Rank #289
Charles Butt
Net worth $11.1B
Supermarkets · United States
- Born
- Feb 03, 1938
- Age
- 88
- Source
- Supermarkets
- Residence
- San Antonio, Texas
- Citizenship
- United States
- Marital status
- Single
- Children
- 0
- Education
- Bachelor of Arts/Science, University of Pennsylvania, The Wharton School
Net worth over time
Biography
- Charles Butt is chairman of H-E-B, a Texas-based grocery chain with $50 billion in revenues.
- He started working for the family-owned business bagging groceries at age 8.
- Florence Butt, his grandmother, founded the company in 1905 after her husband was diagnosed with tuberculosis and was unable to work.
- Charles became chairman and CEO in 1971. He handed the CEO job to nephew Howard Butt III in 2021. Howard is also on the board of directors
- Sister Eleanor Butt Crook is on the board of directors, and nephew Stephen Butt is H-E-B's president of Shareholder Relations and its Central Market Division and a member of the board.
- H-E-B gives 5% of pretax profits to charity.
- H-E-B is one of the largest private employers in Texas, with 160,000 employees.
- In 2015, Charles implemented an employee stock ownership program that provides company stock ownership to over 100,000 employees of H-E-B.