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{{Short description|American business executive (1924–2020)}} |
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{{Use mdy dates|date=September 2020}} |
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{{Infobox person |
{{Infobox person |
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| name = Richard |
| name = Richard A. Smith |
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| image = |
| image = |
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| caption = |
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| birth_name = |
| birth_name = Richard Alan Smith |
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| birth_date = |
| birth_date = {{birth date|1924|11|1|mf=y}} |
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| birth_place = |
| birth_place = New York City, U.S. |
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| death_date = |
| death_date = {{death date and age|2020|9|9|1924|11|1|mf=y}} |
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| death_place = |
| death_place = [[Chestnut Hill, Massachusetts]], U.S. |
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| death_cause = |
| death_cause = |
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| residence = |
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| nationality = United States |
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| other_names = |
| other_names = |
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| known_for = |
| known_for = CEO of [[General Cinema Corporation]] |
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| education = |
| education = |
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| networth = |
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| ethnicity = Jewish |
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| occupation = Businessman |
| occupation = Businessman |
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| spouse = Susan Flax |
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| children = 4 |
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| children = James Smith (predeceased)<br> Amy Smith Berylson<br> Robert Smith<br> Debra Smith Knez |
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| parents = [[Philip Smith (theater owner)|Philip Smith]] |
| parents = [[Philip Smith (theater owner)|Philip Smith]] |
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| relations = [[Jeffrey Lurie]] (nephew) |
| relations = [[Jeffrey Lurie]] (nephew) |
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'''Richard |
'''Richard Alan Smith''' (November 1, 1924 – September 9, 2020) was an American businessman who was CEO of [[General Cinema Corporation]]. |
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==Biography== |
==Biography== |
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Smith is the son of [[Philip Smith (theater owner)|Philip Smith]]. His father founded Midwest Drive-In Theaters which in 1941, operated 9 of 15 [[drive-in movie theaters]] in the U.S.<ref name=LATHandsome>[http://articles.latimes.com/1985-08-11/business/fi-2994_1_general-cinema/3 Los Angeles Times: "General Cinema More Wall St. Than Hollywood : Investments Pay Off Handsomely for Bottler and Theater-Chain Operator" by Kathryn Harris] August 11, 1985</ref> In 1946, he joined his father's company.<ref name=LATHandsome /> In 1947, the company was one of the first to open a theater in a shopping mall in [[Framingham, Massachusetts]].<ref name=LATHandsome /> By the 1950s, the Midwest Drive-In Theatres operated 53 drive-ins<ref name=Lehman>[https://www.library.hbs.edu/hc/lehman/company.html?company=gc_computer_corporation Harvard Business School Lehman Collection "GC Computer Corporation"] retrieved September 25, 2017</ref> and branched out into other lines of business including the ''Richard's Drive-Ins'' restaurant chain, ''Amy Joe's Pancake Houses'', and several bowling alleys in order to diversify their revenues which were under pressure as more people stayed home to watch television.<ref name=Lehman /> In 1960, the company changed its name to General Drive-In Corp and went public on the [[New York Stock Exchange]]<ref name=LATHandsome /> although Smith retained a controlling interest.<ref name=FU>[http://www.fundinguniverse.com/company-histories/gc-companies-inc-history/ Funding Universe: "GC Companies, Inc. History"] retrieved September 26, 2017</ref> His father died in 1961 and Richard succeeded him as CEO.<ref name=FU /><ref name=LATHandsome /> Smith changed the company's name to [[General Cinema]] in 1964 to better reflect the shift in the industry away from drive-in theaters.<ref name=LATHandsome /> |
