This article's "criticism" or "controversy" section may compromise the article's neutrality .(January 2025) |
Stewart Resnick | |
---|---|
Born | New Jersey, US | December 24, 1936
Education | University of California, Los Angeles (BA, JD) |
Occupation | Businessman |
Spouse(s) | Sandra Frazier (divorced) Lynda Rae Harris (1972–present) |
Children | 5: 3 with Frazier, and 2 stepchildren with Harris |
Relatives | Jack H. Harris (father-in-law) |
Stewart Allen Resnick [1] (born December 24, 1936) is an American billionaire businessman. Resnick is the wealthiest farmer in the United States [2] [3] with a net worth exceeding eight billion dollars as of 2022. [4] Resnick and his wife, Lynda Resnick, bought The Franklin Mint in 1986 and sold it in 2006. [5] Since 1979 Resnick has been the chairman and president of The Wonderful Company. He is married to Lynda Resnick, and through their holding company they own the POM Wonderful and Fiji Water brands, Wonderful Pistachios and Almonds, Wonderful Halos, Wonderful Seedless Lemons, JUSTIN Wines, Landmark Wines, JNSQ Wines and the Teleflora floral wire service company. [6] Resnick holds a majority stake in the Kern Water Bank. [7] [8]
Resnick was born in 1936, [9] and raised in a Jewish middle class family in New Jersey and later moved to California with his family in the 1950s. [9] His grandfather had immigrated from Ukraine when his father was 3. [10] In 1959, he graduated with a BS from the University of California, Los Angeles and then a JD from the UCLA School of Law. [11] [12] [13] While in law school, he founded his first business, a janitorial services company, which he sold in 1969. [9]
With the money he made from his first company, Resnick bought The Franklin Mint, a subsidiary of Roll International Corporation, in 1986. [11] Franklin Mint is known for making model cars, souvenir plates, figurines, and Civil War-inspired chess sets. Resnick served as CEO and chairman of the Franklin Mint Company until its sale in 2006. [5] Since 1979 Resnick has served as President and chairman of The Wonderful Company, formerly known as Roll Global, which owns many businesses in Central California and beyond. [11] Through this holding company he and his wife own the POM Wonderful and Fiji Water brands, Wonderful Halos, Wonderful Pistachios and Almonds, JUSTIN Wines, Landmark Wines, JNSQ Wines, Suterra Pest Control [14] and the Teleflora floral wire service company. [6] Resnick sat on the board of directors of LeapFrog Enterprises from 2002 to 2005. [11]
The Resnicks purchased The Franklin Mint in 1986 and expanded the company's collectibles business through new licensing agreements. These including the Louvre art museum in Paris, the Vatican, [15] board games like Monopoly and Scrabble, classic cars, and famous people like John Wayne, Elvis Presley, and Marilyn Monroe. [16] [15] The Resnicks sold The Franklin Mint in 2006. [17]
In 2002, the Resnicks founded Pom Wonderful, a company that sells pomegranate juice in a "double-bulb" bottle. To produce the juice, they planted over 6000 acres of pomegranates in San Joaquin County, California, which nearly quadrupled the country's production of pomegranates at the time. [18]
The company also manufactures blended juice beverages, such as pomegranate juice mixed with juices of blueberry, cranberry, cherry, mango or tangerine, and bottled tea- and coffee-based beverages of various flavors distributed in more conventional containers. [19] In addition to drinks, the company sells pills and concentrated liquid products marketed as nutritional supplements. [20] In 2017, POM Wonderful acquired the pomegranate distributor Ruby Fresh. [21]
The Resnicks acquired the Fiji Water business in 2004, [22] increasing sales of Fiji Water by 300% [16] in 4 years, making it the largest imported bottled water brand in the US. [23] It comes from the aquifer on the island of Viti Levu. Through the Fiji Water Foundation the company provides clean water access to rural communities, builds educational facilities and infrastructure that benefit communities and provides access to health care services. [24] [25]
