Richard Chaifetz

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Richard A. Chaifetz
Dr. Richard A. Chaifetz.jpg
Dr. Richard A. Chaifetz
BornAugust  1953 (age 71)
Brooklyn, New York
Alma mater
Occupations
Known for

Richard A. Chaifetz (born August 1953) is an American billionaire [1] businessman, investor, licensed neuropsychologist, and philanthropist with an approximate net worth of $1.4 billion, as of 2024. [2]

Contents

He is the founder, chairman, and chief executive officer of Chicago-based ComPsych Corporation, the world's largest provider of employee assistance programs. [3] [4] He is also the founder of the Chaifetz Group, a private investment firm focusing on venture capital, growth, and opportunistic investment strategies. [5] He appears regularly in The Wall Street Journal, USA Today, Bloomberg Businessweek, and Time. He has been listed in the Crain’s Chicago Business annual Who's Who list annually since 2004. [6] He is the naming donor of Saint Louis University's Richard A. Chaifetz School of Business, Chaifetz Arena, and Chaifetz Center for Entrepreneurship.

Chaifetz is a Saint Louis University Alumnus of the Year, and was inducted into the university’s Entrepreneurial Alumni Hall of Fame in 2007. [6] Chaifetz Arena, located on the campus of Saint Louis University, was named after him following his $12 million donation to the university. [7] [8] In February 2018, Chaifetz donated another $15 million to Saint Louis University, bringing his total contribution to $27 million. The university has named the business school after him, the Richard A. Chaifetz School of Business, as well as the entrepreneurship center as the Chaifetz Center for Entrepreneurship, in recognition of his gift. His donations to Miami University funded the creation of the Chaifetz Trading Center at the school’s Farmer School of Business. [9]

Early life

Chaifetz was born in 1953 and is the oldest of four children. [10] His parents divorced when he was 13. [11] The family lived in Long Island, New York on his mother’s school teacher salary. [10] Chaifetz went to Eastern Military Academy, an ROTC high school in Long Island. [11]

Chaifetz was motivated to achieve early success after watching his mother struggle to raise four children after the divorce. [10] At Eastern Military Academy he was a lacrosse player and one of two cadets from his class to receive appointments to the United States Military Academy at West Point, New York. [10] He declined the appointment, choosing instead to attend Saint Louis University. [10] During Chaifetz’s second semester of his freshman year of college, his father, with whom he had limited contact, suddenly stopped paying his tuition. [12] [13] Richard pleaded with the university’s president to remain in school. He said that if the university allowed him to stay, he would repay his tuition and "pay back the university in an even bigger way as soon as he became successful." [10] [13] Chaifetz was allowed to stay and worked a variety of jobs in order to meet his tuition obligations. [12] [13] He graduated magna cum laude with a degree in psychology in 1975. [14] [15] He received his doctorate from the Illinois School of Professional Psychology in 1981. [14] [15] [16]

Career

Chaifetz founded ComPsych Corporation, now the world's largest provider of employee assistance programs (EAPs), in 1984. [6] [13] Prior to that and immediately after graduation, he opened more than a dozen outpatient and inpatient treating centers serving the general public for the full range of mental health issues. [10] As he expanded the centers with the goal of franchising the operation, he saw the market change from direct insurance reimbursement to an HMO model, prompting him to significantly change the focus of the business. ComPsych then began providing psychological services directly to employers on a capitation fee basis. [10] [15]

In addition to EAP services, ComPsych began to expand its offerings over the years to include work-life services, legal and financial resources, behavioral health and outsourced HR services. By 2012 ComPsych was serving more than 17,000 organizations and 45 million individuals worldwide. [10] [17] By 2018, the company reportedly covered more than 100 million workers in 160 countries and more than 45,000 employers. [18] [19] [20]

In 2011, Chaifetz launched and became the founding chairman of the Chaifetz Group, a venture capital and private equity firm focusing on venture capital and growth investing. [5] In 2014, The Chaifetz Group invested in Pixel Press, a St. Louis-based company that allows users to turn drawings into video games. [7] Additional Chaifetz Group investment holdings include Fooda, Cargo, 15Five, ParkWhiz (now Arrive), Repurpose, Factor 75, BacklotCars and SaveWave Energy.

He is a member of The Economic Club of Chicago, and The Executives’ Club of Chicago. He has served on the board of directors of several public and private corporations including Pixel Press, Kennet Partners, Access MediQuip, Trading Partners Holdings, Amerihost Properties, and NueVista Holdings. [6] [21] [22] He also serves on the boards of non-profit organizations including The Field Museum of Natural History Board of Trustees, the Miami University Farmer School of Business, Saint Louis University Board of Trustees, the Illinois Holocaust Museum, the Brain Research Foundation and TCS Education System. [23]

Philanthropy

Chaifetz donated $12 million to Saint Louis University in 2007. [11] [24] The donation was the lead gift used to build Chaifetz Arena, an $80 million 10,600-seat sports facility which houses the university’s men’s and women’s basketball teams. [7] [14] [24] Chaifetz was named Saint Louis University’s Alumni of the Year and was inducted into the University’s Entrepreneurial Alumni Hall of Fame later that year. [6]

