Ronald Perelman
Businessman, investor
Ronald Perelman
Ronald Owen Perelman is an American businessman. Through his company MacAndrews & Forbes Holdings Inc. , he has invested in various companies in grocery, cigar, licorice, makeup, car, photography, television, camping, security, lottery, jewelry, banks, and the American comic book industry. Mr. Perelman annually is one of the world's largest philanthropic donors.
Biography
Ronald Perelman's personal information overview.
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News
News abour Ronald Perelman from around the web
Revlon’s Beautiful Outlook
Wall Street Journal - about 1 month
The stock could be worth more than twice its current price, even if top shareholder Ron Perelman doesn’t relinquish control.
Article Link:
Wall Street Journal article
Ronald Perelman Donates $75 Million for Arts Complex at World Trade Center Site
NYTimes - 8 months
The long-stalled performing arts center, which will sit on an emotionally resonant and highly visited spot in the city, will be named for Mr. Perelman.
Article Link:
NYTimes article
ArtsBeat: Ronald Perelman Quits Carnegie Hall Board
NYTimes - about 1 year
His departure came less than a year after Mr. Perelman was tapped to be the chairman of Carnegie’s board, beginning a rocky era of clashes with the hall’s administration.
Article Link:
NYTimes article
Ronald Perelman, a Mogul With Muscle, Takes Over Carnegie Hall
NYTimes - about 2 years
Mr. Perelman said that he would push for the hall to stage more of the pop performances it was known for decades ago.
Article Link:
NYTimes article
MBA Bubble Looms Larger Than Ever As Schools Build Huge New Campuses
Business Insider - about 3 years
Business-school students are a pampered bunch. Scholars sipping a glass of red in the posh rooftop bar of Oxford's Saïd Business School could be forgiven for thinking they had wandered into the nearby Randolph Hotel by mistake. Stanford students can view an impressive modern-art collection housed in its own museum. Harvard Business School MBAs can book a masseuse to relieve the stress of a hard day slaving over case studies. Life for the next generation of business students is to get even cushier. In the past few years the leading schools have been raising vast amounts to spend on new facilities. On January 9th Yale's School of Management formally opened its swanky new home, designed by Foster + Partners, Norman Foster's architecture practice. The Kellogg School of Management in Illinois will soon start work on a new headquarters (see artist's impression, above) for its MBA programme on the shores of Lake Michigan, at a cost of $200m. Stanford's business school spent $345m on its n ...
Article Link:
Business Insider article
Samantha Perelman Should Say No to a Bully -- Even If It's Her Father
Huffington Post - over 3 years
I want to know how Samantha Perelman sleeps at night. Does she toss and turn and feel a tad guilty that she allowed her billionaire father to unleash an epic frivolous battle against her dead mother's family? After all, in society columnist Claudia Cohen's will, she specifically begged that her ex-husband Ronald Perelman "preserve" these family relationships that she wrote, no boldly wrote in big splashy capital letters, "are EXTREMELY important to me." Now in a Hackensack, New Jersey courtroom, 23 year-old Samantha Perelman will take the stand Monday and attempt to defend why a billionaire's daughter who virtually holds a key to Fort Knox allowed her father for five years to knock down and sucker punch her ailing wheelchair bound grandfather in an attempt to grab a larger share of his estate and make as Robert Cohen said in an affidavit, "the remaining years of my life as unbearable as possible." However, unbearable didn't mean beatable. As Fortune Magazine's James Bandler r ...
Article Link:
Huffington Post article
Do billionaires care about paying state income taxes? Apparently not
The Palm Beach Post - over 3 years
Rick Scott and Rick Perry touted the benefits of low state taxes during an April event in West Palm Beach. (Lannis Waters/The Palm Beach Post) Another report, another blow to the argument that low state income taxes are a crucial lure for the wealthy. The latest Forbes 400 list of the richest Americans is out today, and a quick perusal shows that the high-tax states of California and New York are home to far more billionaires than the low-tax states of Texas and Florida. Fully 157 billionaires live in California and New York, while Texas and Florida count only 74 Forbes 400 members as residents. Narrow the list to the 100 richest Americans — those worth $4.6 billion or more — and the results are even more lopsided. California and New York boast 39 multibillionaires, Texas and Florida only 16. Intriguingly, many New York financiers on the list — Ronald Perelman, Stephen Schwarzman, Stephen Ross, Henry Kravis — own homes in Palm Beach but remain New York residents.  