Smith was born in 1924<ref name=NewShow>[http://archive.fortune.com/magazines/fortune/fortune_archive/1987/04/27/68951/index.htm Fortune: "The New Show at Neiman-Marcus - A little-known empire of movie houses and soft drink bottlers, General Cinema,is buying up control of the country's most glamorous retailer." by John Paul Newport Jr.] April 27, 1987</ref> the son of [[Philip Smith (theater owner)|Philip Smith]]. His father founded Midwest Drive-In Theaters which in 1941, operated 9 of 15 [[drive-in movie theaters]] in the U.S.<ref name=LATHandsome>[http://articles.latimes.com/1985-08-11/business/fi-2994_1_general-cinema/3 Los Angeles Times: "General Cinema More Wall St. Than Hollywood : Investments Pay Off Handsomely for Bottler and Theater-Chain Operator" by Kathryn Harris] August 11, 1985</ref> In 1946, he joined his father's company.<ref name=LATHandsome /> In 1947, the company was one of the first to open a theater in a shopping mall in [[Framingham, Massachusetts]].<ref name=LATHandsome /> By the 1950s, the Midwest Drive-In Theatres operated 53 drive-ins<ref name=Lehman>[https://www.library.hbs.edu/hc/lehman/company.html?company=gc_computer_corporation Harvard Business School Lehman Collection "GC Computer Corporation"] retrieved September 25, 2017</ref> and branched out into other lines of business including the ''Richard's Drive-Ins'' restaurant chain, ''Amy Joe's Pancake Houses'', and several bowling alleys in order to diversify their revenues which were under pressure as more people stayed home to watch television.<ref name=Lehman /> In 1960, the company changed its name to General Drive-In Corp and went public on the [[New York Stock Exchange]]<ref name=LATHandsome /> although Smith retained a controlling interest.<ref name=FU>[http://www.fundinguniverse.com/company-histories/gc-companies-inc-history/ Funding Universe: "GC Companies, Inc. History"] retrieved September 26, 2017</ref> His father died in 1961 and Richard succeeded him as CEO.<ref name=FU /><ref name=LATHandsome /> Smith changed the company's name to [[General Cinema]] in 1964 to better reflect the shift in the industry away from drive-in theaters.<ref name=LATHandsome /> |
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Smith diversified and expanded the company through acquisitions.<ref name=FU /> In the late 1960s, General Cinema began purchasing bottling franchises eventually becoming the largest independent bottler in the United States.<ref name=FU /> In 1970, they purchased the [[Mann Theatres]] chain (founded by [[Ted Mann]]) for $6.6 million.<ref name=FU /> In 1972, they purchased an interest in 47 indoor theaters in Louisiana and Florida from the [[Loews Corporation]] (founded by [[Laurence Tisch]] and [[Robert Tisch]]) for $16 million.<ref name=FU /> Smith's diversification efforts paid off: in 1985, the bottling operations were 70% of operating profits and General Cinema marked its 12th straight year of operating profits (since Smith |
Smith diversified and expanded the company through acquisitions.<ref name=FU /> In the late 1960s, General Cinema began purchasing bottling franchises eventually becoming the largest independent bottler in the United States.<ref name=FU /> In 1970, they purchased the [[Mann Theatres]] chain (founded by [[Ted Mann]]) for $6.6 million.<ref name=FU /> In 1972, they purchased an interest in 47 indoor theaters in Louisiana and Florida from the [[Loews Corporation]] (founded by [[Laurence Tisch]] and [[Robert Tisch]]) for $16 million.<ref name=FU /> Smith's diversification efforts paid off: in 1985, the bottling operations were 70% of operating profits and General Cinema marked its 12th straight year of operating profits (since Smith was appointed CEO, General Cinema had been profitable for 24 of 25 years).<ref name=FU /> Smith also participated in [[greenmailing]]: he purchased a substantial interest in [[Heublein Inc.]] forcing it to find a friendly suitor earning Smith a substantial profit when he sold his shares.<ref name=FU /> |
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In 1984, General Cinema purchased a controlling interest in [[Carter Hawley Hale]], the tenth largest clothing retailer in the United States and owner of the [[Bergdorf Goodman]], [[Neiman-Marcus]], [[Wanamaker's|John Wanamaker's]], [[Thalhimers]], and [[Holt Renfrew]] chains |
In 1984, General Cinema purchased a controlling interest in [[Carter Hawley Hale]], the tenth largest clothing retailer in the United States and owner of the [[Bergdorf Goodman]], [[Neiman-Marcus]], [[Wanamaker's|John Wanamaker's]], [[Thalhimers]], and [[Holt Renfrew]] chains,<ref name=FU /> saving it from a hostile takeover from [[Leslie Wexner]].<ref name=NewShow /> In 1989, General Cinema sold its bottling division for $1.75 billion.<ref name=FU /> In 1991, General Cinema purchased [[Harcourt Brace Jovanovich]] for $1.5 billion.<ref name=FU /> In 1993, the company split into two companies: Harcourt General consisted of the publishing business and the controlling interest in the retail group (then called the Neiman-Marcus Group); and GC Companies, Inc. consisted of the movie theater division in which the Smith family retained a 28 percent controlling interest.<ref name=FU /> In 1994, Smith re-evaluated the portfolio of theaters and sold 14 theaters for $14 million and closed an additional 37 theaters in 1994 and 12 in 1995.<ref name=FU /> They also cautiously expanded into megaplexes with sit-down cafes, seat-side service, "loveseats," gourmet food and coffee, and liquor; and associated with top brands such as [[Starbucks]], [[Pepsi]], [[Taco Bell]], and [[Pizzeria Uno]].<ref name=FU /> |
