Early Life and Education
Edward Joseph Shoen was born on March 28, 1949, in Phoenix, Arizona. He is the third son of U-Haul founders Leonard Shoen and Anna Mary Carty Shoen. He attended the College of the Holy Cross, where he earned a Bachelor of Arts degree, and later obtained a Master of Business Administration from Harvard Business School. At Harvard, his thesis focused on the self-storage industry. He furthered his education by earning a Juris Doctor degree from the Sandra Day O'Connor College of Law in 1981.
Rise to Success
Shoen's career took a pivotal turn in 1986 when he led a shareholder coup to take control of AMERCO, the parent company of U-Haul, removing his father from leadership. Under his leadership, AMERCO refocused on U-Haul's core operations. He has been instrumental in the growth and expansion of U-Haul, driving innovations and increasing shareholder value over the last three decades. He has been credited with the company's expansion in the self-moving business.
Key Business Strategies
Shoen's leadership at U-Haul has emphasized a hands-on approach, which includes directly addressing customer complaints through his personal phone number. U-Haul has grown to become a dominant player in the do-it-yourself moving equipment rental market, with an estimated 40-50% market share. The company has also expanded its self-storage segment.
Philanthropy
Details on the specific amounts of Shoen's philanthropy are difficult to ascertain. However, he is known for his contributions to the U-Haul Foundation. In 2020, U-Haul celebrated 75 years in business.