Article Link:
The Palm Beach Post article
SEC says Revlon misled shareholders in a Perelman deal
Yahoo News - over 3 years
By Jonathan Stempel (Reuters) - The Securities and Exchange Commission charged Revlon Inc with misleading shareholders about a transaction with its controlling shareholder, billionaire Ronald Perelman, and the cosmetics company agreed to pay a fine of $850,000. Revlon did not admit or deny wrongdoing in settling civil charges that it withheld information that could help helped shareholders evaluate the fairness of a 2009 "going private" transaction with Perelman's MacAndrews & Forbes Holdings Inc. ...
Article Link:
Yahoo News article
Cooper Union’s shameless trustees
Reuters.com - almost 4 years
It’s tragic that Cooper Union has decided to start charging tuition. The fateful announcement was made by Mark Epstein, the self-aggrandizing chairman of the board of trustees, and was greeted with dismay by thousands of Cooper students, faculty, alumni, and friends. It’s the trustees who are in charge of the school, and the trustees who most need to be held accountable for what happened. To date, Jamshed Bharucha, the president of Cooper Union, has shouldered most of the blame — and he does deserve a good chunk of it. The decision would not have been taken without his pushing for it, and while he has the full support of the board, which is paying him $650,000 per year, he has signally failed to garner the support of the broader Cooper community. (It will take the tuition payments from 67 average students just to cover Bharucha’s salary; to put that in context, a full freshman class comprises about 20-35 architecture students, 65 in art, and 115 in engineering.) That said, Bharucha ...
Article Link:
Reuters.com article
Perelman scores victory versus Rennert in billionaire battle
Reuters.com - about 4 years
(Reuters) - Ronald Perelman has notched a legal victory against fellow billionaire Ira Rennert, who has been ordered by a Delaware court to direct his business to turn over $48.7 million in a dispute over a jointly owned truck maker.
Article Link:
Reuters.com article
Honoring Ron Perelman and Remembering Isaiah Sheffer
Forward - about 4 years
As harp and violin music played gently in the background, the buzz among the 500 black-tie guests at the Hebrew Home at Riverdale Foundation’s 95th anniversary dinner, which, held on November 11, raised $2.2 million, was about the devastation inflicted by Hurricane Sandy. Click here for the rest of the article...
Article Link:
Forward article
ARTINFO: Larry Gagosian Testifies About His Business Practices -- So What Do We Learn?
Huffington Post - over 4 years
Secondary market private sales have long been an important part of the art business. They are also, perhaps, the most opaque. When negotiating between a buyer and a seller, how private should the terms of a sale be? How much about a gallery's closed-door deal-making do clients have a right to know? And at what point does driving a hard bargain begin to break the law? A woman views Roy Lichtensteins "Girl in Mirror (edition 5/8)" (1964) at Sotheby's, London / Photo by Bethany Clarke/Getty Images These questions are at the heart of 93-year-old collector Jan Cowles's ongoing case against megadealer Larry Gagosian and his eponymous gallery. They take on added significance now that Gagosian's long-awaited deposition has been made publicly available. The sales dispute has placed the exceedingly private Gagosian Gallery -- and now, its exceedingly private owner -- under a microscope. In a March article on the suit, the New York Times published an e-mail written by Deborah ...
Article Link:
Huffington Post article
Timeline
Learn about memorable moments in the evolution of Ronald Perelman
    LATE_ADULTHOOD
  • 2016
    Age 73
    In 2016, Perelman donated $75 million to revive plans to build a performing arts center at the World Trade Center site.
    More Details Hide Details Brooklyn native Barbra Streisand is serving as Chairwoman of the Ronald O. Perelman Performing Arts Center. In the late 1980s, Perelman was accused of engaging in greenmail. "Greenmail" occurs when someone buys a large block of a company's stock and threatens to take over the company unless he is paid a substantial premium over his purchase price. In the case of someone with a reputation as a corporate raider, the mere act of buying up shares could send a company into a panic and investors into a buying frenzy. Perelman insists he seriously intended to buy every corporation he bought into. He was first accused of greenmail in late 1986 during a run at CPC International when he bought 8.2% of CPC at around $75 a share and indirectly sold it back to CPC through Salomon Brothers a month later at 88.5 a share for a $40 million profit. Both CPC and Perelman denied it was greenmail despite appearances to the contrary, including what looked like an artificial price increase by Salomon shortly before they sold Perelman's shares.
    As of January 2016, Perelman is the 36th richest American, and 80th richest person in the world, with an estimated wealth of $12.2 billion.