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In 2000, General Cinema sold Harcourt General to publisher [[RELX Group|Reed-Elsevier]] for $5.7 billion and in 2005, they sold Neiman Marcus to private equity firms TPG and Warburg Pincus for $5.1 billion (the Smith family earned $600 million from their interest).<ref name=Forbes>[https://www.forbes.com/profile/richard-alan-smith/ Forbes: "(Richard Alan) Smith family"] retrieved September 24, 2017</ref> |
In 2000, General Cinema sold Harcourt General to publisher [[RELX Group|Reed-Elsevier]] for $5.7 billion and in 2005, they sold Neiman Marcus to private equity firms [[TPG Capital|TPG]] and [[Warburg Pincus]] for $5.1 billion (the Smith family earned $600 million from their interest).<ref name=Forbes>[https://www.forbes.com/profile/richard-alan-smith/ Forbes: "(Richard Alan) Smith family"] retrieved September 24, 2017</ref> |
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==Philanthropy== |
==Philanthropy== |
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He and his wife founded the Richard and Susan Smith Family Foundation.<ref name=BGSusanObit>[https://www.bostonglobe.com/metro/obituaries/2016/08/01/susan-smith-philanthropist-whose-passion-transformed-cancer-care-and-much-more-dies/8T9jixtMVZPyZDsI8sUC1I/story.html Boston Globe:『Susan Smith, 83; philanthropist’s passion transformed cancer care』By Bryan Marquard] August |
He and his wife founded the Richard and Susan Smith Family Foundation.<ref name=BGSusanObit>[https://www.bostonglobe.com/metro/obituaries/2016/08/01/susan-smith-philanthropist-whose-passion-transformed-cancer-care-and-much-more-dies/8T9jixtMVZPyZDsI8sUC1I/story.html Boston Globe:『Susan Smith, 83; philanthropist’s passion transformed cancer care』By Bryan Marquard] August 2, 2016</ref> Since 1973, the foundation has donated $45.6 million to Boston's Jewish community of which $24 million was given to Combined Jewish Philanthropies of Boston (CJP).<ref>{{Cite news|first= |last= |authorlink= |title= Tribute to Richard Smith |newspaper=Combined Jewish Philanthropies of Boston|date=October 13, 2020 |url= https://www.jewishboston.com/read/tribute-to-richard-smith/ |accessdate=February 2, 2021|quote=“Because of our Jewish heritage,” Smith said in a letter to his descendants, “we expect Combined Jewish Philanthropies, or another appropriate Jewish philanthropic vehicle, to be a permanent core part of the Foundation’s giving.”}}</ref> |
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==Personal life== |
==Personal life== |
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In 1952, Smith married |
In 1952, Smith married Susan Flax who was Jewish.<ref name=BGSusanObit /><ref>[http://www.legacy.com/obituaries/bostonglobe/obituary.aspx?pid=180849577 Legacy.com: "SUSAN M. (FLAX) SMITH"] August 2, 2016</ref> They had four children: James Smith (who died in 1970), Amy Smith Berylson, Robert Smith, and Debra Smith Knez.<ref name=BGSusanObit /> His daughter is married to Brian Knez.<ref>[http://giving.tufts.edu/why_give/profiles/2007profiles/knez.html Tufts University: "Profiles in Giving - Debra Smith Knez, J82"] retrieved September 25, 2017</ref><ref>[http://lawmagazine.bc.edu/2015/02/the-canny-investor/ Boston College Law School Magazine: "The Canny Investor - When Brian Knez Sees Opportunity, Companies Thrive" by Maura King Scully"] Winter 2015</ref> His son, Robert Smith and son-in-law Brian Knez, were co-CEOs of Harcourt General until its sale then co-founded private equity shop Castanea Partners in 2001.<ref name=Forbes /> His nephew is [[Jeffrey Lurie]]; in 1994, he and his sister provided collateral for a $185 million loan enabling Jeff to purchase the [[Philadelphia Eagles]].<ref name=Forbes /> |
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Smith died on September 9, 2020, aged 95.<ref>[https://www.legacy.com/obituaries/bostonglobe/obituary.aspx?pid=196767124 Richard Alan Smith]</ref> |
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==References== |
==References== |
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{{DEFAULTSORT:Smith, Richard A.}} |
{{DEFAULTSORT:Smith, Richard A.}} |
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[[Category:American business executives]] |
[[Category:American business executives]] |
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[[Category:1924 births]] |
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[[Category:2020 deaths]] |
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[[Category:Businesspeople from New York City]] |
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[[Category:Smith family (theaters)]] |
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[[Category:American people of Jewish descent]] |
Richard A. Smith
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Born | Richard Alan Smith (1924-11-01)November 1, 1924
New York City, U.S.
