Arthur C. Martinez

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Arthur C. Martinez
Born
Arthur Caulfield Martinez

(1939-09-25) September 25, 1939 (age 85)
New York City, New York, U.S.
Education Polytechnic University (BS)
Harvard Business School (MBA)
Occupation(s)Businessman, executive
Known for
Spouse
Elizabeth Dorothy Rusch
​
​
(m. 1966)​
Children2
Relatives Richard Dupont (son-in-law)
Awards CEO of the Year (1996)
Alumni Achievement Award (1999)

Arthur C. Martinez (born September 25, 1939) is an American businessman and executive. He is best known as the person who led a turnaround of Sears, Roebuck, and Co. in the 1990s when he was Chairman, CEO and President. He is also credited with turning around retailer Abercrombie & Fitch, of which he was Executive Chairman from 2014-2018.

Contents

Early life and education

Martinez was born September 25, 1939 in New York City, the only child of Arthur F. Martinez and Agnes Martinez (née Caulfield). [1] His mother was a homemaker who had immigrated from Ireland and his father was a seafood wholesaler at the Fulton Fish Market in New York City. [2]

He was raised in Brooklyn and graduated high school at age 16. He earned a BS in Mechanical Engineering from Polytechnic University in 1960 at age 20. He then served as an officer with the Army Corps of Engineers in Germany for two years. Upon his return, he entered Harvard Business School and received his MBA in 1965. [3]

Career

Martinez’s first job was stocking shelves at Bohack’s, a now-defunct chain of New York City grocery stores. After receiving his MBA from Harvard Business School, he worked in financial planning at Esso, a brand of Standard Oil (now ExxonMobil). He then worked for International Paper Co. as a business analyst, followed by RCA Records, where he rose to Chief Financial Officer, and later Head of the International Division. [2]

Martinez entered the retail business in 1980 when he became the Chief Financial Officer for Saks Fifth Avenue. In 1987, he became Group CEO for Retail at BATUS, Inc., the owner of Saks. In 1990, he returned to Saks as Vice Chairman for two years. [2]

In 1992, Martinez became CEO of the Sears Merchandise Group and undertook a major restructuring of the business. In January 1993, he began closing 113 unprofitable stores, cutting payroll by 50,000 employees and eliminating the Sears Catalog along with 2,000 catalog outlets. [3] Martinez also introduced the “Softer Side of Sears” ad campaign, which helped attract more women customers. [4]

In 1995, Martinez was named Chairman, CEO and President of the parent company, Sears, Roebuck, and Company. During his eight-year tenure at Sears, Martinez initiated a major overhaul of the company's operations and made the company profitable again. He focused on changing the company culture, emphasizing the importance of customer experience. He remodeled the stores, upgraded the merchandise and added private-brand apparel and cosmetics. In 1995, Sears’s revenue rose 5.9% to $35 billion, with profit growing from $890 million to $995 million and the company’s stock surging 71%. [5]

Martinez retired from Sears as Chairman and CEO in 2000. Following his retirement, he served on the boards of over a dozen companies, including HSN; International Flavors & Fragrances Inc.; Martha Stewart Living Omnimedia Inc.; ABN AMRO, the largest bank in the Netherlands; Liz Claiborne; PepsiCo; and AIG following its government bailout. [2] [4] Martinez also served on the boards of numerous organizations such as the Federal Reserve Bank of Chicago, the National Retail Federation, the National Urban League, Polytechnic University, Northwestern University, the Chicago Symphony Orchestra, and Greenwich Healthcare Services, among others. [4] [6] [7]

Martinez wrote about his experience at Sears in the book, The Hard Road to the Softer Side, which was published in 2001 by Crown, a division of Penguin Random House. [8]

In 2007, during his time as supervisory board chairman of ABN Amro, Martinez led the decision to sell the bank to a consortium of European banks in a deal worth €70.5 billion ($100 billion), which at the time was the largest transaction in the history of financial services. [9] [10]

In 2014, Martinez became Executive Chairman of Abercrombie & Fitch, [11] where he is credited with helping turn around the struggling retail company. Some notable changes the company made during his time as Chairman include toning down its provocative marketing and creating a better distinction between the Hollister and Abercrombie brands. Martinez also mentored incoming CEO Fran Horowitz ahead of his retirement from the board in 2018. [2]