Chaifetz and his wife Jill donated $3 million to Miami University in November 2007. [9] The donation funded the Chaifetz Trading Center at the Miami University's Farmer School of Business. [9] The Chaifetzes also donated to the Field Museum of Natural History in 2008. [10] The amount of the donation was not released to the public, but the couple is listed among donors giving $1 million to $2 million in the museum’s 2008 annual report. [10]

Chaifetz was awarded the 2014 Frederic A. Gibbs Discovery Award in Philanthropy by the Brain Research Foundation. [25]

In 2017, he was given the Humanitarian Award from the Illinois Holocaust Museum and Education Center, honoring his contribution to society through his business endeavors and his philanthropic activities. [26] [27] [28]

In February 2018, Chaifetz donated another $15 million to Saint Louis University. The university has now named the business school after him, the Richard A. Chaifetz School of Business as well as the entrepreneurship center as the Chaifetz Center for Entrepreneurship.

Sports

Chaifetz has been linked to attempts to buy multiple professional sports franchises. He was named as a potential buyer of the St. Louis Rams professional football team in 2010. [29] The Rams were eventually sold to Stan Kroenke in August of that year. [30]

In 2014, Chaifetz was an interested party to purchase the Milwaukee Bucks professional basketball team. [31] Reportedly, Chaifetz became interested in the franchise due to his longtime friendship with basketball coach and Wisconsin native Rick Majerus, who had been the head coach of the Saint Louis University men’s basketball team in 2007 when Chaifetz donated $12 million to help build the team’s new arena. [4] Chaifetz was also involved in a bid to acquire an additional unnamed National Basketball Association team, according to the Chicago Tribune in 2012. [10]

In July 2017, it was reported that billionaire Chaifetz had backed out of a bid for MLB's Miami Marlins which included Derek Jeter. [32] Chaifetz, who was reported to contribute "multiple-hundreds of millions of dollars" to the group's bid, was uncomfortable with Jeter seeking a leadership role with the team while not investing much of his own capital.

In 2019, Chaifetz Group made an investment in Drone Racing League.

In 2022, Chaifetz Group announced an investment in Team Liquid, a global esports organization. Team Liquid is the winningest and most watched esports team of all team, holding claim to 120+ major gaming tournament Championships and the most prize money earned in esports history.

In early 2023, the Chaifetz family announced that it had acquired a team franchise in Major League Pickleball. [33] The franchise, introduced as the St. Louis Shock, is owned by Chaifetz with its operations and management overseen by Chaifetz’ family, led by his son Ross Chaifetz. Other prominent MLP owners include billionaire business leaders, athletes, and celebrities including Mark Cuban, Marc Lasry, LeBron James, Kevin Durant, Tom Brady, Kygo, Kate Upton, Patrick Mahomes, Heidi Klum and more.

In June 2023, Chaifetz Group acquired a minority stake in the Alpine F1 Team, which competes in Formula One. The US-based investor group including Redbird Capital, Ryan Reynolds, Michael B. Jordan, Rob McElhenney and others reportedly acquired a 24% interest for $220mm, valuing the team at approximately $900mm.

Chaifetz is reportedly interested in a bid to bring a WNBA team to St. Louis. The group of prospective owners also includes businessman Richard Hoffman and NBA player Jayson Tatum. [34]

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References

  1. ↑ Reid, Alvin (January 16, 2019). "Billionaire Richard Chaifetz thinks the NBA could migrate to St. Louis; maybe on the wings of Pelicans". The St. Louis American. Retrieved January 30, 2019.

