- Chuck Feeney
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"Charles Feeney" redirects here. For the American baseball executive, see Chub Feeney.
Charles F. Feeney Born New Jersey Nationality Irish-American Citizenship Irish-American (dual citizenship) Education Cornell University School of Hotel Administration Occupation Businessman and philanthropist Known for The Atlantic Philanthropies Home town Elizabeth, New Jersey Spouse Danielle (divorced); Helga Children Diane, Leslie Awards Cornell Icon of Industry Award Charles F. Feeney (born April 23, 1931 in Elizabeth, N.J.),[1] is an Irish American businessman and philanthropist and founder of The Atlantic Philanthropies, one of the largest private foundations in the world. He made his fortune as a co-founder with Robert Warren Miller of the Duty Free Shoppers Group. The concept of "duty free shopping" - offering high-end concessions to travelers, free of import taxes - was in its infancy when, along with Miller, Feeney founded DFS on November 7, 1960. DFS began operations in Hong Kong (where it retains its corporate headquarters), later expanding to Europe and other continents. DFS' first major breakthrough came in the early 1960s, when it secured the exclusive concession for duty free sales in Hawaii, allowing it to market its products to Japanese travelers.
DFS eventually expanded to off-airport duty free stores and large downtown Galleria stores, and became the world's largest travel retailer. In 1996, Miller's and Feeney's interests were acquired by Louis Vuitton Moët Hennessy (LVMH), the French luxury goods group, for $1.63 billion. Miller still retains a 31% share of the company to this day. In March 2011, Feeney was inducted into Irish America magazine's Hall of Fame.[2] In 1997, Time Magazine said: “Feeney's beneficence already ranks among the grandest of any living American."[3]
Contents
Personal
Feeney, an Irish-American with dual citizenship,[4] was born in New Jersey during the Great Depression and came from a modest background of blue collar Irish-American parents who worked hard to make a good life for their family in Elizabeth, New Jersey. His ancestry traces to County Fermanagh in Northern Ireland. He served as a U.S. Air Force radio operator during the Korean War, and began his career selling duty-free liquor to US Naval personnel at Mediterranean ports in the 1950s.[5]
He attended the Cornell University School of Hotel Administration.[1] In 2010 he received the Cornell Icon of Industry Award.[6]
Feeney has four daughters and one son. He married twice. His first wife, Danielle, from France; his second wife's name is Helga.
Career
Feeney was a co-founder of the Duty Free Shoppers Group (DFS Group), which earned him his fortune.[7] When he sold it to LVMH, he set aside $26 million to give to 2400 long-term staff.
Philanthropy
Philosophy
"I had one idea that never changed in my mind—that you should use your wealth to help people. I try to live a normal life, the way I grew up," Feeney said. "I set out to work hard, not to get rich."[5] A report explaining Feeney's "Giving While Living" approach to philanthropy and its lasting impact on the philanthropic community was issued by The Atlantic Philanthropies in 2010. It profiles Feeney as well as other philanthropists who give in this manner and the impact of their grant-making.
Foundation
Feeney founded The Atlantic Philanthropies in 1982, and in 1984, having made provision for each of his children and for his first wife, as well as very modest provision for himself, transferred the bulk of his wealth to the foundation.
As of the end of 2009, AP has made grants totaling more than $5 billion since 1982 and plans to spend its remaining $4 billion endowment by 2017.[8] The Atlantic Philanthropies grant-making supports health and social projects in Australia, Bermuda, Northern Ireland, Republic of Ireland, South Africa, the United States and Viet Nam. It is one of the largest charitable donors in each of the countries in which it operates,[9] and is the single largest funder of ageing and of comprehensive immigration reform in the United States.[10][11][12]
Education
Feeney has been a major donor to his alma mater Cornell University, which has received over $580 million in direct and AP gifts. He has also donated around $1 billion to education in Ireland, mostly to third-level institutions, most notably the University of Limerick,[1] and over $220 million to causes in Vietnam.
The Giving Pledge
In February 2011 Feeney became a signatory to The Giving Pledge.[13] In his letter to Bill Gates and Warren Buffett, the founders of The Giving Pledge, Feeney writes, "I cannot think of a more personally rewarding and appropriate use of wealth than to give while one is living - to personally devote oneself to meaningful efforts to improve the human condition. More importantly, today's needs are so great and varied that intelligent philanthropic support and positive interventions can have greater value and impact today than if they are delayed when the needs are greater."[14]
Books and articles
Feeney first went public about his philanthropy in 1997, in an article published by The New York Times;[4] at the time, he decided to end his anonymity when it became apparent that a dispute with Robert Miller, his former DFS partner, over the sale of DFS Group was likely to lead to a lawsuit that would reveal his donations anyway.[4]
Feeney cooperated in the publication of a biography about him by Conor O'Clery, The Billionaire Who Wasn't: How Chuck Feeney Made and Gave Away a Fortune Without Anyone Knowing (ISBN 978-1-58648-391-3). Feeney is also the subject of a documentary by RTÉ Factual entitled "Secret Billionaire: The Chuck Feeney Story."[15]
Footnotes
- ^ a b c Jim Dwyer, New York Times, Out of Sight, Till Now, and Giving Away Billions, September 26, 2007. Retrieved September 30, 2007.
- ^ Romano, Kristin. "The Billionaire Who Quietly and Selflessly Gave it All Away", Irish America magazine, March 10, 2011. Accessed March 22, 2011. "Charles “Chuck” Feeney has amassed billions of dollars in wealth. However, he doesn’t own an opulent house, a car or a Rolex. He prefers taking cabs, riding the subway, or just walking when he’s in New York."
- ^ "History and Founder". Atlantic Philanthropies. http://www.atlanticphilanthropies.org/our-history-and-founder. Retrieved 2011-06-15.
- ^ a b c He Gave Away $600 Million, and No One Knew, a January 23, 1997 article by Judith Miller from The New York Times
- ^ a b Book details billionaire's secret philanthropy, a September 19, 2007 Reuters story via MSNBC.com
- ^ "Cornell Chronicle: Hotel School to honor industry icons". News.cornell.edu. 2010-05-27. http://www.news.cornell.edu/stories/May10/hotelIconAward.html. Retrieved 2011-06-15.
- ^ "Reclusive Philanthropist Steps into Spotlight" from the NPR website
- ^ "Winding Down the Atlantic Philanthropies: The First Eight Years: 2001-2009," by Tony Proscio | Philanthropy Central
- ^ Dallas Business Journal Dec 2007
- ^ Getting on Board With Boomers - Regeneration - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas
- ^ Gara LaMarche - Atlantic Philanthropies
- ^ Bring Odd Bedfellows Together to Promote Social Change, Foundations Urged - Conference Notebook - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs...
- ^ http://cms.givingpledge.org/Content/uploads/634338912753674970_Feeney%20020311.pdf
- ^ http://givingpledge.org/#charles+f._feeney
- ^ YouTube - Secret Billionaire: The Chuck Feeney Story
External links
Categories:- Living people
- 1931 births
- American philanthropists
- American billionaires
- American businesspeople
- American people of Irish descent
- Cornell University alumni
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