| Eric L. Smidt | |
|---|---|
| Born | Los Angeles, California, USA |
| Residence | Beverly Hills, California, U.S. |
| Nationality | American |
| Occupation | Chairman & CEO Harbor Freight Tools |
| Net worth | US$1 billion (2010)[1] |
| Religion | Jewish |
| Spouse | Susan Smidt |
| Children | 2 |
| Parents | Alan Smidt Dorthy Smidt |
Eric L. Smidt is an American businessman. He is Chairman, CEO, and sole proprietor of Harbor Freight Tools. Though Smidt does not comment on his personal finances, his net worth is estimated at more than $1 billion based on his sole proprietorship of Harbor Freight Tools which reportedly makes $1.5bn a year.[2]
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Eric L. Smidt was born in Los Angeles, CA to Alan Smidt, a Los Angeles Businessman, and Dorthy Smidt, a homemaker; his father started Harbor Freight Tools.
Eric Smidt started working for his father in the family business when a teenager. At the age of 25, Smidt was named president of the company; he served as president till 1999 when he became sole proprietor of the company and the board of directors voted to make him CEO.[3]
In 2001 Smidt was listed as one of AllBusiness.com's Entrepreneurs of the year[4]
While Smidt has served as Chairman and CEO, Harbor Freight has eliminated nearly all non-house brands from their stores. Importing from the Far East, including but not limited to China, Japan, Korea, Vietnam, India, and Pakistan.
While Smidt has been CEO Harbor Freight has had positive sales growth every quarter, even during the economic downturn of 2008.
Recently, he has come under fire by his father for significant changes within the organization including layoffs, misappropriation of funds, and removing him from the board of directors.[5]
Smidt is among Los Angeles's wealthiest art collectors.[6] He has amassed a vast real estate portfolio including the former Marvin Davis estate, which was on the Forbes list of most expensive houses in 2004, in Beverly Hills.[7] The massive 13-bedroom, 12-bath home has two swimming pools and a tennis court. It is on 10 acres of land and has 25,000 sq. feet of living space. The home was built in 1955 and has undergone many renovations. It was purchased by Smidt for close to $50 million. Property taxes are very close to half a million annually. Smidt also owns a Malibu beach house[8], and Manhattan Apartment[9]
Through his charity, Smidt Family Foundation, Smidt donates thousands of dollars to the University of Southern California,[10] and Children's Hospital Los Angeles. Smidt is among Los Angeles's most well known democrats having served as host to multiple fundraiser dinners for both Bill and Hillary Clinton.[11] He is a friend of Los Angeles Mayor Villaraigosa, most recently donating money to help pay down the Mayor's ethics fines[12]. Smidt is also a lover of aviation and an amateur pilot. Smidt has owned a Hawker, Gulfstream G4, and most recently a Gulfstream G550[13]