Eli M. Black

Eli Menashe Black
Eli Menashe Black
Born	Template:Birth date; Lublin, Poland
Died	February 3, 1975 (aged 53); Manhattan, New York City, U.S.
Occupation(s)	Entrepreneur, businessman
Known for	Control of United Brands Company
Notable work	Chairman, president, and CEO of United Brands Company

Eli Menashe Black (April 9, 1921 – February 3, 1975) was an American entrepreneur who held control over the United Brands Company. His son, Leon Black, later co-founded the private equity firm Apollo Global Management.

Early life and education

Originally named Elihu Menashe Blachowicz, he was born in Lublin, Poland, and emigrated to the United States in 1925 with his family to reunite with his father in New York City. The family, who spoke Yiddish, resided in the Lower East Side, where his father worked as a shohet. Black graduated at the top of his class from Yeshiva University in 1940. He trained as an Orthodox Jewish rabbi and served a congregation in Woodmere, New York before transitioning into the business world.

Business career

Black started his professional journey in investment banking at Lehman Brothers and later at American Securities, where he was involved in financing for the American Seal-Kap Company, a manufacturer of milk bottle caps. In 1954, he assumed the roles of chairman and CEO of the company, which he renamed AMK after its stock ticker. Throughout the 1960s, he expanded AMK into a significant acquisition platform amid the conglomerate boom, acquiring companies such as the meatpacker John Morrell & Co.. By 1967, AMK was ranked among the top 500 corporations in the United States.

In September 1968, Black purchased a 10% ownership interest in United Fruit through open-market transactions, outmaneuvering rivals to gain control. Two years later, in 1970, AMK merged with United Fruit Company and adopted the name United Brands, with Black serving as chairman, president, and CEO. United Fruit was responsible for importing roughly one-third of bananas consumed in the U.S. and owned the Chiquita brand. Nevertheless, Black discovered that the company was severely undercapitalized and heavily indebted.

The company’s difficulties intensified following the destruction caused by Hurricane Fifi in 1974, which devastated banana plantations in Honduras. United Brands reported losses amounting to $40 million during the first three quarters of that year. In response, Black sought to restore financial stability; by December 1974, United Brands announced plans to sell its holdings in Foster Grant, Inc. for $70 million to bolster liquidity.

Death

On February 3, 1975, Black died after falling from his office on the forty-fourth floor of Manhattan’s Pan Am Building, landing on the northbound Park Avenue Viaduct below. Investigators determined that he had shattered a quarter-inch glass window using his attaché case and concluded that his death was a suicide. Shortly thereafter, the Securities and Exchange Commission disclosed that United Brands had paid a $1.25 million bribe to Honduran president Oswaldo López Arellano—an action authorized by Black—to secure reduced taxes on banana exports.

After Black’s passing, Seymour and Paul Milstein acquired ownership stakes in United Fruit.

Personal life

Eli Black was married to the artist Shirley Lubell, who was the sister of oil industry executive Benedict I. Lubell and art dealer Grace Borgenicht Brandt. Together, they had two children: a daughter named Judy Schlosberg and a son, Leon Black, who later co-founded the private equity firm Apollo Management.

Throughout his life, Black held trustee positions at several organizations such as Lincoln Center for the Performing Arts, The American Jewish Committee, Federation of Jewish Philanthropies, Babson College, Jewish Guild for the Blind, and the Jewish Museum. Additionally, he led the publication committee for Commentary Magazine. The Eli M. Black Lifelong Learning Center at Park Avenue Synagogue bears his name as a tribute.

Cultural references

A scene in the 1994 movie The Hudsucker Proxy draws parallels to Black's manner of suicide.