    "Chaifetz Group, Arch Grants partner on Shark Tank-like pitch event that could land a St. Louis startup $1 million". St. Louis Post-Dispatch. October 30, 2018. Retrieved January 30, 2019.
  2. ↑ Singer, Eric (2024-03-03). "Richard Chaifetz Net Worth 2024". I am Gold Panda. Retrieved 2024-06-05.
  3. ↑ Matt Murray (June 24, 2011). "Layoff Fallout: Fewer Workers, But More Work for Those Who Remain" . Retrieved February 19, 2015.
  4. 1 2 Rich Kirchen (April 7, 2014). "Rick Majerus-supporter Chaifetz an intriguing prospect for Bucks, Herb Kohl" . Retrieved February 19, 2015.
  5. 1 2 "Richard A. Chaifetz, Psy.D." The Chicago School of Professional Psychology. Retrieved February 19, 2015.
  6. 1 2 3 4 5 "Dr. Richard Chaifetz". Kennet. Retrieved February 19, 2015.
  7. 1 2 3 "Pixel Press adds to latest financing round". St. Louis Business Journal. March 31, 2014. Retrieved February 19, 2015.
  8. ↑ "Richard Chaifetz's $12 million donation". Crain's Chicago Business. Archived from the original on February 20, 2015. Retrieved February 19, 2015.
  9. 1 2 3 Staff (November 21, 2007). "Local Headlines". Dayton Daily News.
  10. 1 2 3 4 5 6 7 8 9 10 11 12 Ameet Sachdev (February 27, 2012). "Patients has its rewards". Chicago Tribune. Retrieved February 19, 2015.
  11. 1 2 3 Laura Bianchi (June 8, 2013). "The Take-Away: Julia Douglas". Crain's Chicago Business. Retrieved February 19, 2015.
  12. 1 2 Shia Kapos (September 21, 2013). "The $12 million St. Louis University almost missed". Crain's Chicago Business. Retrieved February 19, 2015.
  13. 1 2 3 4 Emma Jacobs (September 8, 2011). "20 questions: Richard Chaifetz". Financial Times. Retrieved February 19, 2015.
  14. 1 2 3 Staff (May 1, 2007). "Chaifetz's $12M gift nets SLU arena naming rights". St. Louis Business Journal. Retrieved February 19, 2015.
  15. 1 2 3 Mark Scott (December 1, 2011). "How Richard A. Chaifetz helped ComPsych chart new growth path". Smart Business. Retrieved February 19, 2015.
  16. ↑ Tom Timmerman (March 1, 2007). "So who is Richard Chaifetz? He donates $12 million to open an arena at SLU that will bear his name". St. Louis Post-Dispatch. Archived from the original on February 19, 2012. Retrieved February 19, 2015.
  17. ↑ Sharon Jayson (October 24, 2012). "Burnout up among employees". USA Today. Retrieved February 19, 2015.
  18. ↑ "Sector Report: Anxiety and the Employee Assistance Program - Workforce". Workforce. 2018-05-17. Retrieved 2018-08-26.
  19. ↑ "True To His Word". Sheridan Road Magazine. Retrieved 2018-08-26.
  20. ↑ "Saint Louis University renaming business school after $15 million Chaifetz gift". FOX2now.com. 2018-02-20. Retrieved 2018-08-26.
  21. ↑ Staff (March 14, 2014). "Video game design app, Pixel Press, issues $250,000 worth of securities". Random Research. Retrieved February 19, 2015.
  22. ↑ "Notice of Annual Meeting of Shareholders". Morningstar. Retrieved February 19, 2015.
  23. ↑ "Chairman and Chief Executive Officer of ComPsych Corporation : Dr. Richard A. Chaifetz : Saint Louis University : SLU". Saint Louis University. Retrieved February 19, 2015.
  24. 1 2 Tom Timmerman (November 5, 2008). "No place like home Chaifetz Arena opens a new era for Billikens basketball". St. Louis Post-Dispatch. Archived from the original on February 20, 2015. Retrieved February 19, 2015.
  25. ↑ Chiara Miliqulis. "Brain Research Foundation's Annual Discovery Dinner". Chicago Sun Times. Retrieved February 19, 2015.
  26. ↑ Isaacs, Mike. "Laura Bush to speak at Illinois Holocaust Museum Humanitarian Awards Dinner". chicagotribune.com. Retrieved 2017-04-06.
  27. ↑ "Illinois Holocaust Museum honors humanitarian awards". WGN-TV. 2017-03-09. Retrieved 2017-04-06.
  28. ↑ "Holocaust Museum & Education Center's Humanitarian Awards Dinner". SPLASH. 2017-03-23. Retrieved 2017-04-06.
  29. ↑ Michael David Smit (February 3, 2010). "Name of third potential Rams buyer emerges". NBC Sports. Retrieved February 19, 2015.
  30. ↑ Tim Klutsarits (August 25, 2010). "A New Era for the Rams". Inside STL. Retrieved February 19, 2015.
  31. ↑ Charles F. Gardner and Don Walker (April 16, 2014). "Kohl announces $550 million sale of Bucks". Milwaukee Wisconsin Journal-Sentinel. Retrieved February 19, 2015.
  32. ↑ "Billionaire backs out of Marlins bid over power-hungry Derek Jeter". New York Post. July 6, 2017. Retrieved October 24, 2018.
  33. ↑ "MAJOR LEAGUE PICKLEBALL ANNOUNCES FINAL TWO TEAMS OF LEAGUE, ST. LOUIS SHOCK AND ORLANDO SQUEEZE, WITH OWNERSHIP GROUPS LED BY THE CHAIFETZ AND DEVOS FAMILIES RESPECTIVELY. BOTH TEAMS JOIN LEAGUE AHEAD OF FIRST TOURNAMENT OF 2023 SEASON". majorleaguepickleball.net. 2023-01-19. Archived from the original on 2023-11-03. Retrieved 2024-11-14.
  34. ↑ McKeone, Liam (2024-10-31). "Celtics Superstar Jayson Tatum Involved in Bid for St. Louis WNBA Expansion Team". Sports Illustrated. Archived from the original on 2024-11-14. Retrieved 2024-11-14.
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