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Died | September 9, 2020(2020-09-09) (aged 95) |
Occupation | Businessman |
Known for | CEO of General Cinema Corporation |
Spouse | Susan Flax |
Children | 4 |
Parent | Philip Smith |
Relatives | Jeffrey Lurie (nephew) |
Richard Alan Smith (November 1, 1924 – September 9, 2020) was an American businessman who was CEO of General Cinema Corporation.
Smith was born in 1924[1] the son of Philip Smith. His father founded Midwest Drive-In Theaters which in 1941, operated 9 of 15 drive-in movie theaters in the U.S.[2] In 1946, he joined his father's company.[2] In 1947, the company was one of the first to open a theater in a shopping mall in Framingham, Massachusetts.[2] By the 1950s, the Midwest Drive-In Theatres operated 53 drive-ins[3] and branched out into other lines of business including the Richard's Drive-Ins restaurant chain, Amy Joe's Pancake Houses, and several bowling alleys in order to diversify their revenues which were under pressure as more people stayed home to watch television.[3] In 1960, the company changed its name to General Drive-In Corp and went public on the New York Stock Exchange[2] although Smith retained a controlling interest.[4] His father died in 1961 and Richard succeeded him as CEO.[4][2] Smith changed the company's name to General Cinema in 1964 to better reflect the shift in the industry away from drive-in theaters.[2]
Smith diversified and expanded the company through acquisitions.[4] In the late 1960s, General Cinema began purchasing bottling franchises eventually becoming the largest independent bottler in the United States.[4] In 1970, they purchased the Mann Theatres chain (founded by Ted Mann) for $6.6 million.[4] In 1972, they purchased an interest in 47 indoor theaters in Louisiana and Florida from the Loews Corporation (founded by Laurence Tisch and Robert Tisch) for $16 million.[4] Smith's diversification efforts paid off: in 1985, the bottling operations were 70% of operating profits and General Cinema marked its 12th straight year of operating profits (since Smith was appointed CEO, General Cinema had been profitable for 24 of 25 years).[4] Smith also participated in greenmailing: he purchased a substantial interest in Heublein Inc. forcing it to find a friendly suitor earning Smith a substantial profit when he sold his shares.[4]
In 1984, General Cinema purchased a controlling interest in Carter Hawley Hale, the tenth largest clothing retailer in the United States and owner of the Bergdorf Goodman, Neiman-Marcus, John Wanamaker's, Thalhimers, and Holt Renfrew chains,[4] saving it from a hostile takeover from Leslie Wexner.[1] In 1989, General Cinema sold its bottling division for $1.75 billion.[4] In 1991, General Cinema purchased Harcourt Brace Jovanovich for $1.5 billion.[4] In 1993, the company split into two companies: Harcourt General consisted of the publishing business and the controlling interest in the retail group (then called the Neiman-Marcus Group); and GC Companies, Inc. consisted of the movie theater division in which the Smith family retained a 28 percent controlling interest.[4] In 1994, Smith re-evaluated the portfolio of theaters and sold 14 theaters for $14 million and closed an additional 37 theaters in 1994 and 12 in 1995.[4] They also cautiously expanded into megaplexes with sit-down cafes, seat-side service, "loveseats," gourmet food and coffee, and liquor; and associated with top brands such as Starbucks, Pepsi, Taco Bell, and Pizzeria Uno.[4]
In 2000, General Cinema sold Harcourt General to publisher Reed-Elsevier for $5.7 billion and in 2005, they sold Neiman Marcus to private equity firms TPG and Warburg Pincus for $5.1 billion (the Smith family earned $600 million from their interest).[5]
He and his wife founded the Richard and Susan Smith Family Foundation.[6] Since 1973, the foundation has donated $45.6 million to Boston's Jewish community of which $24 million was given to Combined Jewish Philanthropies of Boston (CJP).[7]
In 1952, Smith married Susan Flax who was Jewish.[6][8] They had four children: James Smith (who died in 1970), Amy Smith Berylson, Robert Smith, and Debra Smith Knez.[6] His daughter is married to Brian Knez.[9][10] His son, Robert Smith and son-in-law Brian Knez, were co-CEOs of Harcourt General until its sale then co-founded private equity shop Castanea Partners in 2001.[5] His nephew is Jeffrey Lurie; in 1994, he and his sister provided collateral for a $185 million loan enabling Jeff to purchase the Philadelphia Eagles.[5]
Smith died on September 9, 2020, aged 95.[11]
"Because of our Jewish heritage," Smith said in a letter to his descendants, "we expect Combined Jewish Philanthropies, or another appropriate Jewish philanthropic vehicle, to be a permanent core part of the Foundation's giving."