He donated generously to Wayne State University in Detroit.[5]. Also present for the service were diocesan primates from throughout Armenia, members of the Brotherhood of Holy Etchmiadzin, government ministers of the Republic of Armenia, AGBU President Berge Setrakian, AGBU Central Board members, and hundreds of faithful Armenian . AKA Richard Alexander Manoogian. Richard is the cherished husband of 35 years of Lucille Manoogian; the loving father of Al (Valerie) Durham, Richard (Katlynn) Manoogian, and Alisha Manoogian; the beloved son of Eleanor (and the late Wallace) Manoogian; the loving grandfather of Owen, Amelia, Ayden, and Charlotte Rose; the dear brother of . Cockrel likewise had not moved into the mansion. Building on its reputation for plumbing excellence, Masco introduces Delex, a rotary cylinder two-handle faucet, in 1971 and brings Peerless faucets to the retail and do-it-yourself markets. In addition to his corporate leadership, Richards legacy of philanthropy has shaped many of Southeast Michigans best-loved arts and cultural institutions and supported the preservation and advancement of Armenian culture. Member of the Board of Detroit Investment Fund The Schaap Center will house the museum-quality Richard and Jane Manoogian Art . Richard Manoogian, now in his mid-twenties, is spurring the company into a faster pace of growth, reporting sales of $10 million in 1962. . Initially organized in 1929 as Masco Screw Products Company by Alex Manoogian in Detroit, Michigan. . Masco Screw Products Company, Masco had been founded by Richard's In 1952, Alex secures a contract to produce brass parts for a small California company owned by two of his Armenian friends. Construction and Home Improvement Company, Cabinetry: *Sold to ACProducts (renamed Cabinetworks Group) in 2020. The process of making furniture required too much handwork, The Manoogian mansion is one of the few houses in Detroit that has a boat house. Masco's strength was automation of the manufacturing process. investment decisions caused Manoogian great difficulty with Masco's The result was a shift in distribution from plumbing wholesalers to retail outlets. Reingold, Jennifer, "The Masco Fiasco," This decision, in 1995, allows Masco to broaden its offerings to consumers and further build on its core businesses. Richard Manoogian is the lender. performance. Now chairman emeritus of both the DIA and of Taylor-based Masco Corp., he has served on more than 20 corporate and nonprofit boards over the years and said what started as a sense of civic duty soon evolved. The Manoogian Mansion is the official residence of the Mayor of Detroit, Michigan. In the coming years, they have two children, Louise and Richard. Shares of Masco Industries are distributed to Masco Corporation shareholders as a special dividend because of the restructuring. Incorporated: 1955 as Standard International Corporation He became chairman in 1985. Fire breaks out in loft above Supino Pizzeria in Eastern Market, These are the richest people in Michigan, according to Forbes, Yacht club cottages burn on Harsens Island, General Motors plans $200M EV parts plant at Palace of Auburn Hills site, Detroit city airport on shortlist for flying taxi maker's new plant, Restaurant Roundup: Detroit Hudson Caf to reopen in May; new concept from Vicari and more, Crash test pioneer Robert Denton and wife die in plane crash, Harley-Davidson: Not enough people to repossess all the motorcycles. Chairman and chief executive officer, Masco Corporation. 1936) was CEO of the family business Masco and is a major collector of American art. He reads and speaks five languagesnone of them English. Richard, having spent nine years with the company, succeeded his father one year after the company moved to Taylor, Michigan. Once it becomes apparent the new faucet is going to make it on its own, Alex transfers the licensing rights to Masco at no cost. Their son Richard A. Manoogian (b. The acquired cabinetry business developed into a core product line that greatly increased Masco's income. In addition to a keynote message from Zonda Chief Economist Ali Wolf, who discussed the projected outlook for the building industry and housing market for 2023, the event included, This fall, members of Behr Paint Companys Canada team celebrated Behrs 75th anniversary by giving mood-boosting makeovers to four nonprofit organizations across Canada who are committed to providing temporary and/or long-term housing support to those in need. Retrieved October 17, 2008, from ABI/INFORM Global database. Family foundations . Richard A. Manoogian is Chairman Emeritus of Masco Corporation. When Standard These combined efforts were successful in The mansion was built in 1928 at the cost of $300,000 ($4.73 million in 2022). In 1935, Mascos annual sales exceed $100,000 for the first time. division from the industrial businesses in an attempt to reduce the "Manoogian, Richard A. Web site: http://www.barry-callebaut.com Language links are at the top of the page across from the title. initiated severe cost-cutting measures and reduced his own salary from The strategy was to reinvest surplus earnings and create not perform well and incurred further losses. Cite this article Pick a style below, and copy the text for your bibliography. 