John Menard Jr.

Last updated
John Menard
Born
John Robert Menard Jr.

(1940-01-22) January 22, 1940 (age 83)
Eau Claire, Wisconsin, U.S.
Education University of Wisconsin, Eau Claire (BA)
OccupationBusinessman
Known forFounder of Menards
TitlePresident, Menards
Children6, including Paul

John Robert Menard Jr. (born January 22, 1940) is an American billionaire businessman, and the founder and owner of Menards, a Midwestern chain of home improvement stores. He is a former INDYCAR racing team owner, and the father of former NASCAR Cup Series driver Paul Menard. He is the son of John Robert Menard Sr (1917–1988). As of 11 June 2021, Bloomberg Billionaires Index ranked him the 103rd-richest person in the world with a net worth of US$18.9 billion. [1]

Contents

Life and education

The oldest of eight siblings [2] in a Catholic family with German, French-Canadian, and Norwegian roots,[ citation needed ] His father, John Menard Sr., was a university professor while his mother, Rosemary, was a grade school teacher. [2] Menard attended Eau Claire Regis High School. He graduated from the University of Wisconsin–Eau Claire with a degree in business and a minor in psychology. [3] After graduating, he passed up working for IBM to continue his own small farm construction business. [4]

Menard began his career constructing pole buildings with friends from college. [5] He made his home in Eau Claire, Wisconsin. Menard has six children, and married his third wife, Faiha Obaid, in 2008. [2] In 1997, Menard was caught using his own pickup truck to haul plastic bags filled with chromium and arsenic-laden wood ash to his home for disposal with his household trash. [4] Menard pleaded no contest to felony and misdemeanor charges involving records violations, unlawful transportation, and improper disposal of hazardous waste. Menard and his company were fined $1.7 million for 21 violations. [2]

In 2013 the IRS ordered Menard to pay $6 million in back taxes after he allegedly mischaracterized $20 million as salary, not dividends, deducting it as a business expense. In a separate case, the Wisconsin Supreme Court forced Menard to pay $1.6 million to a former legal counsel to compensate for gender discrimination and gross underpayment. [6] [7] In 2002, Menard paid more than $216 million tax for his $559 million income. [8]

In April 2020, Menard was among several businessmen named to the economic advisory group established by President Donald Trump. [9]

Menards

Menards store in Lafayette, Indiana Menards-West-Lafayette.png
Menards store in Lafayette, Indiana

Menard opened his first hardware store in 1964. [10] As of 2021, his company owned 335 Menards stores and 12 distribution centers. [11] As of 2005, Menards grossed an estimated $5.5 billion in sales. Menard had a net worth of $8.6 billion in 2013, according to the Forbes 400, and is the richest person in Wisconsin. [12]

In 2013, Menard ousted a former investment partner, Stephen Hilbert, a 20% shareholder in MH Equity, for mismanaging assets and resources. [13]

Menard has a pronounced hostility towards organized labor. [14] He imposed an absolute ban on hiring anyone who had ever belonged to a union. [15] Managers at Menards are subject to 60% pay cuts if their store becomes unionized. [14] Managers also have to agree to pay fines of $100 per minute for infractions such as opening late and to submit any disputes to arbitration rather than legal courts. [2] [6]

Motorsports involvement

Paul Menard, John Jr.'s son, raced sixteen years in the NASCAR Cup Series, winning the 2011 Brickyard 400. Menard also owns an engine shop in the United Kingdom that produced engines for Team Menard and Robby Gordon Motorsports, the former of which, owned by Menard, won the 1997 and 1999 Indy Racing League championships.[ citation needed ]

Menards is a primary sponsor of the Team Penske #2 Ford Mustang. They are also primary sponsors of his teammate in the #12 Mustang Ryan Blaney in the NASCAR Cup Series. In the NASCAR Xfinity Series, Menards sponsors the JR Motorsports #9 Chevrolet Camaro with driver Brandon Jones. In the Craftsman Truck Series, Menards sponsors the ThorSport Racing #88 Ford with driver Matt Crafton. Menards was a former partner of Robby Gordon, Dale Earnhardt Jr., and Martin Truex Jr. across various series.[ citation needed ]

Menard also sponsored Frank Kimmel for several years in the ARCA RE/MAX Series. After RE/MAX declined to renew their sponsorship, Menards took over as title sponsor, renaming the series the ARCA Menards Series.[ citation needed ]

Menards-sponsored cars are easily recognizable on tracks, as they are typically painted with a fluorescent yellow livery.

