David H. Murdock
Encyclopedia
David Howard Murdock (born April 10, 1923 in Ohio) is an American
businessman. Forbes
ranks him as the 130th-richest person in the "Forbes 400" list and 376th in the "World's Billionaires" list, with a net worth of US$
3 billion as of March 2011.
and dropped out of high school in the 9th grade. He was drafted by the U.S. Army in 1943 during World War II
.
After relocating to Detroit
after the war, Murdock was homeless and destitute. However, due to a chance encounter with a good samaritan, he got a $1,200 loan to buy a closing diner
, flipping it for a $700 profit ten months later.
He moved to Arizona
and began working there first in housing and then commercial real estate. When the real estate market collapsed in the 1960s, he moved to Los Angeles
where he continued developing real estate opportunities, leading to a string of acquisitions.
In 1978, he acquired control of International Mining. In early 1980s, he became the largest shareholder in Occidental Petroleum by selling the company his 18 percent interest in Iowa Beef.
, which owned pineapple and banana producer Dole Food Company
. As a result of his purchase of Castle & Cooke, Murdock acquired ownership of Lana'i, the sixth largest island in Hawaii
. He developed Castle & Cooke's real estate portfolio into residential and commercial properties and turned Dole into the world's largest producer of fruits and vegetables. Acquiring Dole privately in 2003, Murdock completed a $446 million initial public offering in October 2009 and the company now trades on the New York Stock Exchange
under the ticker DOLE. Other companies include Pacific Clay
.
Murdock has been married five times. He married his third wife, Gabriele, in 1967. He had two children with Gabriele. When he married Gabriele, he also adopted her son from a previous marriage, Eugene, making a total of three children. Gabriele was diagnosed with ovarian cancer in 1983 and died in 1985. A year later, Eugene died after hitting his head while swimming in the family estate's swimming pool. In 2004, Justin Murdock became his only surviving child, after another son David Murdock Jr. died in an auto accident on the Santa Monica Freeway. Justin Murdock currently serves as CEO and Executive Chairman of the Board of NovaRX. Justin is also Senior Vice President of Investments for both Castle & Cooke
and the Dole Food Company
. He serves on the executive boards of both companies, as well as their audit and finance committees.
, North Carolina
of a biotechnology
research center known as the North Carolina Research Campus
. The research center is a joint public-private venture, involving major North Carolina universities and private investment. The site of the research center in the middle of Kannapolis was formerly occupied by Plant #1 of Cannon Mills (which became Pillowtex after a series of mergers and acquisitions). Pillowtex filed for bankruptcy in 2003, and closed the once-thriving mill where Cannon towels and sheets were made, and was the basis for the creation of the town of Kannapolis. The closing of Plant #1 resulted in the largest mass layoff of workers in North Carolina history. Murdock acquired the site and demolished the mill in 2006.
, advancing nutrition
and life extension
. He established the Dole Nutrition Institute
to teach the benefits of a plant-based diet to promote health and prevent disease. With the help of UCLA, he oversaw the writing of the "Encyclopedia of Foods, A Guide to Healthy Nutrition." In 2006 he opened the California Health and Longevity Institute (CHLI).
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman. Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
ranks him as the 130th-richest person in the "Forbes 400" list and 376th in the "World's Billionaires" list, with a net worth of US$
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
3 billion as of March 2011.
Early career
Murdock grew up in Montgomery Township, OhioMontgomery Township, Ohio
Montgomery Township, Ohio may refer to:*Montgomery Township, Ashland County, Ohio*Montgomery Township, Marion County, Ohio*Montgomery Township, Wood County, Ohio...
and dropped out of high school in the 9th grade. He was drafted by the U.S. Army in 1943 during World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
.
After relocating to Detroit
Detroit, Michigan
Detroit is the major city among the primary cultural, financial, and transportation centers in the Metro Detroit area, a region of 5.2 million people. As the seat of Wayne County, the city of Detroit is the largest city in the U.S. state of Michigan and serves as a major port on the Detroit River...
after the war, Murdock was homeless and destitute. However, due to a chance encounter with a good samaritan, he got a $1,200 loan to buy a closing diner
Diner
A diner, also spelled dinor in western Pennsylvania is a prefabricated restaurant building characteristic of North America, especially in the Midwest, in New York City, in Pennsylvania and in New Jersey, and in other areas of the Northeastern United States, although examples can be found throughout...
, flipping it for a $700 profit ten months later.
He moved to Arizona
Arizona
Arizona ; is a state located in the southwestern region of the United States. It is also part of the western United States and the mountain west. The capital and largest city is Phoenix...
and began working there first in housing and then commercial real estate. When the real estate market collapsed in the 1960s, he moved to Los Angeles
Los Ángeles
Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...
where he continued developing real estate opportunities, leading to a string of acquisitions.
In 1978, he acquired control of International Mining. In early 1980s, he became the largest shareholder in Occidental Petroleum by selling the company his 18 percent interest in Iowa Beef.
Businesses
In 1985, Murdock took over the nearly bankrupt Hawaiian firm Castle & CookeCastle & Cooke
Castle & Cooke, Inc. is a Los Angeles-based company that was once part of the Big Five companies in territorial Hawaii. The company at one time did most of its business in agriculture...
