Uncategorized

Steven Rales – Billionaire

Steven M. Rales
Steven Rales.jpg
Born 1951 (age 65–66)
Nationality United States
Alma mater B.A. DePauw University
J.D. American University
Occupation Businessman
Film producer
Known for co-founder of Danaher Corporation
Net worth Decrease US$ 3.8 billion (July 2014)
Spouse(s) Christine Plank (divorced)
Lalage Damerell
Children three (with Plank)
Parent(s) Ruth Rales
Norman Rales
Family Mitchell Rales (brother)

Steven M. Rales (born 1951) is an American businessman and film producer, and chairman of Danaher Corporation. He is listed as the 118th richest person in America, with a value of $3.2 billion.

Early life and education

Raised in a Jewish family, Rales is one of four sons of Norman and Ruth Rales. His father was raised in an orphanage, the Hebrew Orphan Asylum in New York City and later became a businessman who sold his building supply company in Washington, D.C. to his employees in what was the first employee stock ownership plan (ESOP) transaction in the U.S. His father was also a philanthropist founding the Norman and Ruth Rales Foundation and the Ruth Rales Jewish Family Service. Steven Rales has three brothers: Joshua, Mitchell, and Stewart.

Rales graduated in 1969 from Walt Whitman High School, in Bethesda, Maryland. in 1973 from DePauw University, where he was in the Beta Theta Pi fraternity. In 1978, he was awarded a J.D. from American University.

Investments

In 1979, he left his father’s real estate firm to found Equity Group Holdings, with his brother Mitchell Rales. Using junk bonds, they bought a diversified line of businesses: first Mastershield, a vinyl siding manufacturer, then Mohawk Rubber Company, then Diversified Mortgage Group. They changed the name to Diversified Mortgage Investors, in 1978, and then Danaher, in 1984.

In 1985 they bought Easco Corporation, the then-largest independent aluminum extrusion manufacturer, and hand tool manufacturer which produced the Craftsman brand of sockets and wrenches for Sears.

In 1988, they made a hostile takeover bid for Interco (including Converse, and Ethan Allen). When the company responded with a poison pill, they sued, and prevailed in court. They later ended the bid after five months with a profit of $60 million.

In the 1980s, the AM side of WGMS was sold off to Washington, D.C., venture capitalists Steven and Mitchell Rales, who converted the music station into the first frequency for WTEM, a sports-talk station, in 1992.

He has served as Chairman of the Board of Danaher since January, 1984.

In 1995 Steven and Mitchell Rales founded Colfax Corporation, a Richmond, Virginia industrial pumps manufacturer. In May 2008, Steven engineered the initial public offering of the company.

Source:wikipedia

 

What is dictionary ? dictionary is a listing of lexemes from the lexicon of one or more specific languages, often arranged alphabetically (or by consonantal root for Semitic languages or radical and stroke for logographic languages), which may include information on definitions, usage, etymologies, pronunciations, translation, etc. It is a lexicographical reference that shows inter-relationships among the data.
Share