In 2013 the Resnicks launched Wonderful Halos mandarins, with a $220 million facility in the San Joaquin Valley capable of processing 19 million mandarins a day. [26] By 2017 Halos was the #1 segment brand, forecast to have around 70-80% market share by 2018. [27] In 2017, Halos accounted for around three-quarters of growth in the mandarin category, and 12% of total produce sales growth. [26]
Wonderful Pistachios and Almonds is the world's largest vertically integrated pistachio and almond grower and processor, cultivating and harvesting more than 65,000 acres of pistachio and almond orchards and delivering more than 450 million pounds of nuts globally each year. [28] Known for its Get Crackin' campaign, Wonderful Pistachios was the US's fastest-growing snack brand and the number 1 tree nut brand in 2018. [29]
In 2010 the Resnicks purchased Justin Vineyards and Winery, a 50,000 case-production winery in California's Central Coast region founded in 1981. [30] JUSTIN Wines specializes in Bordeaux style varieties, such as Cabernet Sauvignon, Merlot and Cabernet Franc, and was named the 2015 American Winery of the Year by Wine Enthusiast Magazine. [31] [32]
He is divorced from his first wife, [9] Sandra Frazier. Since 1972, he has been married to Lynda Rae Harris. [33] [34] He has three children from his first marriage: Jeff Resnick, Ilene Resnick, and Bill Resnick; and two stepchildren from his marriage to Harris: Jason Sinay and Jonathan Sinay. [9] [35] They reside in Beverly Hills, California. [34]
During the 2011–2017 California drought—also called the Great Drought—Resnick's Paramount Farms, which is part of the Wonderful Company, drilled twenty-one new wells in 2015 alone. [3] Resnick is the wealthiest farmer in the United States, with a net worth exceeding nine billion dollars according to a 2020 article in Forbes magazine, and owns a majority stake in the Kern Water Bank, one of California's largest underground water storage facilities, which is capable of storing 500 billion gallons [1.9 billion m3]. The Kern Water Bank, though privately owned, profits from water sales through publicly funded water transportation systems. The acquisition, continuing private ownership, and water sales profit from this taxpayer-developed resource infrastructure, while California suffers under drought, is controversial. [10] [36] Growing water-intensive nut tree crops in the Central Valley—a single almond can require up to 1.1 US gallons (4.2 L) of water [37] —has drawn criticism during California's ongoing drought. According to Forbes magazine, the Wonderful Company uses "at least 120 billion gallons [450 million m3] a year, two-thirds on nuts, enough to supply San Francisco's 852,000 residents for a decade". [38]
In an effort to make their impact on the region more positive, the Resnicks have invested in the growth of the local economy and nutrition centers. [39] [40] As the New York Times notes, "in Lost Hills there are new health centers, new pre-K facilities, new housing projects, new gardens, new sidewalks and lights, a new community center and a new soccer field." [41] They have partnered with the Central Valley Project and the State Water Project to bring water to Kern County, having spent $35 million in recent years buying up more water from nearby districts to replenish the Central Valley's supplies. [42] [38]
At the same time as exporting almonds to Asia and other locations, they import Fiji bottled water from the South Pacific. Some foreign conservationists criticize the Resnicks for "hogging the archipelago's precious water supply... while island natives didn't always have water to drink themselves, due to crumbling and insufficient infrastructure." [38] However, local officials support the investment Fiji water makes in the economy as "a critical contributor to the Fijian Economy... and a gift to the Fijian tourism industry." [43]
In addition, their claims for the "POM" pomegranate drink have been contested. Forbes reported, "The Federal Trade Commission filed a complaint in 2010 that the Resnicks' POM Wonderful had used deceptive advertising when marketing the antioxidant-rich drink as being able to treat, prevent or reduce the risk of heart disease, prostate cancer and erectile dysfunction. In 2012 a federal judge agreed that some of the ads were misleading. In 2013 FTC commissioners denied the Resnicks' appeal. In October of 2015, the Resnicks asked the Supreme Court to take the case." [44] In May 2016 the Supreme Court declined. [45]
