Thomas George Stemberg (January 18, 1949 – October 23, 2015) was an American businessman, investor, and philanthropist. He was a pioneer of the office supplies superstore industry, most notably for founding office supply retail chain Staples Inc. with Leo Kahn.[1][2][3]
Tom Stemberg | |
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Born | Thomas George Stemberg January 18, 1949 Orange, New Jersey, U.S. |
Died | October 23, 2015 | (aged 66)
Education | Harvard University (BA, MBA) |
Known for | Founder, Chairman, and Chief Executive Officer of Staples Inc. |
Political party | Republican |
Spouse(s) | Maureen Sullivan (divorced) Dola Hamilton (divorced) Katherine Chapman O’Gara |
Stemberg was born on January 18, 1949, in Orange, New Jersey,[4] the son of immigrants from Vienna, Austria, Erika (née Ratzer) and Oscar Michael Stemberg.[4][5][6][7] His father was a lawyer who became a restaurateur.[8] His father was Jewish and his mother was Catholic.[9][10]
At Harvard College, he headed on managerial roles at Harvard Student Agencies, a hands-on organization of campus businesses, and the Harvard Independent, a newly established student newspaper.[8] In 1973, Stemberg graduated from the Harvard Business School receiving his M.B.A. as a George F. Baker Scholar.[3]
He started his career with the Jewel Company's Star Markets where he became the vice president for the company's sales and merchandising division.[11]
In 1986, Stemberg started Staples with backing from private equity firms, including Hambro International Ventures, Harvard Management, Bessemer Ventures, Adler & Company, and Bain Capital;[12] Bain co-founder Mitt Romney served on the company's board of directors for the next 15 years.[13] By 1999, Staples had worldwide sales of over US$7 billion, with more than one thousand superstores, mail order catalogs, e-commerce outlets, and a contract business.[12]
In 2005, Stemberg joined Highland Capital Partners, a venture capital firm, in Lexington, Massachusetts, as managing general partner.[14]
Stemberg had an estimated net worth of $202 million, he was a philanthropist who donated funds in areas pertaining to education.[15]
Stemberg, a political supporter of Mitt Romney since Romney ran for the U.S. Senate in 1994, spoke on Romney's behalf at the 2012 Republican National Convention.[13] Stemberg encouraged Romney to make healthcare more accessible, which led Romney to reform healthcare in the commonwealth.[16]
In 2012, Stemberg was involved in a legal dispute with his first wife, Maureen Sullivan.[17][18]
Stemberg died on October 23, 2015, from gastric cancer. He was 66 years old.[19][20]
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