1001 Trout Brook Crossing With a flat economy, consumer confidence was down and a Chairman and chief executive officer, Masco Corporation. Richard is the firm's Chief Compliance Officer (CCO) and Chief Financial Officer (CFO) as well as a shareholder and Managing Director. Masco Suffers Squeeze Once Put on Contractors; Builders Cut Spending, Press for Lower Prices; Surviving the Downturn. intention of working together effectively once they shared the same parent There are 15 rooms in all, including a large living room, library, kitchen and two dining rooms: a formal room and a more casual one that overlooks the river. He considered altering the mansion's name to remove association with the rumored Kilpatrick partying incident. From late 2006 to 2008, one of the most challenging times in its 75-year history, Masco closes 17 manufacturing facilities, reduces company-wide headcount by over 23,000 employees and reduces its installation branches by over 80 locations. 1936 2007, at the invitation of the government of Armenia and the, This page was last edited on 11 April 2023, at 20:15. While his fathers own civic involvement got him started, many of his current commitments are a result of networking with others in the local business or nonprofit community, Manoogian said. He also worked for short periods in Rhode Island and in Massachusetts. 8005 Zurich Salomon, R. S., Jr., "Can an Old Boss Learn New Tricks?" corporations. Masco's stock performance rating slipped, and shareholders became . September 26, 2015 12:00 PM. Major criticisms were that Manoogian was running Masco as a private family In addition to the furniture fiasco, there was trouble in the industrial Masco exits the window and cabinet manufacturing businesses. (616) 9265000 Here is Richard Dennis Manoogian's obituary. Contact Information. Alex moves to Detroit, where he takes a job in a screw machine shop. With a flat economy, consumer confidence was down and a dramatic decrease in the number of home remodels and major improvements being done translated into decreasing demand for Masco's products. Gender: MaleRace or Ethnicity: WhiteSexual orientation: StraightOccupation: BusinessParty Affiliation: Republican, Nationality: United StatesExecutive summary: CEO of Masco, 1985-2007. 1993, Alex Manoogian was named a National Hero of Armenia and a citizen of Armenia by President Levon Ter Petrosian, the first person outside the country to be so honored. One year later, Masco began manufacturing cabinets. Richard Manoogian joined Masco Corporation in 1958. percent owner of Richard Manoogian is 86 years old and was born on 07/30/1936. Shareholders were angry about and Metal-dyne Corporation. Who are Richard A Manoogian's family members? Please share any feedback you have about Foundation Directory Online. Masco VP (1964-68) http://www.forbes.com/global/2002/1209/028.html, Richard A. Manoogian 1936 Biography forum. several furniture makers proved ill-advised. "The American masterpiece has had a regular presence at the Gallery since 1956, thanks to the generosity of its past owners, the Pell family and Richard Manoogian. Richard Dennis Manoogian, age 61, passed away on September 15, 2018, in Utica, Michigan. Mr. Manoogian has been with Masco since 1958, became Vice President and a member of the Board in 1964, President in 1968 and in 1985 became CEO and Chairman of the in a down economy, and sales were sagging. Alex Manoogian, founder, acted as president and chief operating officer (COO) from 1929 until 1967. In 1982 Alex and Marie Manoogian donated funds for the construction of a museum in their name, the Treasury House Museum, on the grounds of the Mother See of Holy Etchmiadzin in Armenia. He became chairman in 1985. In 1985, Masco purchased the remaining outstanding stock of Flint & Walling, Inc (after purchasing 30% in 1971 and controlling interest in 1978). In 1989, Universal Furniture, BenchCraft and Cal-Style were added in a $480 million deal, as well as Sunbury Textiles. Member of the Board of Metaldyne (1984-2005) Alan H. Barry is named President and Chief Operating Officer. After defeating Kenneth Cockrel, Jr. in a special election in 2009 following Kilpatrick's resignation, new mayor Dave Bing did not immediately move into the mansion because of city budget issues. Louise Manoogian Simone and Richard Manoogian, and Manoogian family members. elected chairman and chief executive director in 1964 and took over He has played a defining role in our Companys history, serving over decades as Mascos President, Chief Operating Officer, and Chief Executive Officer. Philanthropy and civic involvement were already a family tradition the first time Richard Manoogian joined a nonprofit board almost 50 years ago but since then, it . line that greatly increased Masco's income. Rossant, Juliette, "Throwing in the Towel," shift in distribution from plumbing wholesalers to retail outlets. Sales of Delta Faucet Company exceed $1 billion. , October 24, 1988, p. 398. Alfred J. Fisher Jr.-deceased Walter Briggs Fisher-Moving/moved out of state. Small, family-run businesses were bought out by Masco Corporation with cash and stock in the parent corporation. The first 10 years of Manoogian's tenure with Masco were spent division of the company. Compensation from Masco averaged $11.3M annually from 1998-2003, according to Forbes. Once one of the huddled masses yearning to be free, Alex is now, 58 years later, the Guest of Honor and Principal Speaker. [3] This was the last year that the company would be referred to as Masco Screw Products Company. EIN 38-2531814 . The current CEO is Keith J. Although revenue climbed an average Richard Manoogian joined Masco Corporation in 1958. The following year Masco became a publicly traded company traded on the Detroit Stock Exchange. Within the Cite this article tool, pick a style to see how all available information looks when formatted according to that style. "Manufacturers," dragging down the performance of the entire company. As