Drayton McLane Jr
$4.4B
Born
Jul 22, 1936
Age
89
Source of Wealth
Walmart, logistics
Residence
Temple, Texas
Citizenship
United States
Marital Status
Married
Children
2
Education
Bachelor of Arts/Science, Baylor University; Master of Business Administration, Broad College of Business
- Drayton McLane turned his family's grocery distribution company, McLane Co., into an international firm and sold it to Walmart.
- McLane became president and CEO of McLane Co. and ran it for almost 30 years, averaging yearly sales growth of 30%.
- In 1991, he sold McLane Co. to his friend Sam Walton for $50 million and 10.4 million shares of Walmart.
- In 2003, Walmart sold the company to Warren Buffett's Berkshire Hathaway for $1.45 billion.
- Shortly after 1991, he founded McLane Company, a holding company with a wide array of investments, including a stake in the Houston Astros.
- McLane started working for the family business at the age of nine, spending Saturdays and summers sweeping floors and stacking inventory.
- As a result of donations to both of his alma maters, Michigan State University and Baylor University have stadiums named after him.
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