Donations

In January 2008, Menard gave $15 million to support Eau Claire's Luther Midelfort Hospital. The donation was used for a new emergency services department and to help the hospital educate and train health professionals. [16] In 2015, Menard donated $10 million to support the Eau Claire Area YMCA. The gift helped replace the five-court LE Phillips Tennis Center that opened in 1972 to become an eight-court indoor tennis center known as the John and Fay Menard YMCA Tennis Center. [17] In 2019, The Menard family donated $5 million to the Drug Enforcement and Policy Center at Ohio State University's Moritz College of Law. In addition to supporting the center's research, engagement, and student enrichment, the donation also supports an endowed lecture and an annual national conference. [18]

A supporter of conservative causes, [19] Menard has donated to the political groups of the Koch brothers. [20]

Related Research Articles

<span class="mw-page-title-main">Eau Claire, Wisconsin</span> City in Wisconsin, United States

Eau Claire is a city mostly located in Eau Claire County, Wisconsin, of which it is the county seat, and with a small portion in Chippewa County, Wisconsin. It had a population of 69,421 in 2020, making it the state's eighth largest city. Eau Claire is the principal city of the Eau Claire, Wisconsin Metropolitan Statistical Area, locally known as the Chippewa Valley, and is also part of the larger Eau Claire-Menomonie Combined Statistical Area.

<span class="mw-page-title-main">Larry Ellison</span> American billionaire business magnate (born 1944)

Lawrence Joseph Ellison is an American billionaire business magnate and investor. He is the co-founder, executive chairman, chief technology officer (CTO) and former chief executive officer (CEO) of the American computer technology company Oracle Corporation. As of June 2023, he was listed by Bloomberg Billionaires Index as the fourth-wealthiest person in the world, with an estimated fortune of $135 billion. Ellison is also known for his 98% ownership stake in Lanai, the sixth-largest island in the Hawaiian Archipelago.

<span class="mw-page-title-main">University of Wisconsin–Eau Claire</span> Public university in Eau Claire, Wisconsin

The University of Wisconsin–Eau Claire is a public university in Eau Claire, Wisconsin. It is part of the University of Wisconsin System and offers bachelor's and master's degrees.

<span class="mw-page-title-main">David Koch</span> American billionaire heir and businessman (1940–2019)

David Hamilton Koch was an American businessman, political activist, philanthropist, and chemical engineer. In 1970, he joined the family business: Koch Industries, the second largest privately held company in the United States. He became president of the subsidiary Koch Engineering in 1979, and became a co-owner of Koch Industries in 1983. Koch served as an executive vice president of Koch Industries until he retired due to health issues in 2018.

<span class="mw-page-title-main">Tom Golisano</span> American businessman (born 1941)

Blase Thomas Golisano is an American billionaire businessman and philanthropist.

<span class="mw-page-title-main">Ernesto Bertarelli</span> Swiss-Italian billionaire

Ernesto Silvio Maurizio Bertarelli is an Italian-born Swiss billionaire businessman and philanthropist.

<span class="mw-page-title-main">Menards</span> Chain of home improvement stores in the Midwestern United States

Menards is an American home improvement retail company headquartered in Eau Claire, Wisconsin. Menards is owned by founder John Menard Jr. through his privately held company, Menard, Inc. It has 351 stores in 15 states: Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, West Virginia, Wisconsin and Wyoming, but there are plans to expand to Pennsylvania. Menards is the third-largest home improvement store in the United States, behind Lowe's and The Home Depot.

<span class="mw-page-title-main">Milwaukee Mile</span> Race track in West Allis, Wisconsin, United States

The Milwaukee Mile is a 1.015 mi (1.633 km) oval race track in the central United States, located on the grounds of the Wisconsin State Fair Park in West Allis, Wisconsin, a suburb west of Milwaukee. Its grandstand and bleachers seats approximately 37,000 spectators. Paved 69 years ago in 1954, it was originally a dirt track. In addition to the oval, there is a 1.800 mi (2.897 km) road circuit located on the infield.

<span class="mw-page-title-main">Paul Menard</span> American racing driver

John Paul Christian Menard is an American semi-retired professional stock car racing driver who last competed part-time in the NASCAR Camping World Truck Series, driving the No. 66 Toyota Tundra for ThorSport Racing.

Charlie Menard is the nephew of Menards owner John Menard Jr. He was the chief operating officer of the Menards home improvement store chain until late 2007. He moved to head up the Eau Claire, Wisconsin, Menards Distribution Center. In late 2011, Charlie moved to the newly created position of general manager of distribution, manufacturing and logistics – this position oversees all of the Menards distribution centers, their manufacturing plants and the transportation of goods. A graduate of the University of Wisconsin–Eau Claire, Menard worked his way through his uncle's Menards store chain. He lives in Middleton, Wisconsin.

<span class="mw-page-title-main">Aliko Dangote</span> Nigerian businessman (born 1957)

Aliko Dangote(Listen) is a Nigerian businessman and industrialist. He is best known as the founder, chairman, and CEO of the Dangote Group, the largest industrial conglomerate in West Africa. The Bloomberg Billionaires Index estimated his net worth at $17.8 billion in June 2023, making him the richest person in Africa, the world's richest black person, and the world's 94th richest person overall.

<span class="mw-page-title-main">Leonid Mikhelson</span> Russian billionaire businessman

Leonid Viktorovich Mikhelson is a Russian-Israeli billionaire businessman, CEO, chairman and major shareholder of the Russian gas company Novatek.

<span class="mw-page-title-main">Road America 180</span> NASCAR Xfinity Series race

The Road America 180 is a NASCAR Xfinity Series race that has taken place at Road America since 2010. The race has been a standalone race for the series except for in 2021 and 2022 when the NASCAR Cup Series had a race at the track on the same weekend as the Xfinity Series race.

