Arthur Blank
Encyclopedia
Arthur M. Blank is an American
businessman
and a co-founder of The Home Depot
. Today he is known for his philanthropy
and his ownership of the Atlanta Falcons
in the National Football League
.
, New York
, with his father, Max, his mother, Molly, and his older brother, Michael. Blank graduated from Stuyvesant High School
in New York City
and went on to attend Babson College
, where he graduated in 3 years in 1963 with a B.S.
degree in Business Administration and accounting. He also received an honorary degree from Furman University
, where the Falcons held training camp until 2005
, Blank was hired by Arthur Young and Company, where he was a senior accountant. He later joined the Daylin Corporation, where he rose to become president of Elliott's Drug Stores/Stripe Discount Stores, a division of Daylin. When Daylin decided to sell off that division, Blank moved to another division, Handy Dan Home Improvement Centers. Bernie Marcus was CEO of Handy Dan and Blank was vice president of finance when both were fired in 1978 as part of an internal power struggle.
In 1978, Blank co-founded Home Depot with Bernie Marcus. New York investment banker Ken Langone assembled the initial group of investors. The store revolutionized the home improvement business with its warehouse concept and Blank and Marcus became billionaire
s as a result. Blank spent 19 years as the company's president before succeeding Marcus as CEO. Blank retired from the company in 2001 as co-chairman.
franchise in the National Football League
from owner Taylor Smith, the son of team founder Rankin M. Smith, Sr.
, who took over the team after the elder Smith's death. In September 2004, he bought the Arena Football League franchise, the Georgia Force
; he moved the team back to the city of Atlanta
after it had spent several years in suburban Gwinnett County
.
Blank has expressed serious interest in purchasing other Atlanta franchises. In early 2006, he temporarily withdrew from contention as a potential buyer of the Major League Baseball
team Atlanta Braves
. Some months later, Blank re-entered serious talks with Time Warner
and a report indicated that a sale was imminent.http://www.ajc.com/sports/content/sports/braves/stories/0421bravessale.html However, in February 2007, the Braves completed the sale of the team to Liberty Media
. Blank has also spoke of purchasing an expansion franchise in Major League Soccer
. Atlanta is currently being considered for MLS expansion.
section of Atlanta, along with their three children. A strong believer in work-life balance, Blank still makes time daily for working out and spending time with family. He also owns Mountain Sky Guest Ranch in Emigrant, Montana; Atlanta Falcons Physical Therapy Centers, and PGA TOUR Superstores.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman
Businessperson
A businessperson is someone involved in a particular undertaking of activities for the purpose of generating revenue from a combination of human, financial, or physical capital. An entrepreneur is an example of a business person...
and a co-founder of The Home Depot
The Home Depot
The Home Depot is an American retailer of home improvement and construction products and services.The Home Depot operates 2,248 big-box format stores across the United States , Canada , Mexico and China, with a 12-store chain...
. Today he is known for his philanthropy
Philanthropy
Philanthropy etymologically means "the love of humanity"—love in the sense of caring for, nourishing, developing, or enhancing; humanity in the sense of "what it is to be human," or "human potential." In modern practical terms, it is "private initiatives for public good, focusing on quality of...
and his ownership of the Atlanta Falcons
Atlanta Falcons
The Atlanta Falcons are a professional American football team based in Atlanta, Georgia. They are a member of the South Division of the National Football Conference in the National Football League...
in the National Football League
National Football League
The National Football League is the highest level of professional American football in the United States, and is considered the top professional American football league in the world. It was formed by eleven teams in 1920 as the American Professional Football Association, with the league changing...
.
Early life
Arthur Blank was born to a Jewish family, in FlushingFlushing, Queens
Flushing, founded in 1645, is a neighborhood in the north central part of the City of New York borough of Queens, east of Manhattan.Flushing was one of the first Dutch settlements on Long Island. Today, it is one of the largest and most diverse neighborhoods in New York City...
, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, with his father, Max, his mother, Molly, and his older brother, Michael. Blank graduated from Stuyvesant High School
Stuyvesant High School
Stuyvesant High School , commonly referred to as Stuy , is a New York City public high school that specializes in mathematics and science. The school opened in 1904 on Manhattan's East Side and moved to a new building in Battery Park City in 1992. Stuyvesant is noted for its strong academic...
in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
and went on to attend Babson College
Babson College
Babson College is a private business school located in Wellesley, Massachusetts near Boston.- History :Babson College was founded by Roger Babson on September 3, 1919, as the Babson Institute. It was renamed "Babson College" in 1969...
, where he graduated in 3 years in 1963 with a B.S.
Bachelor of Science
A Bachelor of Science is an undergraduate academic degree awarded for completed courses that generally last three to five years .-Australia:In Australia, the BSc is a 3 year degree, offered from 1st year on...
degree in Business Administration and accounting. He also received an honorary degree from Furman University
Furman University
Furman University is a selective, private, coeducational, liberal arts college in Greenville, South Carolina, United States. Furman is one of the oldest, and more selective private institutions in South Carolina...
, where the Falcons held training camp until 2005
Working life
After graduating from Babson CollegeBabson College
Babson College is a private business school located in Wellesley, Massachusetts near Boston.- History :Babson College was founded by Roger Babson on September 3, 1919, as the Babson Institute. It was renamed "Babson College" in 1969...
, Blank was hired by Arthur Young and Company, where he was a senior accountant. He later joined the Daylin Corporation, where he rose to become president of Elliott's Drug Stores/Stripe Discount Stores, a division of Daylin. When Daylin decided to sell off that division, Blank moved to another division, Handy Dan Home Improvement Centers. Bernie Marcus was CEO of Handy Dan and Blank was vice president of finance when both were fired in 1978 as part of an internal power struggle.
