BillionaireNet
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Drayton McLane Jr
Rank #898
UNITED STATESfashion-retailWalmart, logistics

Drayton McLane Jr

Net Worth
$4.468B
-0.33% (24h)
Drayton McLane Jr. is an 89-year-old American businessman and philanthropist, best known for his significant contributions to the retail and logistics industries. His estimated net worth is $4.4 billion, primarily derived from his involvement with Walmart and the logistics sector. McLane's career began in the family grocery business, McLane Company, which he transformed into a major national distributor. He served as the company's president and CEO, achieving impressive sales growth before selling it to Walmart in 1990. McLane then became vice-chairman of Walmart and later founded McLane Group, a holding company with diverse investments. He is also recognized for his ownership of the Houston Astros baseball team from 1993 to 2011. His career showcases his entrepreneurial spirit and dedication to civic and charitable causes.

The Full Dossier

Early Life

Drayton McLane Jr. was born on July 22, 1936, in Cameron, Texas. He comes from a family with a strong entrepreneurial background, as his grandfather started a wholesale grocery business in 1894. Drayton McLane Jr. began working in his father's wholesale grocery distribution center at a young age. He spent his Saturdays and summers learning various aspects of the business, from sweeping floors to stacking inventory. He graduated from C. H. Yoe High School in Cameron in 1954. He earned his undergraduate degree at Baylor University in 1958 and his master of business administration degree in marketing at Michigan State University in 1959.

Rise to Success

After completing his education, McLane returned to work for the family business. He quickly moved up the ranks, becoming president and CEO of McLane Company in 1964. Under his leadership, McLane Company expanded significantly, growing from a $3 million operation to a $19 billion enterprise. He implemented computer-based technology to enhance the distribution system, and he added 16 distribution facilities across the US. McLane sold McLane Company to Sam Walton and Walmart in 1990.

Key Business Strategies

McLane's success was built on several key strategies. He focused on building a strong distribution network, utilizing technology to improve efficiency, and expanding the company's reach nationally. McLane was also known for his strong leadership and his commitment to customer service and high standards. After selling McLane Company, he invested in the Houston Astros and became the chairman and CEO from 1993 to 2011.

Philanthropy

Drayton McLane Jr. is actively involved in numerous philanthropic initiatives. He has made significant contributions to Baylor University, where the McLane Student Life Center and McLane Stadium are named in his honor. He also supports the University of Mary Hardin-Baylor. He is involved with civic and charitable committees like the Boy Scouts of America National Board and the Bush School of Government and Public Service at Texas A&M University.

Career Timeline

1993

Owner of the Houston Astros

Became the chairman and CEO of the Houston Astros, a Major League Baseball team.

1990

Sold McLane Company to Walmart

Sold the family business, McLane Company, to Walmart, becoming vice-chairman of Walmart.

1964

President and CEO of McLane Company

Took over as president and CEO of McLane Company, a wholesale grocery distribution business.

Philanthropic Impact

Education$XB

Baylor University

Significant donations to Baylor University, including the McLane Student Life Center and McLane Stadium

Education$XB

University of Mary Hardin-Baylor

Donations to the University of Mary Hardin-Baylor

Wealth Trajectory