PALM SPRINGS, Calif., Nov. 20 /PRNewswire/ -- Arthur M. Blank, co-founder
of The Home Depot, Inc. (NYSE: HD), was named today the Overall Ernst & Young
Entrepreneur Of The Year 2005 National Award Winner. Blank is also the owner
and chief executive officer of the Atlanta Falcons NFL team and the Georgia
Force arena football team.
"Arthur Blank exemplifies the very best in entrepreneurial spirit," said
James S. Turley, chairman and CEO, Ernst & Young LLP. "Blank took a simple
idea and turned it into the world's largest home improvement retailer, while
never forgetting the communities that supported his success. We are pleased
to honor him as the Ernst &Young Entrepreneur of the Year."
Blank was honored as both the Overall Ernst & Young Entrepreneur Of The
Year national award winner as well as the national winner in the Retail &
Consumer Products Category at a gala in Palm Springs. Awards were given in 10
additional categories. All Ernst & Young Entrepreneur Of The Year winners
were selected from approximately 400 regional award recipients by an
independent panel of judges.
Blank and the company's co-founder opened the first three Home Depot
stores in 1979. Today, The Home Depot is a household name with more than
1,900 stores throughout North America -- with a new store opening every 48
hours. More than 22 million people visit a Home Depot store each week.
Becoming the Competitor He Feared
Blank was born and raised in the Flushing, Queens section of New York
City. After graduating from Babson College in 1964, he did stints in public
accounting and his family's small pharmaceutical company. Later he joined
Handy Dan Improvement Centers, eventually becoming the CFO. While there, his
biggest concern was the emergence of a warehouse-style competitor. He
believed Handy Dan could not compete against a big store that offered a lot of
merchandise, good service and low prices.
In 1978, he decided to become that competitor and started The Home Depot.
As the company grew, Blank listened to his company's sales associates and
customers to make changes to their stores. By 1980, Blank took the rapidly
growing company public. The Home Depot initiated free in-store "how to"
clinics -- helping people improve their home improvement skills -- and offered
design and decorating consulting. They later added home delivery and tool and
truck rentals.
Today the average Home Depot is 106,000 square feet and offers more than
40,000 products. During Blank's 23 years at the company, Home Depot's sales
rose at a compound annual rate of 46 percent, while earnings rose at a
compound annual rate of 49 percent. Today, the company has sales of $73
billion, employing more than 325,000 associates.
Football Learns from Blank's Leadership Skills
In 2002, Blank took on a new leadership challenge, purchasing the NFL's
Atlanta Falcons. At the time, the team was struggling both on and off the
field, and ticket sales were weak. Just as he had done at Home Depot, Blank
began to meet with customers, in this case fans, to find out what they wanted.
The answer: lower ticket prices, a better game-day experience and an owner
committed to winning. Today, the Falcons are one of the top teams in the
league, with a waiting list for season tickets 44,000 strong.
Building Businesses and Communities
During Blank's tenure at The Home Depot, the company donated more than
$113 million to the communities it serves. At the same time, Home Depot
associates donated hundreds of thousands of hours to perform community service
-- in some cases side-by-side with Blank himself.
Blank has also made community giving a key focus of the Falcons football
organization. The Atlanta Falcons Youth Foundation is the largest team-funded
foundation in the NFL, supporting physical fitness and sports through grants,
strategic partnerships and signature programs. In the past three years, the
foundation has awarded more than $4.3 million to 160 non-profit groups in
Georgia, and the Falcons organization devoted nearly 3,000 hours to community
work.
Today, Blank spends much of his time tending to the Arthur M. Blank Family
Foundation, which he created to support the community both financially and
through personal involvement. The foundation focuses on four areas: helping
young children, assisting high school students, developing parkland in the
Atlanta area and supporting the arts. The foundation has provided more than
$160 million to numerous non-profits, and Blank has committed the bulk of his
estate to the foundation, to ensure its future.
Entrepreneur Of The Year 2005 National Finalists in Retail & Consumer
Products Category
The Ernst & Young Entrepreneur Of The Year national finalists in the
Retail & Consumer Products Category were Richard J. Heckmann, chairman and CEO
of K2 Inc. (NYSE: KTO) in Carlsbad, California, maker of branded consumer
products for sports and adventure activities; Leonard H. Lavin, chairman
emeritus of Alberto-Culver (NYSE: ACV), a multinational manufacturer and
marketer of hair, beauty care and household products based in Melrose Park,
Illinois; and Nicholas F. Taubman, retired chairman and CEO of Advance Auto
Parts, Inc. (NYSE: AAP), an automotive aftermarket parts and accessories
retailer headquartered in Roanoke, Virginia.
Additional Entrepreneur Of The Year Category Award Winners
* James E. Stowers, Jr. of Kansas City-based American Century Investments
was named the Ernst & Young Entrepreneur Of The Year 2005 national
winner in the Financial Services Category.