<span class="mw-page-title-main">Charles Koch</span> American billionaire and businessman

Charles de Ganahl Koch is an American billionaire businessman. As of June 2023, he was ranked as the 20th richest person in the world on the Bloomberg Billionaires Index, with an estimated net worth of $62 billion. Koch has been co-owner, chairman, and chief executive officer of Koch Industries since 1967, while his late brother David Koch served as executive vice president. Charles and David each owned 42% of the conglomerate. The brothers inherited the business from their father, Fred C. Koch, then expanded the business. Koch Industries is the largest privately held company by revenue in the United States, according to Forbes.

Diane Marie Hendricks is an American billionaire businesswoman and film producer from Wisconsin. She is the widow of the late businessman Ken Hendricks.

Richard Ellis Uihlein and Elizabeth Uihlein are American billionaire businesspeople, founders of Uline and conservative donors. Richard is also an heir to the Schlitz brewing fortune.

Foxconn in Wisconsin is a project in which Foxconn originally committed to investing $10 billion in a display panel manufacturing plant in Mount Pleasant, Wisconsin per an agreement with the state of Wisconsin. The initial announcement claimed that the plant would employ up to 13,000 workers and that the company would receive $3 billion in subsidies. The factory was to start production by the end of 2020. State and local governments made substantial infrastructure improvements. Each year the state has denied the project's tax subsidies.

<span class="mw-page-title-main">Sam Mayer</span> American racing driver

Sam A. Mayer is an American professional stock car racing driver. He competes full-time in the NASCAR Xfinity Series, driving the No. 1 Chevrolet Camaro for JR Motorsports, a team in which he is also a development driver for through their Drivers Edge Development program. His father is the founder of QPS Employment Group, and former IndyCar Series driver, Scott Mayer.

<span class="mw-page-title-main">Julia Koch</span> American heiress (born 1962)

Julia Margaret Flesher Koch is an American socialite and philanthropist who is one of the richest women in the world. In the annual Forbes ranking for April 2023, she ranked second among the richest women in the world with a fortune of $ 59 billion. She inherited her fortune from her husband, David Koch, who died in 2019.

References

  1. ↑ "Bloomberg Billionaires Index: John Menard, Jr". Bloomberg.com. Retrieved 2021-06-11.
  2. 1 2 3 4 5 Mary Van De Kamp Nohl (April 30, 2007). "Big Money". Milwaukee Magazine. Retrieved April 5, 2016.
  3. ↑ "UW-Eau Claire e-View, June 2009" . Retrieved 13 August 2016.
  4. 1 2 Novack, Janet. "The Do-It-Yourself Billionaire". Forbes. Retrieved 2023-08-01.
  5. ↑ "History of Menard, Inc. – FundingUniverse" . Retrieved 13 August 2016.
  6. 1 2 Mayer, Jane (2017). Dark Money . Anchor Books. p. 381. ISBN   978-0-307-94790-1.
  7. ↑ "The Strange Life of John Menard". Urban Milwaukee. Retrieved 3 October 2019.
  8. ↑ Novack, Janet. "President Bush Owes Him a Drink". Forbes. Retrieved 2023-08-01.
  9. ↑ "Wisconsin business leader named to White House economic recovery advisory group". www.bizjournals.com. Retrieved 2020-04-22.
  10. ↑ Klein, Kate (26 April 2018). "A 360-Degree View of Menards". North American Hardware and Paint Association. Retrieved 6 February 2020.
  11. ↑ "Wisconsin's wealthiest: These are the Top Five Billionaires - and the Siblings Who Share the No. 6 spot". Up North News. February 18, 2023.
  12. ↑ "The 400 Richest Americans - Forbes.com". Forbes . Retrieved 13 August 2016.
  13. ↑ J. K. Wall (June 15, 2013). "Suit: Menard pressured Tomisue Hilbert for sexual favors". Indianapolis Business Journal. Retrieved March 20, 2014.
  14. 1 2 Lueders, Bill (2015-12-08). "Managers at Menards Stand to Lose Big Money if Unions Form". Progressive.org. Retrieved 2023-07-11.
  15. ↑ Kremer, Rich (2016-04-28). "Menards Promises Changes After Violation Of Federal Labor Laws". Wisconsin Public Radio. Retrieved 2023-07-11.
  16. ↑ Eau Claire Leader Telegram, January 23, 2008
  17. ↑ YMCA Tennis Center Staff (May 20, 2021). "JOHN & FAY MENARD YMCA TENNIS CENTER". YMCA.{{cite web}}: CS1 maint: url-status (link)
  18. ↑ "Drug Enforcement and Policy Center receives $5M gift from the Menard family". 26 May 2023.
  19. ↑ Walker, Don (6 September 2011). "Menard, Hendricks on Koch donor list". Milwaukee Journal Sentinel. Retrieved 30 November 2013.
  20. ↑ Weinger, Mackenzie (6 September 2011). "Report: Koch brothers $1M dollar club revealed". Politico. Retrieved 30 November 2013.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.