Honors

In 1995, Arthur Martinez was honored with an Edison Achievement Award for his commitment to innovation throughout his career. He was named CEO of the Year in 1996 by Financial World magazine, and in 1998 he received the National Retailer Federation’s Gold Medal Award. [12] Martinez is also a recipient of the Harvard Alumni Achievement Award, the school’s highest honor, as well as honorary degrees from Notre Dame and Polytechnic University. [13] [14] [15]

Personal life

On July 30, 1966, Martinez married Elizabeth Dorothy Rusch, a daughter of Forrest B. Rusch of Cleveland, Ohio, at St. Vincent Ferrer Roman Catholic Church in New York City. [1] Elizabeth has been a member of the board of directors for a number of organizations, including the Chicago Zoological Society, the Chicago Public Library Foundation, the Women's Board of the Brookfield Zoo, and the Women's Board of the Lyric Opera of Chicago. [16] [17] Arthur and Elizabeth have two children and five grandchildren. [2] Their daughter Lauren Martinez (born 1970) is married to Richard S. DuPont, Jr. [16] and their son Gregory Arthur Martinez (born 1974) is married to Caroline Leventhal. [17]

Martinez and his wife are residents of Hobe Sound, Florida, Greenwich, Connecticut, and Northeast Harbor, Maine. [18] [19]

References

  1. 1 2 "Miss Rusch Is Wed To Arthur Martinez". The New York Times. July 31, 1966. ISSN   0362-4331 . Retrieved March 21, 2025.
  2. 1 2 3 4 5 6 Moin, David (June 13, 2018). "Arthur C. Martinez and His Serendipitous Career Transforming Retail". Women's Wear Daily. Retrieved February 26, 2025.
  3. 1 2 "Deft Quickstep, Fast Turnaround Propel Martinez". Chicago Tribune. August 19, 2021. Retrieved March 4, 2025.
  4. 1 2 3 "Martinez, Arthur C.: 1939—: Businessman | Encyclopedia.com". www.encyclopedia.com. Retrieved July 21, 2022.
  5. ↑ Dobrzynski, Judith H. (January 7, 1996). "Yes, He's Revived Sears. But Can He Reinvent It?". The New York Times. ISSN   0362-4331 . Retrieved July 21, 2022.
  6. ↑ "Arthur C Martinez, Greenwich Health Care Services Inc: Profile and Biography". Bloomberg.com. Retrieved May 26, 2023.
  7. ↑ "Changing the World: Polytechnic University, The First 150 Years" (PDF). engineering.nyu.edu. Retrieved March 13, 2025.
  8. ↑ "The Hard Road to the Softer Side: Lessons from the Transformation of Sears". Google Books. Retrieved March 18, 2025.
  9. ↑ "RBS stands alone in biggest bank takeover". NBC News. October 5, 2007. Retrieved April 5, 2025.
  10. ↑ "In ABN Amro Sale: Darwin Wins!". The Wall Street Journal. October 10, 2007. Retrieved April 5, 2025.
  11. ↑ Abrams, Rachel (December 9, 2014). "Michael Jeffries Retires After Career Overseeing Abercrombie's Rise and Fall". The New York Times. ISSN   0362-4331 . Retrieved July 21, 2022.
  12. ↑ "Changing the World: Polytechnic University, The First 150 Years" (PDF). engineering.nyu.edu. Retrieved March 13, 2025.
  13. ↑ "Alumni Achievement Awards Complete List". Harvard Business School. Retrieved March 13, 2025.
  14. ↑ "Notre Dame Report" (PDF). nd.edu. Retrieved March 13, 2025.
  15. ↑ "2008 Commencement calls PolyThinkers to action". engineering.nyu.edu. Retrieved March 13, 2025.
  16. 1 2 "Lauren Martinez, Richard duPont Jr". The New York Times. July 27, 1997. ISSN   0362-4331 . Retrieved March 21, 2025.
  17. 1 2 "WEDDINGS; Caroline Leventhal, Gregory Martinez". The New York Times. August 5, 2001. ISSN   0362-4331 . Retrieved March 21, 2025.
  18. ↑ greenwichfreepress (May 6, 2022). "Arthur and Elizabeth Martinez Family and Dr. James Brunetti to Be Honored at Benefit for Greenwich Hospital". Greenwich Free Press. Retrieved April 27, 2024.
  19. ↑ "Arthur Martinez' house in Greenwich, CT (Google Maps)". Virtual Globetrotting. March 30, 2008. Retrieved April 27, 2024.
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