From Wikipedia, the free encyclopedia
David H. Murdock (left) in 2009, receiving his high school
diploma.
David Howard Murdock (born April 10, 1923 in
Ohio) is an American businessman. Forbes estimates he is the
183rd richest person in the world, with a net worth of 3.3 billion
US Dollars. A high-school dropout[1] from
Montgomery Township, Wood County,Wayne Ohio and dyslexic, Murdock
was drafted by the U.S. Army in 1943 during World War II.
Early
business career
Returning to Detroit, Michigan
after the war, he was homeless and destitute. However, due to a
chance encounter with a good samaritan he
got a $1,800 loan to buy a closing diner, flipping it quickly for a $700 profit.
He moved to Arizona and
began developing there first in housing and then commercial
development. In the 1960s when the real estate market collapsed, he
moved to Los Angeles
where he continued developing and then began a string of
acquisitions.
Businesses
In 1985 he took over the nearly bankrupt Hawaiian firm Castle &
Cooke, which owned pineapple 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. He took Dole private in 2003.
Dole has generated "negative free cash flow (defined as cash flow
from operations less dividends and capital expenditures) annually
since 2005, the company remained free cash flow negative during the
first half of fiscal 2008" (Fitch Ratings, July 30, 2008).
Personal
life
David Murdock is a US citizen. He has been married three times -
widowed and twice divorced. He had three children with his first
wife, Gabriele, who died of cancer in 1988. Justin Murdock became
his sole surviving heir after his brother David Murdock Jr. died in
an auto accident in 2004. 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.
Recent
activities
More recently Murdock has helped contribute to the redevelopment
of a 5.8 million square-foot complex in Kannapolis, 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, with the demolition completed in 2006.
Focus on
nutrition
After the death of his first wife, Gabriele, David Murdock has
been deeply committed to finding a cure for cancer, 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).
References
- Talevich, Tim (2009 Vol 24 #1).
"Mister Murdock's Mission: Promoting Nutrition for Better
Living". The Costco Connection.
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