Bernard “Bernie” Marcus, the billionaire cofounder of the Home Depot store chain, has passed away at the age of 95, Home Depot announced Tuesday.
“The entire Home Depot family is deeply saddened by the death of our cofounder Bernie Marcus. We owe an immeasurable debt of gratitude to Bernie," the company stated. “He was a master merchant and a retail visionary. But even more importantly, he valued our associates, customers and communities above all. He’s left us with an invaluable legacy and the backbone of our company: our values.”
Marcus, the son of Russian Jewish immigrants to the US, was born in Newark, New Jersey in 1929. He dreamed of becoming a doctor and was accepted to Harvard Medeical School, but could not afford the tuition. In 1978, he partnered with Arthur Blank to found Home Depot after years of working in the hardware store business. The chain was wildly successful and is currently valued at nearly $400 billion.
The first Home Depot store opened in Atlanta, Georgia, eventually becoming a nationwide chain.
Marcus' net worth was estimated at $7.4 billion at the time of his death. He was a noted philanthropist, citing the Jewish tradition of Tzedakah. In his book, 'Kick Up Some Dust: Lessons on Thinking Big, Giving Back and Doing It Yourself,' he wrote, “I was able to do things my parents could only dream about... and have focused on helping those I will never meet.”
He and his wife Billi founded The Marcus Institute, which was later renamed the Marcus Autism Center, a non-profit organization that treats more than 5,000 children with autism and related conditions each year. He also helped to establish Project Share, an organization that helps treat brain and spinal injuries.
Marcus and his wife also helped underwrite the construction of the Georgia Aquarium, one of the largest aquariums in the world and the only one outside of Asia to feature whale sharks, the largest fish in the world.
Home Depot stated, "Bernie’s philanthropic work will be continued by The Marcus Foundation, with a focus on Jewish causes, children, medical research, free enterprise and the community. His commitment to excellent customer service, entrepreneurial spirit, giving back and taking care of our people lives on with the associates of The Home Depot."
Marcus was also a noted Republican donor who donated to the campaigns of John McCain and Donald Trump, among others. In recent years he gave interviews with Fox News, Fox Business, and the Financial Times outlining his support for Trump and his worries about the potential spread of socialism in the US.