Eric Smidt
Encyclopedia
Eric L. Smidt is an American businessman. He is Chairman, CEO, and sole proprietor of Harbor Freight Tools
. Harbor Freight Tools sales are reportedly in excess of $1.5bn a year.
Eric Smidt started working for his father in the family business when a teenager. At the age of 25, Smidt was named president of the company; he served as president till 1999 when he became sole proprietor of the company and the board of directors voted to make him CEO.
In 2001 Smidt was listed as one of AllBusiness.com's Entrepreneurs of the year
While Smidt has been CEO Harbor Freight has had positive sales growth every quarter, even during the economic downturn of 2008.
. The massive 13-bedroom, 12-bath home has two swimming pools and a tennis court. It is on 10 acres of land and has 25,000 sq. feet of living space. The home was built in 1955 and has undergone many renovations.
It was purchased by Smidt for close to $50 million. Property taxes are very close to half a million annually.
Through his charity, Smidt Family Foundation, Smidt donates thousands of dollars to the University of Southern California
, and Children's Hospital Los Angeles
. Smidt is among Los Angeles's most well known democrats having served as host to multiple fundraiser dinners for both Bill
and Hillary Clinton
. He is a friend of Los Angeles Mayor Villaraigosa, most recently donating money to help pay down the Mayor's ethics fines. Smidt is also a lover of aviation and an amateur pilot.
Harbor Freight Tools
Harbor Freight Tools is an American privately held company that runs a chain of discount tool retail stores. The company was founded in 1968 by Allan Smidt, primarily selling through its mail order catalog, which still exists today. The Calabasas, California based company offers a large variety of...
. Harbor Freight Tools sales are reportedly in excess of $1.5bn a year.
Biography
Eric L. Smidt was born in Los Angeles, CA to Allan Smidt, a Los Angeles Businessman, and Dorothy Smidt, a homemaker; his father started Harbor Freight Tools.Eric Smidt started working for his father in the family business when a teenager. At the age of 25, Smidt was named president of the company; he served as president till 1999 when he became sole proprietor of the company and the board of directors voted to make him CEO.
In 2001 Smidt was listed as one of AllBusiness.com's Entrepreneurs of the year
Tenure as Chairman and CEO
While Smidt has served as Chairman and CEO, Harbor Freight has eliminated nearly all non-house brands from their stores. Importing from the Far East, including but not limited to China, Japan, Korea, Vietnam, India, and Pakistan.While Smidt has been CEO Harbor Freight has had positive sales growth every quarter, even during the economic downturn of 2008.
Criticism
Recently, he has come under fire by his father for significant changes within the organization including layoffs, misappropriation of funds, and removing him from the board of directors.Personal life
Smidt is among Los Angeles's wealthiest art collectors. He has amassed a vast real estate portfolio including the former Marvin Davis estate, which was on the Forbes list of most expensive houses in 2004, in Beverly HillsBeverly Hills, California
Beverly Hills is an affluent city located in Los Angeles County, California, United States. With a population of 34,109 at the 2010 census, up from 33,784 as of the 2000 census, it is home to numerous Hollywood celebrities. Beverly Hills and the neighboring city of West Hollywood are together...
. The massive 13-bedroom, 12-bath home has two swimming pools and a tennis court. It is on 10 acres of land and has 25,000 sq. feet of living space. The home was built in 1955 and has undergone many renovations.
It was purchased by Smidt for close to $50 million. Property taxes are very close to half a million annually.
Through his charity, Smidt Family Foundation, Smidt donates thousands of dollars to the University of Southern California
University of Southern California
The University of Southern California is a private, not-for-profit, nonsectarian, research university located in Los Angeles, California, United States. USC was founded in 1880, making it California's oldest private research university...
, and Children's Hospital Los Angeles
Children's Hospital Los Angeles
Children's Hospital Los Angeles, formerly Childrens Hospital Society, is a private, non-profit teaching hospital in Los Angeles. The hospital provides multidisciplinary care to over 93,000 children each year, with physician expertise in over 100 pediatric specialties and subspecialties.The hospital...
. Smidt is among Los Angeles's most well known democrats having served as host to multiple fundraiser dinners for both Bill
Bill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...
and Hillary Clinton
Hillary Rodham Clinton
Hillary Diane Rodham Clinton is the 67th United States Secretary of State, serving in the administration of President Barack Obama. She was a United States Senator for New York from 2001 to 2009. As the wife of the 42nd President of the United States, Bill Clinton, she was the First Lady of the...
. He is a friend of Los Angeles Mayor Villaraigosa, most recently donating money to help pay down the Mayor's ethics fines. Smidt is also a lover of aviation and an amateur pilot.