Home Depot Co-founder Bernard Marcus Dies At 95

Home Depot

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(RTTNews) - Bernard Bernie Marcus, who co-founded retail chain the Home Depot Inc., has died, aged 95.

The Billionaire, said to be a major donor to Republican politicians and a supporter of Donald Trump, breathed his last on the U.S. Election day.

In a statement announcing the news, the company, which is now mainly owned by institutional investors, said, "Bernie was an inspiration in many ways. He was a master merchant and a genius with customer service... He also loved the associates who made the company what it is today. More than anything, he deeply believed in the company's core values, particularly that of giving back...In business and in charity, Bernie was unparalleled in generosity and goodwill."

Bernie started the Home Depot with Arthur Blank and others in 1978, which has now turned to become a retail major, operating 2,300 stores and employs more than 500,000. He was the company's first CEO and first Chairman until retiring in 2002.

Born in 1929 to Russian Jewish immigrants, he grew up in a tenement in Newark, New Jersey. After college, he worked at manufacturing conglomerate O'Dell's and retail chain Vornado, Inc. By 1972, Bernie was the chairman of the Board and president of Handy Dan Improvement Centers, Inc., a chain that was part of the Daylin conglomerate, where he met Blank.

Home Depot was created after Bernie was fired from Handy Dan in April 1978, along with Blank. With his vision of a one-stop shop for do-it-yourselfers, he and Blank, along with others, started the retail firm, with financial support from Investment banker Ken Langone.

Bernie, together with his wife Billi, also was very active in various philanthropic efforts. They also joined the Giving Pledge in 2010, a commitment to give away most of their money during their lifetime.

According to Home Depot, 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.