In 2015, it was revealed that the Resnicks and other farmers had been watering their orchards with treated fracking waste water. [46] A water recycling program in California allows oil companies to sell wastewater to landowners, including farmers like the Wonderful Company. [47]
Resnick is a trustee emeritus of the J. Paul Getty Trust [48] and is on the board of visitors of the UCLA Anderson School of Management. [49] He sits on the board of trustees of Bard College and Conservation International. [50] [51] He also serves on the board of advisers at UC Davis, the Lowell Milken Institute for Business Law & Policy at UCLA, and is a CalTECH senior trustee. [52] [53] [54]
In 2005 the Resnick Neuropsychiatric Hospital was named for Resnick and his wife in honor of their involvement. They made a $4 million donation to Children's Hospital Central California in 2006. [55] At Caltech's 2009 graduation ceremonies, Caltech announced that the Resnicks had donated $20 million towards a "sustainability center" to be named after themselves. [56]
In September 2008, Resnick and his wife announced a $45 million gift to the Los Angeles County Museum of Art for the construction of a new exhibition pavilion, as well as $10 million in artworks. [57] In 2018, the Hammer Museum in Los Angeles announced the couple's $30 million gift to help pay for a renovation and expansion project. [58]
In September 2019, Resnick and his wife pledged their largest donation to date, a $750 million endowment to Caltech for climate research. [59]
In October 2022, the Resnicks pledged $50 million to the University of California, Davis for sustainability research and the establishment of the Lynda and Stewart Resnick Center for Agricultural Innovation. [60]
The pomegranate is a fruit-bearing deciduous shrub in the family Lythraceae, subfamily Punicoideae, that grows between 5 and 10 m tall. Rich in symbolic and mythological associations in many cultures, it is thought to have originated from Afghanistan and Iran before being introduced and exported to other parts of Asia, Africa, and Europe.
Fruit wines are fermented alcoholic beverages made from a variety of base ingredients ; they may also have additional flavors taken from fruits, flowers, and herbs. This definition is sometimes broadened to include any alcoholic fermented beverage except beer. For historical reasons, mead, cider, and perry are also excluded from the definition of fruit wine.
GALLO is a winery and distributor headquartered in Modesto, California. It was founded in 1933 by Ernest Gallo and Julio Gallo of the Gallo family, and is the largest exporter of California wines. It is the largest wine producer in the world, producing over 3% of the world's entire annual supply of 35 billion bottles with an annual revenue of $5.3 billion it is also the largest family-owned winery in the United States. Gallo provides about 3,500 jobs to Modesto residents and 2,500 jobs in other parts of the state, country, and world.
Franzia is a brand of wine produced by The Wine Group, known for its box wines sold in 3 and 5-liter cartons. Franzia wines, throughout their history, were known as affordable table wines, popular in the 1960s and 1970s as "jug wine", and now as "box wine". The Wine Group is the third largest wine company in the world, behind Constellation Brands and the E&J Gallo Winery. The Franzia brand today has no business relationship with Fred Franzia of the Bronco Wine Company, known for its low-cost Charles Shaw wines. The Franzia family sold the brand to Coca-Cola in 1973 when Fred Franzia was in his early adult years; and it was sold to The Wine Group in 1981.
Fiji Water is a brand of bottled water derived, bottled, and shipped from Fiji, owned by the American conglomerate The Wonderful Company. According to marketing materials, the water comes from an artesian aquifer in Viti Levu. Fiji Water is headquartered in Los Angeles, California. It is available in 330 ml, 500 ml, 700 ml, 1 litre, and 1.5 litre bottles.
