Eric Smidt

Last updated
Eric Smidt
Photo of Eric Smidt, CEO of Harbor Freight Tools.jpg
Born1960 (age 63–64)
Los Angeles, California, US
Occupation(s)Chairman & CEO of Harbor Freight Tools; Founder and President, The Smidt Foundation
SpouseSusan Smidt
Children2

Eric L. Smidt (born 1960) is an American businessman. He is chairman and CEO of Harbor Freight Tools, which operates over 1,500 retail hardware stores in 48 states and generates $8 billion in sales as of 2023. [1]

Contents

As per Forbes list of The Richest People In The World, dated 8 MARCH 2024 Eric Smidt ranked #169 with a net worth of $11.7 Billion. [2]

Early life

Smidt was born in Los Angeles, California, in 1960 to Allan Smidt and Dorthy Smidt. His mother had multiple sclerosis and his father, overwhelmed, sent him to an orphanage when he was nine. Four years later, he went to live with an aunt in Tennessee, returning home after two years, before moving into his own apartment on his 16th birthday. He graduated from Grant High School in Van Nuys, a public school in Los Angeles.[ citation needed ]

In 1977, as a teenager, Smidt started Harbor Freight Tools with his father in a small building in North Hollywood, California. Originally known as Harbor Freight Salvage Co., the company began as a mail-order tool business. Eric introduced the company's defining innovation, which was cutting out the middleman, and began to send tools directly from the factories to the customer.[ citation needed ]

Tenure as Chairman and CEO

In 1985, Smidt was named president at age 25; he served under that title until 1999, when he became CEO. [3] In 2001, Smidt was listed as one of Ernst & Young's Entrepreneurs of the year. [4]

In 2008, Eric responded to the turbulence in the global economy by implementing a company-wide reinvigoration plan. The program led to new products and lower prices. [5]

Philanthropy

Smidt is the founder and president of The Smidt Foundation. With assets of approximately $265 million, [6] the foundation's signature program, Harbor Freight Tools for Schools, supports skilled trades education in U.S. public high schools. [7]

A long-time supporter of Los Angeles-area charitable organizations, Smidt in 2012 funded a new public high school in Los Angeles known as "Smidt Tech" (also known as Alliance Susan & Eric Smidt Technology High) for Alliance College-Ready Public Schools (an independent non-profit charter school manager). [8]

In January 2013, Smidt directed Harbor Freight Tools to donate $1.4 million in tools and equipment to the Los Angeles Unified School District's (LAUSD) Career Technical Education program after learning that its annual budget was cut to one-quarter of what it was two years earlier. He named this program "Tools for Schools." He observed that "for far too long vocational education has not been given the attention and funding it deserves," and added that, "at a time when a well-trained workforce is essential to compete in the global economy, the United States too often falls short." [9]

In August 2013, Smidt expanded the Tools for Schools program by donating a $100,000 gift of tools and equipment to vocational schools in and around Dillon County, South Carolina. [10] Harbor Freight Tools for Schools awards $1.5 million to skilled trades teachers and their schools annually. [11]

Marking the opening of the 500th Harbor Freight Tools store near Chicago, Smidt announced the contribution of $100,000 and the donation of tools to Chicago Public Schools to support teachers and students in skilled trades learning and internships. [12]

In 2015, Harbor Freight Tools established a program to fund requests from non-profit organizations in the U.S. to support veterans, police and fire departments, and K-12 skilled trades education.

In 2016, the National Coalition for Homeless Veterans honored Harbor Freight Tools with its Outstanding Corporate Partner Award in recognition of the company's support for homeless veterans. [13]

To help fund disaster relief efforts across the country, The Smidt Foundation makes an annual $250,000 donation to the American Red Cross. [14]

Smidt reportedly contributed $350,000 to support Mayor Eric Garcetti's effort to help Los Angeles secure the 2024 Olympic Games. [15]

On February 14, 2018, Eric and Susan Smidt, along with The Smidt Foundation, made a $50 million gift to Cedars-Sinai Medical Center to establish the Smidt Heart Institute. This gift, the largest single donation then received by Cedars-Sinai, was earmarked to fund cardiovascular disease and cardiology research efforts. "It's important to support outstanding local institutions, and we want to help amplify Cedars-Sinai's impact on human health and wellbeing here and far beyond Los Angeles. We are humbled to play a role in their long tradition of savings lives and serving our community," said Eric Smidt in a press release. [16]

On March 22, 2020, Eric Smidt directed Harbor Freight to donate its entire supply of N95 masks, Face shields, and 5/7 mil Nitrile gloves to hospitals with a 24-hour emergency room.

