Home Depot co-founder and billionaire philanthropist dies at 95

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

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

Marcus served as CEO of Home Depot as the company grew rapidly during its first two decades and served as chairman of the board until his retirement in 2002. 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 a retail visionary. But more importantly, he valued our employees, customers and communities above all else. He left us an invaluable legacy and the backbone of our company: our values ​​and our culture. ”

According to a biography on the company's website, Marcus was born in 1929 to Russian Jewish immigrants and grew up in a rental home in Newark, New Jersey. Marcus had ambitions of becoming a doctor, but his family could not afford medical school and he tried to become a pharmacist, receiving a degree from Rutgers University. According to Home Depot, Marcus always said he would skip class to sell Amana freezers door-to-door.

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

The big moment of his career came when he and Blank were released from Handy Dan in 1978. Marcus had dreamed of a one-stop shop for home improvement. At the age of 49, Marcus co-founded Home Depot with Blank. According to the company, investment banker Ken Langone helped secure financing to launch The Home Depot.

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. Over the past decade, Home Depot's annual sales have doubled, reaching nearly $153 billion in 2023

Marcus has financially supported various charities, 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, with a focus on Jewish causes, children, medical research, free enterprise and community.

Marcus was a vocal and financial supporter of Donald Trump, reportedly donating nearly $5 million to the Republican Party between 2016 and 2020 OpenSecretsan organization that tracks political spending. Last year, Marcus wrote an editorial for the right-wing site Real Clear Politics, a clearinghouse for election data and analysis, outlining why advocate Trump for a second term.