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Kenneth Gerard Langone Sr., KSG (Knight of the Pontifical Order of St. Gregory the Great) (born September 16, 1935) is an American billionaire businessman, investor, and philanthropist, best known for organizing financing for the founders of The Home Depot. He is a major donor to the Republican Party.[2] He has an estimated net worth of $3.4 billion as of February 2018 according to Forbes.[3]

Kenneth Langone
Born
Kenneth Gerard Langone

(1935-09-16) September 16, 1935 (age 84)
ResidenceSands Point, New York.
NationalityUnited States
Alma materBucknell University (B.A.)
New York University Stern School of Business (M.B.A.)
OccupationBusinessman
Known forHelped arrange financing for the co-founders of The Home Depot
Net worthUS$ Decrease 4.0 billion (November 2019)[1]
Political partyRepublican Party
Spouse(s)Elaine Langone
ChildrenKenneth Gerard Langone Jr.
Stephen Langone
Bruce Langone

Early lifeEdit

Kenneth Langone was born in Roslyn Heights, New York, to Italian American working-class parents. His father was a plumber and his mother a cafeteria worker. Langone's family has been described as having "a lot of love, but not a lot of money."[4] He was a student at Bucknell University and the New York University Stern School of Business.

Business careerEdit

In the early 1960s, Langone began his career at a Wall Street financial services company named R.W. Pressprich, where he helped develop new business. In 1968 Langone met and persuaded Ross Perot to let Pressprich handle Electronic Data Systems's IPO. In 1969, Langone would be named Pressprich’s president.[citation needed]

In 1974, Langone formed the venture capital firm Invemed.[5] Langone organized financing for Marcus and Blank to found Home Depot. Now a national chain with over 400,000 employees, it is Langone's most notable business venture.[citation needed]

Langone has been on the boards of Geeknet[6], General Electric, Database Technologies,[7] and ChoicePoint Inc.[citation needed]

In 2014, he likened populist appeals to raise taxes on the rich in the United States to Hitler's rhetoric in Nazi Germany in the 1930s.[2][8]

Langone was chairman of the New York Stock Exchange's Compensation Committee from 1999 to 2003. In 2004, New York Attorney General Eliot Spitzer filed a lawsuit against the New York Stock Exchange’s former Chairman Richard Grasso to return $100 million to the NYSE that were part of his $188.5 pay package. The lawsuit named Langone who had approved the pay package.[9]

Personal lifeEdit

He and his wife Elaine Langone have three children; Kenneth G. Jr., Stephen, and Bruce Langone.

He is a practicing Roman Catholic, and was made a Knight of St. Gregory by Pope Benedict XVI.

He has expressed indifference to same-sex marriage, saying "If two boys, two girls want to get married, it doesn't bother me... it's none of my business."[10]

He lives in Sands Point, New York.

Langone is a member of Kappa Beta Phi.[11]

PhilanthropyEdit

In 2018 Langone pledged $100 million in funding towards a $450 million program to make tuition free for all medical students at the NYU School of Medicine[12]. Langone serves as the Chair of the Board of Trustees of the NYU Langone Medical Center.[13][14]

He serves on the boards of The Ronald McDonald House of NY, CSIS, The Medal of Honor Foundation, and the Harlem Children's Zone.[13][14][15][16]

In popular mediaEdit

Langone is portrayed by actor Ray Iannicelli in the 2017 HBO Films production The Wizard of Lies. In the film, Langone rejects an offer to invest money in the schemes of convicted Wall Street swindler Bernie Madoff.

ReferencesEdit

  1. ^ The World's Billionaires: Kenneth Langone 20 November 2019
  2. ^ a b White, Ben; Haberman, Maggie. "The rich strike back". POLITICO. Retrieved May 15, 2019.
  3. ^ The World's Billionaires: Kenneth Langone February 2018
  4. ^ Clifford, Catherine (May 22, 2018). "This multibillionaire still calls the cable company when he thinks his bill is too high". CNBC. Retrieved October 31, 2018.
  5. ^ http://www.pressprich.com/PressprichWeb/History-tab
  6. ^ Geeknet Elects Kenneth G. Langone Chairman of the Board of Directors, Geek.net, July 8, 2010, loaded July 8, 2010
  7. ^ Database pioneer ready for new adventure, South Florida Business Journal, March 21, 2005, loaded April 2, 2007
  8. ^ "Ken Langone Becomes Latest Billionaire Victim of Hitler's Nazi Tactics". Intelligencer. Retrieved May 15, 2019.
  9. ^ Lee, Ruben. "Running the World's Markets". Princeton University Press. pp. 196–197. Retrieved May 15, 2019.
  10. ^ "Ken Langone Stands By Chris Christie". BuzzFeed News.
  11. ^ Roose, Kevin (2014). Young Money: Inside the Hidden World of Wall Street's Post-Crash Recruits. London, UK: John Murray (Publishers), An Hachette UK Company. p. 208. ISBN 978-1-47361-161-0.
  12. ^ New York Times https://www.nytimes.com/2018/08/16/nyregion/nyu-free-tuition-medical-school.html. Retrieved August 16, 2018. Missing or empty |title= (help)
  13. ^ a b Langone's Faces of Philanthropy profile. Faces of Philanthropy, accessed December 28, 2010.
  14. ^ a b Langone's Business Week Executive Profile. Business Week, accessed December 28, 2010.
  15. ^ Board Members Archived December 25, 2010, at the Wayback Machine. Tomorrow's Hope Foundation, accessed December 28, 2010
  16. ^ Board of Trustees. Harlem Children's Zone, accessed December 28, 2010.

External linksEdit