Don Panoz

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Dr. Donald Panoz (pronounced PAY-nose) (born February 13, 1935, in Alliance, Ohio) is an American entrepreneur who made his name in pharmaceuticals and lately had become a successful owner of various motorsport ventures.

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[edit] Early life

Panoz is an Italian-American. His father, Eugene Panunzio, immigrated to the United States from Italy in the 1900s. Eugene, who shortened his surname from the traditional Panunzio to Panoz, was a champion featherweight boxer.

Panoz attended Greenbrier Military School in Lewisburg, West Virginia, where he met Nancy, whom he would later marry. The two both served in Japan with the United States Army, then moved to Pittsburgh upon their return to the United States.

[edit] Business career

Panoz operated two drug stores in Pittsburgh while studying business at Duquesne University. In 1960, Panoz and Milan Puskar formed Milan Pharmaceuticals (which would later be renamed Mylan) in White Sulphur Springs, West Virginia. While head of this company, Panoz headed a research group that invented time-release medication through a transdermal patch, known most commonly in today's market for its nicotine application.

Panoz left Mylan in 1969 when the company refused to develop the patch, and subsequently moved the family to Ireland where he formed Élan Corporation. This company has since become an industry leader in drug delivery products and technology, continues to hold the world-wide patent for the nicotine patch, and was the first Irish company to be publicly listed in the U.S. stock market.

Don & Nancy Panoz founded Château Élan Winery & Resort in Braselton, Georgia, in 1992. The couple still own this resort, which has since grown to 3,500 acres.

[edit] Panoz in motorsports

In 1989, Panoz funded an upstart company started by his son Dan, called Panoz Auto Development. Reportedly, the senior Panoz was skeptical at first of his son's venture, but later used his position in the business world to bring celebrity motorsport figures such as Mario Andretti on board with the goal of entering a Panoz race car in the 24 Hours of Le Mans race.

Panoz Motorsports was formed in 1997 in Braselton and entered its brand new car, the Esperante, at Le Mans. The team was competitive, finishing ahead of all but two of the major factory teams in its class.

In 1999, Panoz founded the American Le Mans Series with the aim of bringing European-style endurance sports car racing to the Americas. Panoz's own cars dominated the first season of the competition.

[edit] Holdings

Today, the holdings of Don Panoz and his family include the following:

[edit] Quotes

Regarding son Dan's business venture, Panoz Auto Development:

  • "My first words were 'Don't you remember Tucker and DeLorean?' But Danny had a dream, and I believe you should chase your dream." [1]
  • "Like any father, I'm free with advice, and I told Danny he needed some racing heritage to establish the Panoz name. He told me, 'You do the racing, and I'll keep building the cars.'" [2]
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