New York — The Home Depot co-founder Bernard “Bernie” Marcus, a billionaire philanthropist and Republican donor, has died. He was 95 years old.
A Home Depot spokeswoman said Marcus died Monday in Boca Raton, Florida, surrounded by his family.
Marcus was CEO of the rapidly growing Home Depot for its first 20 years and served as Chairman of the Board until his retirement in 2002. Home Depot is currently the world’s largest home improvement chain. In recent years, he has become an outspoken supporter of former President Donald Trump.
“We owe Bernie an immeasurable debt of gratitude,” the company said in a statement. “He was a master merchant and retail pioneer. But more importantly, he valued his employees, customers and community above all else. He left us with a valuable legacy and the values and culture that are the backbone of the company. ”
The son of Russian-Jewish immigrants, Marcus was born in 1929 and raised in a house in Newark, New Jersey, according to a biography on the company’s website. Marcus wanted to be a doctor, but his family could not afford medical school, so he pursued a career as a pharmacist, earning a degree from Rutgers University. According to Home Depot, Marcus used to say he would skip class to sell Amana freezers door to door.
After college, Marcus quickly rose through the corporate ranks, working at manufacturing giant O’Dell’s and retail chain Vornado. Until 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 highlight of his career came after he and Blank were fired by Handy Dan in 1978. Marcus dreamed of being a one-stop shop for DIYers. Marcus founded Home Depot with Blank when he was 49 years old. Investment banker Ken Langone helped secure financing to start The Home Depot, 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 has more than 500,000 employees. Over the past decade, Home Depot’s annual sales have doubled, reaching nearly $153 billion by 2023.
Marcus has financially supported various charities and Jewish and medical organizations through donations. He also built the world’s largest Georgia Aquarium in Atlanta. The company said his philanthropy will continue through the Marcus Foundation and will focus on Jewish causes, children, medical research, free enterprise and community.
Marcus has been a vocal and financial supporter of Donald Trump, donating nearly $5 million to the Republican Party from 2016 to 2020, according to OpenSecrets, an organization that tracks political spending. Last year, Marcus wrote an op-ed for Real Clear Politics, a clearinghouse for election data and analytics, explaining why he supports Trump for a second term.