In 1978, Blank co-founded Home Depot with Bernie Marcus. New York investment banker Ken Langone assembled the initial group of investors. The store revolutionized the home improvement business with its warehouse concept and Blank and Marcus became billionaire
Billionaire
A billionaire, in countries that use the short scale number naming system, is a person who has a net worth of at least one billion units of a given currency, usually the United States dollar, Euro, or Pound sterling. Forbes magazine updates a complete list of U.S. dollar billionaires around the...
s as a result. Blank spent 19 years as the company's president before succeeding Marcus as CEO. Blank retired from the company in 2001 as co-chairman.
Sports ownership
In February 2002, Blank purchased the Atlanta FalconsAtlanta Falcons
The Atlanta Falcons are a professional American football team based in Atlanta, Georgia. They are a member of the South Division of the National Football Conference in the National Football League...
franchise in the National Football League
National Football League
The National Football League is the highest level of professional American football in the United States, and is considered the top professional American football league in the world. It was formed by eleven teams in 1920 as the American Professional Football Association, with the league changing...
from owner Taylor Smith, the son of team founder Rankin M. Smith, Sr.
Rankin M. Smith, Sr.
Rankin M. Smith, Sr. was an American businessman and philanthropist. A long time resident of Atlanta, Georgia, Smith was very active in the Atlanta community. Smith served as president of the Life Insurance Company of Georgia from 1970 to 1976...
, who took over the team after the elder Smith's death. In September 2004, he bought the Arena Football League franchise, the Georgia Force
Georgia Force
The Georgia Force are an Arena Football League team based in Gwinnett County, Georgia, United States that plays in the South Division of the American Conference. The team is owned by Doug MacGregor and Donn Jennings...
; he moved the team back to the city of Atlanta
Atlanta, Georgia
Atlanta is the capital and most populous city in the U.S. state of Georgia. According to the 2010 census, Atlanta's population is 420,003. Atlanta is the cultural and economic center of the Atlanta metropolitan area, which is home to 5,268,860 people and is the ninth largest metropolitan area in...
after it had spent several years in suburban Gwinnett County
Gwinnett County, Georgia
, Gwinnett County had a population of 805,321. The racial and ethnic composition of the population was 53.3% white , 23.6% black , 2.7% Korean, 2.6% Asian Indian, 2.0% Vietnamese, 3.3% other Asian, 0.1% Pacific Islander, 8.8% some other race and 3.1% from two or more races...
.
Blank has expressed serious interest in purchasing other Atlanta franchises. In early 2006, he temporarily withdrew from contention as a potential buyer of the Major League Baseball
Major League Baseball
Major League Baseball is the highest level of professional baseball in the United States and Canada, consisting of teams that play in the National League and the American League...
team Atlanta Braves
Atlanta Braves
The Atlanta Braves are a professional baseball club based in Atlanta, Georgia. The Braves are a member of the Eastern Division of Major League Baseball's National League. The Braves have played in Turner Field since 1997....
. Some months later, Blank re-entered serious talks with Time Warner
Time Warner
Time Warner is one of the world's largest media companies, headquartered in the Time Warner Center in New York City. Formerly two separate companies, Warner Communications, Inc...
and a report indicated that a sale was imminent.http://www.ajc.com/sports/content/sports/braves/stories/0421bravessale.html However, in February 2007, the Braves completed the sale of the team to Liberty Media
Liberty Media
Liberty Media Corporation is an American media conglomerate and the control is exercised by company Chairman John C. Malone, who owns a majority of the voting shares....
. Blank has also spoke of purchasing an expansion franchise in Major League Soccer
Major League Soccer
Major League Soccer is a professional soccer league based in the United States and sanctioned by the United States Soccer Federation . The league is composed of 19 teams — 16 in the U.S. and 3 in Canada...
. Atlanta is currently being considered for MLS expansion.
Current life
Blank is the Chairman, President, and CEO of AMB Group, LLC, and chairman of The Arthur Blank Family Foundation. He serves on the Board of Trustees of Emory University and the boards of Staples and Cox Enterprises. He is divorced and has six children and three grandchildren. As of September 17, 2008, his net worth was estimated at $1.3 billion. In 2011, Blank was the recipient of the Freeing Voices, Changing Lives award from the American Institute for Stuttering. Blank was inducted into the Junior Achievement U.S. Business Hall of Fame in 2006, and in 2005 he was named National Entrepreneur of the Year by Ernst & Young. In 2003, for the second time in three years, Blank was named Georgia's Most Respected CEO by Georgia Trend magazine. He and his wife, Stephanie, reside in the BuckheadBuckhead (Atlanta)
Buckhead is the uptown district of Atlanta, Georgia, United States, comprising approximately the northern one-fifth of the city. Buckhead is a major commercial and financial center of the Southeast, and it is the third-largest business district in Atlanta, behind Downtown and Midtown...
section of Atlanta, along with their three children. A strong believer in work-life balance, Blank still makes time daily for working out and spending time with family. He also owns Mountain Sky Guest Ranch in Emigrant, Montana; Atlanta Falcons Physical Therapy Centers, and PGA TOUR Superstores.
External links
- Arthur Blank Bio at BlankFoundation.org
- #377 Arthur Blank at Forbes.com
- Ernst & Young Entrepreneur of the Year
- Lemonade Stories: Art Blank
- Arthur Blank in Atlanta
- The DIY Quarterback Leadership article in Smart Business