Drayton McLane Jr
Overview
- Source of Wealth
- Walmart, logistics
- Industry
- Fashion & Retail
- Residence
- Temple, Texas
- Education
- Baylor University (Bachelor of Arts/Science)Broad College of Business (Master of Business Administration)
- Marital Status
- Married
- Children
- 2
Assets
- Walmart18,078,750 shares @ --WMT-US
Biography
Drayton McLane turned his family's grocery distribution company, McLane Co., into an international firm and sold it to Walmart.
McLane became president and CEO of McLane Co. and ran it for almost 30 years, averaging yearly sales growth of 30%.
In 1991, he sold McLane Co. to his friend Sam Walton for $50 million and 10.4 million shares of Walmart.
In 2003, Walmart sold the company to Warren Buffett's Berkshire Hathaway for $1.45 billion.
Shortly after 1991, he founded McLane Company, a holding company with a wide array of investments, including a stake in the Houston Astros.
About
McLane started working for the family business at the age of nine, spending Saturdays and summers sweeping floors and stacking inventory.
As a result of donations to both of his alma maters, Michigan State University and Baylor University have stadiums named after him.