Peter Nicholas (businessman)
Peter Michael Nicholas | |
|---|---|
| Born | 16 May 1941 Portsmouth, New Hampshire, U.S. |
| Died | 14 May 2022 (aged 80) Boca Grande, Florida, U.S. |
| Occupation(s) | Entrepreneur, philanthropist |
| Known for | Co-founder of Boston Scientific |
Peter Michael Nicholas (May 16, 1941 – May 14, 2022) was a prominent American entrepreneur and philanthropist, best known as the co-founder of the medical technology company Boston Scientific alongside John Abele in 1979.
Early life
Nicholas was born in Portsmouth, New Hampshire as the second child among four siblings in a family of Greek immigrants. His father served as an officer in the U.S. Navy during World War II. During his youth, he attended St. Paul's School, where he distinguished himself in sports such as baseball, football, and squash. Although he was admitted to the United States Naval Academy, he was unable to pass the physical examination due to vision problems. He ultimately completed his undergraduate studies at Duke University, graduating in 1964.
Following graduation, Nicholas spent two years serving as a communications officer aboard the USS Lookout and participated in special operations warfare. He furthered his education by obtaining an MBA from the Wharton School of the University of Pennsylvania in 1968.
Career
Nicholas launched his professional journey at Eli Lilly and Company, where he held roles in sales, marketing, and management from 1968 until 1978. Afterwards, he took on the position of general manager for the medical products division at Millipore Corporation.
In 1979, he crossed paths with scientist John Abele at a Christmas gathering in Concord. At that time, Abele was leading Meditech as its president. The two entrepreneurs secured $800,000 in funding to establish Boston Scientific, a company focused on manufacturing medical devices. Nicholas was instrumental in driving growth through targeted acquisitions and served as CEO until 1999 before transitioning to chairman until his retirement in 2016.
Beyond his corporate achievements, Nicholas held the title of chairman emeritus on Duke University's board of trustees. In 2005, Forbes placed him at number 78 on its list of "The 400 Richest Americans," estimating his wealth at $4 billion; he ranked number 189 the subsequent year. He was among seven Greek Americans recognized on that list.
The Nicholas family contributed $20 million to Duke University in 1996 to support the establishment of the Nicholas School of the Environment, which was named to honor him. In recognition of his contributions, Nicholas received the Ellis Island Medal of Honor in 2000. Later, in 2008, he and his wife committed an additional $72 million to Duke—allocating $70 million for the Nicholas School and $2 million for the Perkins Library. He also played a key role on the advisory board for the Nicholas Institute for Environmental Policy Solutions, an institute he founded.
Personal life
In 1964, shortly after graduating from Duke University, Nicholas married Virginia (Ginny) Lilly, who was a descendant of Eli Lilly. The couple met during their time at Duke and remained married until his passing. Together they had three children—Peter Jr., J.K., and Katherine—all alumni of Duke University; additionally, one granddaughter also graduated from Duke.
Peter M. Nicholas passed away on May 14, 2022, at age 80 at his residence in Boca Grande, Florida, after battling cancer.
Recognition
- Golden Plate Award from the American Academy of Achievement, awarded in 1997
- Phoenix Lifetime Achievement Award
- Ellis Island Medal of Honor received in 2000
- AdvaMed Lifetime Achievement Award presented in 2016
External links
- 1941 births
- 2022 deaths
- American billionaires
- Duke University alumni
- American individuals of Greek heritage
- Eli Lilly and Company personnel
- Boston Scientific executives
- Business figures from Boston
- People from Portsmouth, New Hampshire
- Military service members from New Hampshire
- Wharton School graduates
- American philanthropists