a result, the questionable Manoogian wanted to apply experience and success to new industries, such Privacy Policy Derrick. Associates described Manoogian as straightforward and talkative, the kind of person who would not stop working long enough to eat lunch. The faucet is named Delta in recognition of the family business and the delta-shaped cam assembly used in the faucet. The Forbes 400: Manufacturers [Electronic version]. While Alex remains Chairman and Chief Executive Officer, starting in 1968 Richard leads the Company in an aggressive but disciplined internal and external development program which includes highly successful stock and bond offerings, the introduction of Masco to the European investment community and the creation of an entrepreneurial team. . There were several issues with the furniture manufacturing acquisitions. Additionally, Kichler support helped fund the crucial position of NEOCHs LGBTQ and Youth engagement specialist, who was able to assist 21 people in becoming permanently housed and assist 39 people in, In November, Delta Faucet Company was pleased to be the presenting sponsor of the 2023 National Housing Market Outlook event, hosted by HomeAid America and Zonda. Member of the Board of MSX International (1997-2004) As his dreams go up in smoke, Alex weeps. He was elected chairman and chief executive director in 1964 and took over leadership of the company in 1968 when he was named president and chief executive officer. Richard Alexander Manoogian is a resident of MI. Strive for excellence. father, Alex Manoogian, eight days before the U.S. stock market crash of He was ranked as high as number five on the Forbes 400 list of richest manufacturers. Manoogian, 79, first joined the Detroit Institute of Arts board in 1968. Benton Harbor, Michigan 49022 Reingold, Jennifer, "The Masco Fiasco," Financial World, October 24, 1995, pp. Facebook gives people the. Father: Alex Manoogian (founder of Masco, b. Major criticisms were that Manoogian was running Masco as a private family business although stock was publicly held. In the 1950s Masco revolutionized the faucet industry by perfecting the design of the single-lever hot and cold faucet. However, acquisition of several furniture makers proved ill-advised. Arthur was born on March 4 1891, in Armenia. The [3] The faucet he created was one of the first single-handle hot/cold faucets; it is now known as Delta. The process of making furniture required too much handwork, and product lines were vastly diverse, so few opportunities existed for mass production of furniture components. Masco Screw Products grew into the Masco Corporation, a large corporate holding company for numerous acquisitions. Wayne B. Lyon became president of Masco in 1985, and Richard Manoogian served as chairman and CEO of both . Following the retirement of Richard Manoogian and Alan Barry in 2007, Timothy Wadhams becomes Mascos fifth President. He served on the boards of directors for Ford Motor Company, Bank One Corporation, and Metal-dyne Corporation. U.S.A. "Masco's Manoogian retires as executive chairman", "Masco's Board of Directors Elects Keith J. Allman to Succeed Timothy Wadhams as President and CEO", "Masco Corporation Relocates Global Headquarters to Livonia, Michigan", "Sale of Kichler Lighting completed; purchase price is $550 million", "Cabinetworks formed after ACProducts completes Masco purchase", "Hot Tub Leader Watkins Manufacturing Corporation Acquires Aquatic Fitness Innovator Endless Pools, Inc", "MI Windows and Doors completes acquisition of Milgard Windows & Doors", https://en.wikipedia.org/w/index.php?title=Masco&oldid=1130295082, Companies listed on the New York Stock Exchange, Manufacturing companies based in Michigan, Companies based in Wayne County, Michigan, Manufacturing companies established in 1929, Articles with dead external links from January 2022, Short description is different from Wikidata, Articles with unsourced statements from January 2012, Creative Commons Attribution-ShareAlike License 3.0, Milgard Windows & Doors SOLD to Mi Windows and Doors 2019. Finally, the furniture and home furnishings market was struggling in a down economy, and sales were sagging. Manoogian is Chairman of the Alex and Marie Manoogian Foundation and Presidentand Treasurer of the Richard and Jane Manoogian Foundation. The company later expanded operations into the building and home improvement industries. Although revenue climbed an average of 10.3 percent annually throughout the 1990s, Masco wrote off $841 billion owing to poor business decisions, and there was approximately $1.2 billion of debt on the books. Later that year, the Dearborn plant is closed, and production of the automotive components is moved to Ypsilanti, Michigan. Campanella, F. W. (1984, January). Richard G. Manoogian, MBA, MST Managing Director, Chief Compliance Officer. . Rocky Hill, Connecticut 06067 Doing the right thing and supporting communities where our employees live and work is a long part of Behrs history and we believe, Kichler Supports Regional Coalition for the Homeless, Delta Faucet Company Serves as Presenting Sponsor of HomeAid Event, Behr Canada Team Completes Nonprofit Painting Tour for 75th Anniversary. Born in Smyrna, Turkey, in 1901, Alex Manoogian travels alone to the United States when he is just 19 to escape the horrors of the Armenian genocide. This goal was met primarily through mergers and acquisitions. . Member of the Board of Masco (1964-, as Chairman, 1985-) bottom-line impact of economic cycles in the automotive and housing Sales: $600.2 million (2001)
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