John Menard Jr.
John Robert Menard Jr. | |
|---|---|
| Born | January 22, 1940 |
| Occupation | Entrepreneur |
| Known for | Founder of Menards |
John Robert Menard Jr. (born January 22, 1940) is a prominent American billionaire entrepreneur and the founder of Menards, a leading home improvement retail chain in the Midwest. He formerly owned an IndyCar racing team and is the father of former NASCAR Cup Series competitor Paul Menard. As of March 2024, Forbes ranked him as the 79th wealthiest individual worldwide, with an estimated net worth of $25.2 billion.
Life and education
As the oldest among eight siblings in a Catholic family with German, French-Canadian, and Norwegian ancestry, Menard was raised by a university professor father and a mother who taught at the elementary level. He earned a business degree with a minor in psychology from the University of Wisconsin–Eau Claire. After graduating, he opted against accepting a position at IBM to launch a small construction business focused on farming structures.
Menard started by constructing pole buildings alongside college peers and established his operations in Eau Claire, Wisconsin. He is a father to six children and entered into his third marriage with Faiha Obaid in 2008.
In 1997, Menard encountered legal challenges due to improper hazardous waste disposal practices, resulting in fines totaling $1.7 million related to disposing wood ash containing chromium and arsenic. In 2013, the IRS demanded $6 million in unpaid taxes after he misclassified $20 million as salary instead of dividends. Furthermore, the Wisconsin Supreme Court ordered him to pay $1.6 million to a former attorney over claims involving gender discrimination and wage underpayment. In 2002, he paid over $216 million in taxes on reported earnings of $559 million.
In April 2020, Menard was appointed to serve on President Donald Trump’s economic advisory panel focused on recovery initiatives.
Menards
The first Menards hardware store was launched in 1964. By 2021, the company operated 335 retail locations along with 12 distribution centers. In 2005, Menards generated roughly $5.5 billion in revenue. By 2013, Menard’s personal fortune was estimated at $8.6 billion, positioning him as Wisconsin’s wealthiest individual.
That same year, Menard removed Stephen Hilbert—his former investment partner who owned a 20% share of MH Equity—due to alleged mismanagement of assets.
Menard enforces a strict anti-union policy that prohibits hiring anyone with union affiliations. Store managers face pay reductions up to 60% if their locations unionize and are subject to fines for violations such as tardy openings. All labor disputes are resolved through arbitration rather than court proceedings.
Motorsports involvement
Menard began supporting IndyCar teams during the late 1970s before establishing his own squad that regularly competed in the Indianapolis 500. His team pioneered the development of the production-based Buick V6 turbo engine and participated full-time in the Indy Racing League (IRL), securing championships in 1997 with Tony Stewart and again in 1999 with Greg Ray.
His son, Paul Menard, competed for sixteen seasons in the NASCAR Cup Series and won the 2011 Brickyard 400. Menard owns an engine manufacturing facility based in the United Kingdom that supplies power units for Team Menard and Robby Gordon Motorsports.
Menards serves as a primary sponsor for Team Penske’s #2 Ford Mustang driven by Ryan Blaney as well as teammate #12 Mustang entries in the NASCAR Cup Series. In NASCAR's Xfinity Series, they back Joe Gibbs Racing’s #20 Toyota Supra piloted by Brandon Jones. Within the Craftsman Truck Series, they sponsor ThorSport Racing’s #88 Ford driven by Matt Crafton. The brand has also partnered with notable drivers such as Robby Gordon, Dale Earnhardt Jr., and Martin Truex Jr.
Menard supported Frank Kimmel’s efforts in the ARCA RE/MAX Series before becoming its title sponsor and rebranding it as the ARCA Menards Series.
Vehicles sponsored by Menards are distinguished on race tracks by their bright fluorescent yellow paint schemes.
Donations
In January 2008, Menard provided a $15 million gift to Luther Midelfort Hospital in Eau Claire, facilitating the creation of a new emergency services wing and enhancing the training of healthcare professionals. Later, in 2015, he pledged $10 million to the Eau Claire Area YMCA, enabling the replacement of the outdated LE Phillips Tennis Center with the larger John and Fay Menard YMCA Tennis Center, featuring eight courts. In 2019, the Menard family contributed $5 million to Ohio State University's Drug Enforcement and Policy Center at the Moritz College of Law, supporting initiatives such as research projects, student programming, an endowed lecture series, and an annual national conference.
Menard has also financially backed conservative political organizations connected to the Koch brothers.