Bernard Marcus, a co-founder of The Home Depot, died on Monday in Boca Raton, Florida, according to a statement from the company and an obituary published by his family. He was 95.
After being fired from Handy Dan, another home improvement retailer in 1978 at age 49, Marcus decided to turn his idea for a one-stop, do-it-yourself home improvement store into a reality. Marcus joined Arthur Blank, Pat Farrah and investment banker Ken Langone in opening the first two Home Depot stores in Atlanta in 1979.
Marcus became The Home Depot’s first CEO. He also was board chairman until retiring in 2002. The company he helped start ultimately grew to become one of the largest retailers in the world. Last year, the company reported revenues of nearly $153 billion. It operates over 2,300 stores in the U.S., Canada and Mexico and employs over 500,000 people.
Born in 1929 in Newark, New Jersey, Marcus was the son of the son of Russian Jewish immigrants. He aspired to be a doctor but his family was unable to afford medical school. Marcus enrolled in pharmacy school instead and graduated from Rutgers University in 1954. After college, Marcus worked in various positions in retail companies. By 1972, he was the chairman of the board and president of Handy Dan. He met Blank while working there and formed a lifelong friendship.
In its statement, The Home Depot said it “is deeply saddened” by Marcus’s passing.
“Bernie was an inspiration in many ways,” the company said. “He was a master merchant and a genius with customer service. Together with Arthur Blank and Ken Langone, Bernie helped create a nation of doers who could tackle any project, large or small.” The company also said Marcus believed strongly in the value of giving back.
Marcus’s philanthropic efforts and influence are multifaceted and include healthcare, medical research, free enterprise, Jewish causes and military veterans. He also gave $250 million to support the construction of the Georgia Aquarium, according to Bloomberg.
In 2010, Marcus and his wife joined The Giving Pledge, committing to give away most of their money during their lifetime. Forbes this year estimated his net worth at $10.3 billion. Marcus’s survivors include his wife and two sons.