POM Wonderful, LLC is a private company which sells an eponymous brand of beverages and fruit extracts. It was founded in 2002 by the billionaire industrial agriculture couple Stewart and Lynda Rae Resnick. Through The Wonderful Company, their holding company, they are also affiliated with Teleflora, FIJI Water, pesticide manufacturer Suterra, and Paramount Agribusiness.
Pomegranate juice is made from the fruit of the pomegranate. It is used in cooking both as a fresh juice and as a concentrated syrup.
Monster Beverage Corporation is an American beverage company that manufactures energy drinks including Monster Energy, Relentless, Reign and Burn. The company was originally founded as Hansen's in 1935 in Southern California, originally selling juice products. The company renamed itself as Monster Beverage in 2012.
Armenian cuisine includes the foods and cooking techniques of the Armenian people and traditional Armenian foods and drinks. The cuisine reflects the history and geography where Armenians have lived and where Armenian empires existed. The cuisine also reflects the traditional crops and animals grown and raised in Armenian-populated or controlled areas.
Israeli cuisine primarily comprises dishes brought from the Jewish diaspora, and has more recently been defined by the development of a notable fusion cuisine characterized by the mixing of Jewish cuisine and Arab cuisine. It also blends together the culinary traditions of the various diaspora groups, namely those of Middle Eastern Jews with roots in Southwest Asia and North Africa, Sephardi Jews from Iberia, and Ashkenazi Jews from Central and Eastern Europe.
A wine club is a developing extension of modern wine culture. Wine clubs are designed to provide customers with a series of wine bottles on a monthly or quarterly basis that they would otherwise have to find and purchase on their own. Wine clubs often behave in a themed manner, providing recipients with red wines, white wines, or a mixture of the two. Wine clubs are most frequently offered by vineyards or specialty wine shops, but they can also be found as independent bodies.
Lynda Rae Resnick is an American billionaire businesswoman. Resnick is married to Stewart Resnick, who is her business partner, and through their holding company, The Wonderful Company, they own the POM Wonderful and Fiji Water brands, Wonderful Pistachios and Almonds, Wonderful Halos, Wonderful Seedless Lemons, JUSTIN Wines, Landmark Wines, JNSQ Wines, and the Teleflora floral wire service company.
Armenian wine is wine made in Armenia and the Armenian-populated Republic of Artsakh, in the region of South Caucasus. Armenia is one of the oldest wine producing regions of the world. In particular, the oldest known winery, Areni-1 winery, was found in Armenia's Areni region, which is still known for its wine production and endemic grapes.
Ronald Reagan UCLA Medical Center is a hospital located on the campus of the University of California, Los Angeles (UCLA), in Westwood, Los Angeles, California, United States. It is currently ranked by U.S. News & World Report, as the best in California and the West Coast. The hospital provides tertiary care to Los Angeles and the surrounding communities.
The Wonderful Company LLC is a private corporation based in Los Angeles, California. With revenues of over $4 billion, it functions as a holding company for Stewart and Lynda Resnick and as such is a vehicle for their personal investments in a number of businesses.
Rimon Winery is an Israeli winery specialized in producing pomegranate wine, with over a dozen varieties. Rimon is the Hebrew word for pomegranate. Rimon Winery was the first company in the world to make wine from pomegranates.
POM Wonderful LLC v. Coca-Cola Co., 573 U.S. 102 (2014), was a United States Supreme Court case that held that a statutory private right of action under the Lanham Act is not precluded by regulatory provisions of the Food, Drug, and Cosmetic Act.
California produces 80% of the world's almonds and 100% of the United States commercial supply. Although almonds are not native to California, a hot, dry Mediterranean climate and developed water infrastructure create favorable conditions for commercial cultivation of the crop. In 2020, there were 1.25 million acres (5,100 km2) devoted to almond farming in California, producing 2.8 billion pounds (1.3 Mt).
The Kern Water Bank is a public-private partnership which oversees a 32 square mile water recharge basin in California. It sources water from the Kern River, the State Water Project, and the Central Valley Project. It stores underground up to 1.5 million acre feet of water.