* R. Christopher Hoehn-Saric of Baltimore-based Educate, Inc.
(Nasdaq: EEEE) was named the Ernst & Young Entrepreneur Of The Year
2005 national winner in the Services Category.
* Nancy T. Richards and Lisa Barrentine of Addison, Texas-based First
Preston Management, Inc. were named the Ernst & Young Entrepreneur Of
The Year 2005 national winners in the Supporter of Entrepreneurship
Category.
* Scott M. Jarus of j2 Global Communications, Inc. (Nasdaq: JCOM) in Los
Angeles was named the Ernst & Young Entrepreneur Of The Year 2005
national winner in the Media/Entertainment/Communications Category.
* Peter C. Farrell of ResMed Inc. (NYSE: RMD) based in San Diego was
named the Ernst & Young Entrepreneur Of The Year 2005 national winner
in the Health Sciences Category.
* Dr. James H. Goodnight of North Carolina-based SAS was named the Ernst
& Young Entrepreneur Of The Year 2005 national winner in the Technology
Category.
* Stephen Kaufer of TripAdvisor, Inc. in Massachusetts was named the
Ernst & Young Entrepreneur Of The Year 2005 national winner in the
Realizing Business Potential Category.
* Tracy W. Krohn, who leads W&T Offshore, Inc. (NYSE: WTI) in Houston,
was named the Ernst & Young Entrepreneur Of The Year 2005 national
winner in the Distribution/Manufacturing/Security Category.
* William Lyon of William Lyon Homes, Inc. (NYSE: WLS) based in Orange
County, California was named the Ernst & Young Entrepreneur Of The Year
2005 national winner in the Real Estate/Hospitality/Construction
Category.
Lifetime Achievement Award Presented to Jack and Peter Herschend
Jack and Peter Herschend, co-founders and co-owners of Herschend Family
Entertainment Corporation (HFE) were also honored today at the Ernst & Young
Entrepreneur Of The Year Awards ceremony in Palm Springs. The brothers
received the Ernst & Young International Lifetime Achievement Award for
Activism, Entrepreneurship and Leadership. HFE owns, operates or partners in
20 entertainment properties in eight states including numerous properties in
Branson, Missouri as well as Stone Mountain Park in Georgia, the Hawaiian
Falls water parks in Dallas and Dollywood theme park in Tennessee.
The Ernst & Young Entrepreneur Of The Year Program is nationally sponsored
by the Ewing Marion Kauffman Foundation. The program's Realizing Business
Potential Award is presented by Microsoft to honor smaller companies that have
demonstrated success and growth by leveraging computer-related technology in
their businesses.
About The Ernst & Young Entrepreneur Of The Year(R) Program
The Ernst & Young Entrepreneur Of The Year Program was created and is
produced by professional services firm Ernst & Young LLP. As the first award
of its kind, the Ernst & Young Entrepreneur Of The Year Award recognizes
outstanding entrepreneurs who are building and leading dynamic and growing
businesses. The program honors entrepreneurs through regional, national and
global award programs in over 100 cities and 35 countries.
About Ernst & Young
Ernst & Young, a global leader in professional services, is committed to
restoring the public's trust in professional services firms and in the quality
of financial reporting. Its 106,000 people in 140 countries pursue the
highest levels of integrity, quality, and professionalism in providing a range
of sophisticated services centered on our core competencies of auditing,
accounting, tax, and transactions. Further information about Ernst & Young
and its approach to a variety of business issues can be found at
http://www.ey.com/perspectives. Ernst & Young refers to all the members of
the global Ernst & Young organization.
About the Ewing Marion Kauffman Foundation
The Ewing Marion Kauffman Foundation of Kansas City is a private,
nonpartisan foundation that works with partners to advance entrepreneurship in
America and improve the education of children and youth. The Kauffman
Foundation was established in the mid-1960s by the late entrepreneur and
philanthropist Ewing Marion Kauffman. Information about the Kauffman
Foundation is available at http://www.kauffman.org.
About Microsoft
Founded in 1975, Microsoft (Nasdaq: MSFT) is the worldwide leader in
software, services and solutions that help people and businesses realize their
full potential.
Contact:
Nicole M. Thomas Melissa Young
Ernst & Young 612-708-2654
213-977-3348 mel@heymanproductions.com
310-570-5803 (cell)
nicole.thomas@ey.com
SOURCE Ernst & Young LLP
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Related links:
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http://www.ey.com/perspectives http://www.kauffman.org
CONTACT:
Nicole M. Thomas of Ernst & Young,
+1-213-977-3348, +1-310-570-5803 cell, nicole.thomas@ey.com; or
Melissa Young for Ernst & Young, +1-612-708-2654,
mel@heymanproductions.com
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