, which owned pineapple and banana producer Dole Food Company
Dole Food Company
Dole Food Company, Inc. is an American-based agricultural multinational corporation headquartered in Westlake Village, California. The company is the largest producer of fruits and vegetables in the world, operating with 74,300 full-time and seasonal employees who are responsible for over 300...
. As a result of his purchase of Castle & Cooke, Murdock acquired ownership of Lana'i, the sixth largest island in Hawaii
Hawaii
Hawaii is the newest of the 50 U.S. states , and is the only U.S. state made up entirely of islands. It is the northernmost island group in Polynesia, occupying most of an archipelago in the central Pacific Ocean, southwest of the continental United States, southeast of Japan, and northeast of...
. He developed Castle & Cooke's real estate portfolio into residential and commercial properties and turned Dole into the world's largest producer of fruits and vegetables. Acquiring Dole privately in 2003, Murdock completed a $446 million initial public offering in October 2009 and the company now trades on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
under the ticker DOLE. Other companies include Pacific Clay
Pacific Clay
Pacific Clay Products, founded 1892, was created by the merger of several Southern California potteries. The company began producing utilitarian pottery in the 1920s, and introduced solid color earthenware dinnerware in 1932...
.
Personal life
Murdock's father was a travelling salesman, while his mother took up laundry and scrubbed floors to make ends meet. Murdock is the middle child of three, he had two sisters. He was particularly close to his mother, who died at 42 from cancer.Murdock has been married five times. He married his third wife, Gabriele, in 1967. He had two children with Gabriele. When he married Gabriele, he also adopted her son from a previous marriage, Eugene, making a total of three children. Gabriele was diagnosed with ovarian cancer in 1983 and died in 1985. A year later, Eugene died after hitting his head while swimming in the family estate's swimming pool. In 2004, Justin Murdock became his only surviving child, after another son David Murdock Jr. died in an auto accident on the Santa Monica Freeway. Justin Murdock currently serves as CEO and Executive Chairman of the Board of NovaRX. Justin is also Senior Vice President of Investments for both Castle & Cooke
Castle & Cooke
Castle & Cooke, Inc. is a Los Angeles-based company that was once part of the Big Five companies in territorial Hawaii. The company at one time did most of its business in agriculture...
and the Dole Food Company
Dole Food Company
Dole Food Company, Inc. is an American-based agricultural multinational corporation headquartered in Westlake Village, California. The company is the largest producer of fruits and vegetables in the world, operating with 74,300 full-time and seasonal employees who are responsible for over 300...
. He serves on the executive boards of both companies, as well as their audit and finance committees.
Recent activities
More recently Murdock has helped contribute to the redevelopment of a 5800000 square feet (538,837.6 m²) complex in KannapolisKannapolis, North Carolina
Kannapolis is a city in Cabarrus and Rowan counties in the U.S. state of North Carolina, northwest of Concord and northeast of Charlotte. The population was 42,625 at the 2010 census, which makes Kannapolis the 20th largest city in North Carolina...
, North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
of a biotechnology
Biotechnology
Biotechnology is a field of applied biology that involves the use of living organisms and bioprocesses in engineering, technology, medicine and other fields requiring bioproducts. Biotechnology also utilizes these products for manufacturing purpose...
research center known as the North Carolina Research Campus
North Carolina Research Campus
The North Carolina Research Campus is a center for biotechnological, agricultural, food science, and nutritional research. It was initially founded by David H. Murdock, former CEO of Dole Foods...
. The research center is a joint public-private venture, involving major North Carolina universities and private investment. The site of the research center in the middle of Kannapolis was formerly occupied by Plant #1 of Cannon Mills (which became Pillowtex after a series of mergers and acquisitions). Pillowtex filed for bankruptcy in 2003, and closed the once-thriving mill where Cannon towels and sheets were made, and was the basis for the creation of the town of Kannapolis. The closing of Plant #1 resulted in the largest mass layoff of workers in North Carolina history. Murdock acquired the site and demolished the mill in 2006.
Focus on nutrition
After the death of his third wife, Gabriele, Murdock has been deeply committed to finding a cure for cancerCancer
Cancer , known medically as a malignant neoplasm, is a large group of different diseases, all involving unregulated cell growth. In cancer, cells divide and grow uncontrollably, forming malignant tumors, and invade nearby parts of the body. The cancer may also spread to more distant parts of the...
, advancing nutrition
Nutrition
Nutrition is the provision, to cells and organisms, of the materials necessary to support life. Many common health problems can be prevented or alleviated with a healthy diet....
and life extension
Life extension
Life extension science, also known as anti-aging medicine, experimental gerontology, and biomedical gerontology, is the study of slowing down or reversing the processes of aging to extend both the maximum and average lifespan...
. He established the Dole Nutrition Institute
Dole Nutrition Institute
The Dole Nutrition Institute is a research and education foundation based in Westlake Village, California founded in 2003 by David H. Murdock, chairman of Dole Food Company and an ardent practitioner of a nutrient-dense diet and fitness at age 87...
to teach the benefits of a plant-based diet to promote health and prevent disease. With the help of UCLA, he oversaw the writing of the "Encyclopedia of Foods, A Guide to Healthy Nutrition." In 2006 he opened the California Health and Longevity Institute (CHLI).