Donald Friese

Donald Friese (born 1940) is an American billionaire businessman, and the chief executive (CEO) and former owner of C.R. Laurence, a glazing supplies company.[1]

Donald Friese
Friese in 2020
BornOctober 1940
York, Pennsylvania US
NationalityAmerican
Occupation(s)CEO of C.R.Laurence Co., Inc.
TitleFounder and CEO of C.R.Laurence Co., Inc.
SpouseAndrea Friese
Children3
Websitewww.crlaurence.com

Early life

Donald Friese was born in 1940 in York, Pennsylvania, the third of 13 children.[2] After his high school graduation, he joined the U.S. Army in 1958, trained as a missile mechanic, and was stationed in Taiwan and Okinawa.[2]

He served in the army for 3 years before moving to Los Angeles with $125 in his pocket to find a job.[3]

Career

Friese started at C.R. Laurence in Los Angeles, which then had just one location, with an "entry-level job", as its sixth employee.[1][2] A few years later, Bernie Harris, the owner, sold him a 10% stake, and he gradually acquired more, eventually buying Harris out when he retired.[2] When Harris retired in 1997, he bought the 50% he did not already own.[3]

Friese expanded the business by acquiring competitors and launching a manufacturing operation. By 2015, the company manufactured more than 65,000 products for the glass industry.[3]

In 2015, he sold the company to the Irish conglomerate CRH plc for $1.3 billion cash, retaining most of the real estate and continuing as CEO.[2] It was reported that Friese made $885 million from the sale of the company.[3]

Personal life

Friese has been married to Andrea for 55 years (as of 2019), and lives in Chatsworth, Los Angeles.[1][2] They have a weekend house in Malibu.[2] They have three children.[2]

References

  1. "Donald Friese". forbes.com. Retrieved 29 October 2017.
  2. "This billionaire once thanked two of his employees with $1-million checks". 4 June 2017. Retrieved 29 October 2017 via LA Times.
  3. "This Billionaire Sold His Company -- Then Gave His Employees $85 Million". Forbes. 2015-11-04. Retrieved November 15, 2017.
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