Home Depot co-founder and billionaire philanthropist dies at age 95

NEW YORK (AP) – Bernard “Bernie” Marcus, co-founder of The Home Depot, the world’s largest home improvement chain, a billionaire philanthropist and a major Republican donor, has died. He was 95.

Marcus died Monday in Boca Raton, Fla., surrounded by family, according to a Home Depot spokesman.

Marcus was Home Depot’s CEO when it grew rapidly during its first two decades and was chairman until his retirement in 2002. In recent years, he became an outspoken supporter of former President Donald Trump.

“We owe an immense debt of gratitude to Bernie,” the company said in a statement. “He was a master merchant and a retail visionary. But more importantly, he valued our employees, customers and local community above all else. He has left us an invaluable legacy and the backbone of our company: our values ​​and culture.”

Marcus, the son of Russian Jewish immigrants, was born in 1929 and grew up in an apartment in Newark, New Jersey, according to a biography on the company’s website. Marcus had ambitions to become a doctor, but his family could not afford medical school, and he aspired to become a pharmacist, earning a degree from Rutgers University. Marcus used to say he would skip class to sell Amana freezers door-to-door, according to Home Depot.

After college, Marcus worked at manufacturing conglomerate O’Dell’s and retail chain Vornado, where he quickly climbed the corporate ladder. In 1972, Marcus was chairman and president of Handy Dan Improvement Centers, part of the Daylin conglomerate. It was there that Marcus formed a lifelong friendship with Arthur Blank.

The big moment in his career came after he was fired by Handy Dan in 1978 along with Blank. Marcus had dreamed of a one-stop shop for do-it-yourselfers. At the age of 49, Marcus co-founded Home Depot with Blank. Investment banker Ken Langone helped secure financing to get The Home Depot off the ground, 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 now more than 2,000 Home Depot stores and the company employs more than 500,000 people. In the past decade, annual sales at Home Depot have doubled, reaching nearly $153 billion by 2023

Marcus has 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 his philanthropic work will continue through The Marcus Foundation, focusing on Jewish causes, children, medical research, free enterprise and the community.

Marcus was a vocal and financial supporter of Donald Trump, donating nearly $5 million to the Republican Party between 2016 and 2020, according to OpenSecretsan organization that tracks political spending. Last year, Marcus wrote an op-ed for the right-wing Real Clear Politics, an election data and analysis clearinghouse, detailing the reasons he was approve Trump for a second term.