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  • 2015
    Age 72
    In 2015, Perelman donated $500,000 each to Super PACs supporting the presidential candidacies of Lindsey Graham and Jeb Bush.
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    In May 2015, Perelman succeeded Sanford I. Weill as Chairman of Carnegie Hall.
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  • 2013
    Age 70
    In May 2013, Perelman donated $100 million to the Columbia Business School, the graduate business school of Columbia University.
    More Details Hide Details The gift will be used to support the construction of new facilities in Manhattanville, including the Ronald O. Perelman Center for Business Innovation.
    In 2013, Perelman donated $25 million to the University of Pennsylvania to create a new Center for its Economics and Political Science Departments.
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    In 2013, Perelman donated $50 million to the NYU Langone Medical Center to create the Ronald O. Perelman Center for Emergency Services.
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  • 2011
    Age 68
    In 2011, Perelman's parents, Raymond and Ruth, donated $225 million to the University of Pennsylvania School of Medicine, the largest single donation to that university in its history, changing the school's name to the Perelman School of Medicine at the University of Pennsylvania.
    More Details Hide Details His mother, Ruth, died on July 31, 2011, at age 90 in Philadelphia.
  • 2010
    Age 67
    On October 13, 2010, Perelman married Dr. Anna Chapman, a Harvard-educated psychiatrist.
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    In August 2010, Perelman signed the Giving Pledge, committing up to half his assets to be designated for the benefit of charitable causes (after his family and children have been provided for).
    More Details Hide Details Since 2010, Perelman has hosted annual benefits for the Apollo Theater, raising millions of dollars annually for the legendary venue. Richard Gere and Carey Lowell, George Stephanopoulos and Ali Wentworth, former Secretary of State Colin Powell, Senator John McCain (R-AZ), Barbra Streisand have attended the events; performers have included Ben E. King, Sting, Bettye Lavette, Jon Bon Jovi, Jamie Foxx and Alicia Keys and more. In 2016, the Apollo in the Hamptons event raised $5 million for the Apollo., and featured live music from The Roots, Joe Walsh, Gwen Stefani and Lionel Richie.
  • 2008
    Age 65
    In 2008, the Chronicle of Philanthropy listed Perelman as the 26th largest donor in the U.S. That year, Perelman donated $63.5 million to causes including, but not limited to: Weill Medical College of Cornell University, Stand Up to Cancer (SU2C), World Trade Center Memorial Fund and Ford's Theatre.
    More Details Hide Details Perelman pledged $25 million to Weill Medical College, in New York, to support research, education, and patient care at the Ronald O. Perelman and Claudia Cohen Center for Reproductive Medicine. Perelman also pledged $15 million to Stand Up to Cancer, a Pasadena, Calif., organization that supports cancer research and efforts to advance treatment for cancer patients; $5-million to the World Trade Center Memorial Fund, in New York; and $2.5 million to Ford's Theatre, in Washington. Perelman also gave a total of $16 million to 581 nonprofit organizations, including Big Brothers Big Sisters, in Philadelphia; the Michael J. Fox Foundation for Parkinson's Research, in New York; the National Association for the Advancement of Colored People, in Baltimore; the Rainforest Foundation U.S., in New York; and other arts, education, Jewish, medical research, and women's-health groups. Perelman serves as a member of the Board of Directors of the Police Athletic League of New York City, a nonprofit youth development agency serving inner-city children and teenagers. On June 3, 2011, Perelman was honored for his charitable contributions at the New York Police Foundation's 40th Anniversary Gala at the Waldorf Astoria in New York City – an event that raised $2.3 million for charity.
    In February 2008, Perelman made a $50 million donation to the New York Presbyterian Hospital and Weill Cornell Medical Center to create the Ronald O. Perelman Heart Institute, and to provide vital financial aid to the Ronald O. Perelman and Claudia Cohen Center for Reproductive Medicine.
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  • 2006
    Age 63
    Perelman began dating psychiatrist Dr. Anna Chapman, in mid-2006. In August 2010, they announced they are expecting a baby—her first, his seventh—via a surrogate. In October 2010, they were married. Chapman is a convert to Judaism. In late November 2010, the couple celebrated the birth of their son, Oscar.