In June 2022, Eric & Susan Smidt donated $5 million to the Holocaust Museum LA, which will allow the museum to double its campus in Pan Pacific Park. [17]

As of 2023, The Smidt Foundation has given more than $6 million to teachers and their programs through the Harbor Freight Tools for Schools Prize for Teaching Excellence. [18]

Personal life

Smidt is a collector of modern art and serves on the board of the Los Angeles County Museum of Art. [19]

Smidt is a prominent Los Angeles Democrat who has hosted fundraiser dinners for both Bill and Hillary Clinton. [20] He is a friend of former Mayor of Los Angeles Antonio Villaraigosa, and he helped pay down the Mayor's ethics fines. [21] On March 4, 2013, LA Weekly reported that Smidt donated $50,000 to the Coalition for School Reform to elect Kate Anderson and Antonio Sanchez to the LAUSD Board of Education and to re-elect incumbent Monica Garcia. He contributed $114,300 to Democratic campaigns in 2012. [22]

In 2010, Smidt was sued by his parents for "looting" Harbor Freight Tools. [23] In 2022, Smidt purchased a $350-million megayacht. [24]

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References

  1. ↑ "Working at Harbor Freight Tools". GreatPlacesToWork.com. 14 July 2023.
  2. ↑ "The Richest People In The World".
  3. ↑ "Eric Smidt, Owner and Founder". Harbor Freight Tools. Archived from the original on 13 March 2023. Retrieved 13 April 2023.
  4. ↑ Los Angeles 2001 Ernst & Young Entrepreneurs of the Year 2001
  5. ↑ About Harbor Freight
  6. ↑ "The Smidt Foundation 990-PF 2019". ProPublica. 9 May 2013. Retrieved 11 April 2024.
  7. ↑ "Giving to Teach Trade Skills, a Donor Zeroes in on an Overlooked Ladder to Opportunity". 18 August 2019.
  8. ↑ SmidtTech.org
  9. ↑ Harbor Freight Tools Donates To LAUSD Adult Schools
  10. ↑ Harbor Freight Expands Tools for Schools Program
  11. ↑ Moore, Craig (2023-10-13). "SkillsUSA Instructors Recognized as Winners for the 2023 Harbor Freight Tools for Schools Prize for Teaching Excellence". SkillsUSA. Retrieved 2024-02-07.
  12. ↑ 500 Stores– Harbor Freight's Growth is Amazing!
  13. ↑ 2016 NCHV Annual Conference
  14. ↑ American Red Cross
  15. ↑ LA Mayor Eric Garcetti quietly fundraising for 2024 Summer Olympics bid
  16. ↑ "Harbor Freight Tools Owner and His Foundation Give $50M to Create Smidt Heart Institute". www.cedars-sinai.edu. Retrieved 2018-02-19.
  17. ↑ "Holocaust Museum LA Receives $5M Grant". NBC Los Angeles. 13 June 2022. Retrieved 2022-08-31.
  18. ↑ "A Billionaire's Quest To Fund Welding, Automotive And Construction Classes In Public High Schools". Forbes.com. Retrieved 2024-04-11.
  19. ↑ About LACMA
  20. ↑ Eric Smidt - Co Chair of Hillary Clinton Fundraiser
  21. ↑ LA Weekly Ticketgate: Fabian Nuñez, Schwarzenegger BFF, Pays It Forward, Helps L.A. Mayor Villaraigosa With His Ethics Fines
  22. ↑ Weekly, L. A. (2013-03-04). "Eric Smidt, L.A. Dem Who Owns Harbor Freight Tools, Gives $50,000 to Elect Kate Anderson, Antonio Sanchez and Monica Garcia to LAUSD". LA Weekly. Retrieved 2022-08-21.
  23. ↑ Hoops, Stephanie (19 July 2010). "Harbor Freight CEO accused by parents of 'looting' company". VC Star. Retrieved 12 September 2022.
  24. ↑ Sharma, Neha Tandon (30 May 2022). "American billionaire and owner of Harbor Freight stores just took delivery of this 384-feet long megayacht. The $350 million vessel has seven decks, a pool, and a yoga studio it uses AI to stabilize the mammoth yacht on rough seas". Luxurylaunches. Retrieved 12 September 2022.
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