continue through the Marcus Foundation, focusing on Jewish causes, children, medical research, free enterprise and community.

    Marcus was a vocal and financial supporter of Donald Trump and donated nearly $5 million to the Republican Party between 2016 and 2020, according to OpenSecrets, an organization that tracks political spending. Last year, Marcus penned an op-ed for Real Clear Politics, a clearinghouse of election data and analysis, explaining his reasons for supporting Trump for a second term.

    Harry
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