    More Details Hide Details The couple later had a second child in May 2012. Judaism has had a strong influence on Perelman's life. He grew up in a Conservative household. The temple he went to growing up was a Reconstructionist temple, and his father has donated millions to Conservative causes. He had a religious reawakening at the age of eighteen while on a family trip to Israel. "I felt not just this enormous pride at being a Jew; I felt this enormous void at not being a better Jew. So I decided then to begin being a better Jew. As soon as I got married, we kept a kosher house, we became much more observant. We moved to New York shortly thereafter and joined an Orthodox synagogue and the kids grew up with much more Judaism surrounding them than I ever did". Today, he strictly observes the Jewish Sabbath, spends three hours every Saturday in prayer, keeps a kosher home, and donates millions to Jewish groups and causes, particularly the Chabad-Lubavitch sect. He does not consider himself to be a member of Lubavitch. He supports them because he thinks they are Judaism's best chance for surviving and thriving in modern society.
    Perelman filed and obtained a divorce in early 2006.
    More Details Hide Details The press soundly mocked Perelman for his actions, the speed and timing of which suggested his real motivation was to avoid a clause in his prenuptial that would raise the amount in alimony he owed Barkin if he waited a few days longer. Depending on the source used, Barkin's yearly alimony ranges from $2 million to $3 million and the total payout ranged from $20 million to $65 million. In late 2007, the pair exchanged lawsuits. Part of the divorce settlement required Perelman to invest several million dollars in a film production company Barkin and her brother George (an aspiring screenwriter) had started. Perelman made only one of the payments, claiming that there was no evidence the two were actually producing films. Barkin sued for her money while Perelman counter-sued, alleging Barkin and her brother had looted the film company for themselves.
    In 2006, Perelman donated over $60 million to various charitable groups and causes including Carnegie Hall and the World Trade Center Memorial.
    More Details Hide Details Other notable donations include $20 million to the University of Pennsylvania for naming rights to the quadrangle, $10 million to New York University to create the Ronald O. Perelman Department of Dermatology, $4.7 million to Princeton University to create the Ronald Perelman Institute for Jewish Studies, and $20 million to the Guggenheim Museum.
    A 2006 article published in the Forbes 400 discusses their relationship in detail.
    More Details Hide Details Perelman attended the Wharton School of the University of Pennsylvania where he followed in his father's footsteps and majored in business. He graduated in 1964 and completed his master's in 1966.
  • FIFTIES
  • 2000
    Age 57
    He was married to actress Ellen Barkin from 2000 to 2006.
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  • 1999
    Age 56
    Perelman met his fourth wife, actress Ellen Barkin, at a Vanity Fair Oscar after-party in 1999. After slightly more than a year of courtship, the two married in June 2000.
    More Details Hide Details All accounts indicate their five-year marriage was a stormy one. Much of the friction arose due to Barkin's acting career and her attendant travel schedule.
  • 1996
    Age 53
    When the marriage between Duff and Perelman disintegrated in 1996, custody over Caleigh became a major issue.
    More Details Hide Details Both Perelman and Duff wanted full custody and their prenuptial agreement did not address the subject of child support. Initially private, the divorce proceedings were opened to the public at the request of Duff. Neither party emerged with their reputations unscathed. The court psychiatrist found Duff to be paranoid and narcissistic and Perelman to have serious anger management issues, Perelman caught a great deal of flak for testifying that it cost about $3 a day to feed his daughter, and both sides alleged physical abuse by the other party. The judge's sealed decision means the public will never know the exact results of the case, but it's known that neither party actually won. Perelman is Caleigh's legal guardian, but Patricia has extensive visitation rights.
  • 1995
    Age 52
    Patricia Duff was Perelman's third wife. The pair first met in a Paris hotel lobby when both were still married: Perelman to Cohen, and Duff to Mike Medavoy. After Duff divorced Medavoy, Duff converted to Judaism and married Perelman, on January 25, 1995.
    More Details Hide Details She gave birth to his fourth daughter, Caleigh Sophia, before the wedding took place.
    He wed socialite Patricia Duff in 1995 and divorced in 1996.
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  • 1993
    Age 50
    In August 1993, Ron filed for divorce.
    More Details Hide Details Claudia left the marriage with well over $80 million. In 2007, Claudia died after a secret seven-year battle with ovarian cancer. Perelman revealed during his speech at her funeral that he'd known about her cancer from the beginning and privately commissioned a vaccine as a part of his efforts to cure her. In March 2008, Perelman decided to change the name of Logan Hall, located at the University of Pennsylvania, to Cohen Hall, after his late ex-wife. He donated $20 million to the University to remodel what is now Perelman Quadrangle and as part of his donation, he had the option to change the name of Logan Hall. His decision to rename Logan Hall dismayed some Penn faculty, alumni, and students.
