Leonard N. Stern
Leonard Stern | |
|---|---|
| Born | March 28, 1938 United States |
| Occupation(s) | Entrepreneur, philanthropist |
| Years active | 1960s–present |
| Known for | Chairman and CEO of Hartz Group; founder of Homes for the Homeless; namesake of NYU Stern School of Business |
Leonard Norman Stern (born March 28, 1938) is an American billionaire entrepreneur and philanthropist.
He holds the positions of chairman and CEO at the privately held Hartz Group, which is based in New York City. The group's real estate portfolio is managed by its subsidiary, Hartz Mountain Industries, where Stern also acts as chairman and CEO.
Early life and education
Stern was born into a Jewish family as the son of Hilda (née Lowenthal) and Max Stern. His father, originally from Germany, emigrated from Weimar Germany during the 1920s and established Hartz Mountain Corporation (HMC). Max Stern developed the company by distributing caged birds and pet supplies through Woolworth outlets, making HMC the central entity within The Hartz Group. The company’s name is inspired by Germany’s Harz Mountains.
In 1957, Leonard Stern earned his degree from New York University (NYU).
Career
Starting with an inheritance from his father, Stern gradually gained full ownership of Hartz Mountain Corporation (HMC) by the early 1960s. HMC became a dominant force in the U.S. pet supply industry, catering to owners of dogs, cats, parakeets, and canaries. By 1984, HMC commanded between 75% and 90% of the American pet supply market, with a business valuation around $400 million and annual profits near $40 million. During the mid-1980s, Stern ventured into media by acquiring New York City’s alternative weekly The Village Voice along with other weeklies, creating Stern Publishing, which was later sold to a venture capital firm in 2000.
Legal and image issues
During the mid to late 1990s, Stern served on Rite Aid’s board when the company revealed it had inflated net income by $1 billion over two years. He was named in multiple class action lawsuits alleging breaches of fiduciary responsibilities. Another lawsuit accused Stern of leveraging his influence to secure increased shelf space for Hartz products in Rite Aid stores; this case was resolved in 1999 with an $11 million settlement. Stern stepped down from the board in late 2001, stating that he played a key role in rescuing Rite Aid from bankruptcy by replacing its management team and launching a turnaround effort.
Philanthropy
Stern established Homes for the Homeless in 1986 and currently chairs the organization, which supports more than 630 homeless families and approximately 1,200 children daily across five locations in New York City. In addition, he amassed a collection of Cycladic antiquities during the 1980s; these artifacts are now overseen by the Hellenic Ancient Culture Institute and have been loaned to institutions such as the Metropolitan Museum of Art and Athens’ Museum of Cycladic Art.
Personal life
Stern has been married twice:
- Judith Stern Peck, a family therapist and consultant specializing in family businesses based in New York. They divorced in 1980. Their three children include:
- Emanuel T. Stern ("Manny") (born 1964) - manages the family’s real estate ventures and is known for losing a $1.3 billion redevelopment project at New Jersey’s Meadowlands Sports Complex. He wed Elizabeth Egan in 1992.
- Edward J. Stern (born 1966) - formerly ran Canary Capital Partners LLC hedge fund; notably was the first fund manager charged by New York Attorney General Eliot Spitzer for fraudulent mutual fund trading. He married Stephanie Beth Rein in 1991.
- Andrea C. Stern (born 1968) - professional photographer.
- Allison Maher, formerly a model and television producer from Kentucky, married Stern in 1987. She serves as trustee and vice-chairman of the Wildlife Conservation Society, which oversees the Bronx Zoo.
Forbes reported Stern’s net worth as $4.8 billion in 2018 (ranking him as the 143rd wealthiest individual in the U.S.) and $8.1 billion in 2024 (placing him at 325th globally).
The New York University business school bears his name as the Stern School of Business.
See also
References
- 1938 births
- Living people
- American billionaires
- American corporate chairpersons
- American financiers
- American investors
- American individuals of German-Jewish heritage
- American real estate entrepreneurs
- American retail executives
- Business figures from New York City
- American philanthropists
- New York University Stern School of Business alumni
- Philanthropists from New York (state)
- 21st-century American Jews