Tim Boyle (businessman)

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Timothy Boyle
Born1949 (age 74–75)
Portland, Oregon, US
Education Jesuit High School
Alma mater University of Oregon
OccupationBusinessman
TitlePresident and CEO, Columbia Sportswear
Term1988-
SpouseMary Boyle
Children2
Parent(s) Gert Lammfromm Boyle
Joseph Cornelius "Neal" Boyle

Timothy P. Boyle [1] (born 1949) is an American billionaire, and the president and CEO of Columbia Sportswear. [2]

Contents

According to Forbes, his estimated net worth was US$2.0 billion in November 2022. [3]

Early life

Boyle was born and raised in Portland, Oregon. [4] He is one of three children of Joseph Cornelius "Neal" Boyle, an Irish Catholic, and Gertrude Lammfromm. [5] His mother was Jewish and fled as a teenager from Nazi Germany. She immigrated to Portland, Oregon, [6] and converted to Catholicism after marrying her husband. [6] He has two sisters: Kathy Boyle (born 1952) and Sally Boyle (born 1958). [5]

His grandfather purchased the Rosenfeld Hat Company [5] and changed its name to the Columbia Hat Company [7] (after the river). [5] His father became president of Columbia Hat after his grandfather died and then diversified the hat business into outerwear [5] for hunters, fishermen, and skiers. [6] In 1960, his mother designed the first fishing vest (his father was an avid fisherman) and the name of the company was changed to Columbia Sportswear. [7]

Boyle was educated at Jesuit High School, in Beaverton, Oregon, just outside Portland, followed by the University of Oregon, where he earned a bachelor's degree in journalism in 1971. [8]

Career

Boyle was still at university when his father died in 1970 [9] at the age of 47. He left to join his mother, who had become president of Columbia Hat, which was then earning $800,000 in annual sales and had 40 employees. [5] The company struggled and teetered on bankruptcy [10] until in the 1970s when Boyle and his mother refocused the business on outdoor clothing and casual wear which paralleled a general trend away from formal work attire. [11] In 1975, they were the first company to introduce Gore-Tex parkas. [7]

In 1986, Columbia released the Bugaboo, a jacket with a zip out lining which became quite trendy and further propelled the company's growth. [5] Columbia was unique among specialty clothing manufacturers in that it would sell its products to any retail shop or chain. [6] In 1987, Columbia had $18.8 million in sales and by 1997 it had grown to $353.5 million. [6] Boyle took over from his mother, Gert, as company president in 1988. [12] [13]

The company went public in 1998. [11] In the early 2010s, Boyle refocused Columbia away from top line products and more towards the mid-range, moderately priced products; he also continued to align sales with changes happening in the retail industry, shifting the company more toward internet sales. [2]

Columbia grew into a $6.5bn public company, [14] and Boyle's 41% ownership interest in Columbia Sportswear was worth over $1.0 billion in 2013. [2]

In 2020, Forbes ranked Boyle No. 378 on the Forbes 400 list of the richest people in America. [15]

Personal life

Boyle and his wife Mary have a son, educated at Drake University in Des Moines, and a daughter, educated at the University of Washington. [16] They live in Portland, Oregon. [3]

In 2007, he and his wife Mary donated $5 million to the University of Oregon. [17] In 2016, he donated $10 million to the university's aquatic animal care facility. [18] More recently the couple donated $10 million towards a biomedical data science initiative. [19] In 2020, due to the COVID-19 pandemic, Boyle reduced his own salary to $10,000 while maintaining the full salary and benefits of all his company's retail employees. [20]

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References

  1. ↑ "Tim Boyle, Columbia Sportswear Co: Profile and Biography". Bloomberg Markets . Archived from the original on November 1, 2022. Retrieved October 31, 2022.
  2. 1 2 3 Forbes: "Columbia Sportswear Thrives, Lifting CEO Tim Boyle To Billionaire Ranks" by Kathryn Dill November 8, 2013
  3. 1 2 "Forbes profile: Timothy Boyle". Forbes. Retrieved November 4, 2021.
  4. ↑ "Columbia Sportswear CEO Tim Boyle Buys Gearhart Golf Links". The A Position. Retrieved November 5, 2019.
  5. 1 2 3 4 5 6 7 Whitford, David; Gert Boyle (September 1, 2003). "Gert Boyle Columbia Sportswear Co". Fortune Small Business. Retrieved November 10, 2013.
  6. 1 2 3 4 5 Immigrant Entrepreneurship: "Gertrude Boyle" retrieved November 9, 2013
  7. 1 2 3 "History". About Us. Columbia Sportswear. Archived from the original on November 9, 2013. Retrieved November 10, 2013.
  8. ↑ "Columbia:Officers and Directors". Columbia. Retrieved December 4, 2017.
  9. ↑ Oregon Business: "Tim Boyle charts the future as Columbia Sportswear turns 75" by Linda Baker January 28, 2013
  10. ↑ Harriet Shapiro; Diane S. Lund (September 18, 1989). "Gert Boyle Has a Vested Interest in George Bush's Fishing Fortunes". People . Archived from the original on November 9, 2013. Retrieved November 9, 2013.
  11. 1 2 Boyle, Gert (April 1, 2006). "How I Did It: Gert Boyle, chairman, Columbia Sportswear". Inc. magazine. Retrieved November 9, 2013.
  12. ↑ Oregonian/OregonLive, Steve Duin | For The (November 3, 2019). "Gert Boyle, 'One Tough Mother' who led Columbia Sportswear, dies at 95". oregonlive. Retrieved April 29, 2020.
  13. ↑ Palmieri, Jean E. (January 27, 2020). "Tim Boyle Named Chairman of Columbia Sportswear". WWD. Retrieved April 29, 2020.
  14. ↑ Read, Richard (November 29, 2018). "Tim Boyle of Columbia Sportswear on US immigration policy: 'I think it's just a travesty what's happening'". www.ft.com. Retrieved April 28, 2020.
  15. ↑ "The Forbes 400 2020: The Richest People in America". www.forbes.com. Retrieved September 25, 2020.
  16. ↑ "Tim Boyle: CEO Columbia Sportswear". Portland Interview Magazine. October 2, 2012. Retrieved December 4, 2017.
  17. ↑ Business Wire: "Columbia Sportswear Tim Boyle, Wife Donate $5 Million to University of Oregon" April 13, 2007
  18. ↑ Katu: "Columbia Sportswear CEO donates $10 million to University of Oregon" February 28, 2016
  19. ↑ "Couple gives $10 million to support biomedical data science". Around the O. June 18, 2019. Retrieved November 6, 2019.
  20. ↑ Oregonian/OregonLive, Samantha Swindler | The; Oregonian/OregonLive, Jeff Manning | The (March 28, 2020). "Columbia Sportswear CEO Tim Boyle cuts own salary to $10K, retail employees receive regular pay". oregonlive. Retrieved March 29, 2020.
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