    In 1993, the Entertainment Industry Foundation (EIF) Revlon Run/Walk For Women was created through the combined efforts of Perelman, Lily Tartikoff, co-founder of the Revlon/UCLA Women's Cancer Research Program, and the EIF.
    More Details Hide Details The New York and Los Angeles Run/Walk events together have distributed over $50 million for women’s cancer research, counseling and outreach programs nationwide.
  • FORTIES
  • 1985
    Age 42
    His marriage to gossip columnist Claudia Cohen lasted from 1985 to 1994.
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  • 1984
    Age 41
    Their marriage lasted until 1984 when Faith discovered Perelman was having an affair with a local florist after a bill for a Bulgari bracelet was sent to their home instead of Perelman's office.
    More Details Hide Details Faith threatened to scuttle Perelman's attempt to take MacAndrews & Forbes private in 1983 by staking a claim to a third of it due to a bank loan in her name. She further declared that Perelman defrauded the owners of the First Sterling Corporation (i.e. her) by buying thousands of dollars of gifts for the florist with the company's money, and made a very public spectacle of the divorce. Perelman responded by hiring Roy Cohn and flatly denying all of the allegations. The pair quickly settled the divorce with an estimated payout to Faith in excess of $8 million. Perelman met his second wife, Claudia Cohen, in 1984 at Le Cirque. They had one daughter together, Samantha, in 1990.
  • THIRTIES
  • 1978
    Age 35
    He orchestrated the purchase of Cohen-Hatfield Jewelers in 1978, his first deal as an independent investor free of his father's influence.
    More Details Hide Details He recognized the enormous value of Hatfield's mismanaged jewelry cache and bought control of the company with a $1.9 million loan from his wife, Faith Golding. Within a year, Perelman had sold all of company's retail locations and reduced the company to its lucrative wholesale jewelry division, earning him $15 million. His next target was MacAndrews & Forbes, a distributor of licorice extract and chocolate. The management and investors repeatedly rebuffed his efforts to purchase the company and filed an unsuccessful lawsuit to prevent the acquisition, but Perelman prevailed. That his father had tried and failed to acquire it 10 years earlier made his success particularly sweet. MacAndrews & Forbes has become a holding company with interests in a diversified portfolio of public and private companies. Wholly owned by Perelman, who is chairman and chief executive officer, MacAndrews & Forbes invests in companies with strong market positions, recognized brands and growth potential. Current holdings include participants in a range of industries, from cosmetics and entertainment to biotechnology and military equipment, including AM General, Deluxe, Revlon, Scientific Games, SIGA Technologies and VTV.
    In 1978, twelve years after Perelman formally joined Belmont Industries, he was the vice president but he still strove for more power and influence in the company.
    More Details Hide Details Raymond told him that he had no intention of stepping down anytime soon. Perelman resigned and moved to New York. The two barely spoke to one another for the next six years.
  • TWENTIES
  • 1965
    Age 22
    Perelman has been married five times. He married Sterling Bank heiress Faith Golding in 1965 and they divorced in 1984.
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  • TEENAGE
  • 1961
    Age 18
    Perelman's first major business deal took place in 1961 during his Freshman year at the Wharton School at the University of Pennsylvania.
    More Details Hide Details He and his father bought the Esslinger Brewery for $800,000, then sold it three years later for a $1 million profit. Throughout Perelman's tenure at the Belmont Iron Works (later renamed Belmont Industries) he assisted his father on many other deals, earning millions of dollars in the process. Their general strategy was one Perelman would follow for the rest of his life, purchase a company, sell off superfluous divisions to reduce debt and generate profit, bring the company back to its core business, and either sell it or hang onto it for cash flow.
  • CHILDHOOD
  • 1943
    Age 0
    Perelman was born in Greensboro, North Carolina on January 1, 1943, the son of Ruth (née Caplan) and Raymond G. Perelman.
    More Details Hide Details He was raised in a Jewish family. Raymond was an accomplished businessman. Along with his father and brother, he controlled the American Paper Products corporation. Raymond eventually left the company and bought Belmont Iron Works, a manufacturer of structural steel. From his father, Perelman learned the fundamentals of business. By the time Ronald turned eleven years old he regularly sat in on board meetings of his father's company. Raymond was a rough teacher, harshly criticizing Ronald for even the slightest misstep.
Original Authors of this text are noted here.
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