Ken Langone

Ken Langone
Born	Kenneth Gerard Langone 16 9, 1935
Birthplace	Roslyn Heights, New York, U.S.
Nationality	American
Occupation	Businessman, investor, philanthropist
Known for	Co-founding The Home Depot, philanthropy to NYU Langone Health
Education	New York University (MBA)
Spouse(s)	Elaine Langone
Children	3
Awards	Knight of the Order of St. Gregory the Great (KSG), Singleton Foundation Lifetime Achievement Award

Kenneth Gerard Langone Sr. (born September 16, 1935) is an American billionaire businessman, investor, and philanthropist who played a central role in financing the creation of The Home Depot, the world's largest home-improvement retailer. Born to a working-class Italian-American family in Roslyn Heights, New York, Langone built a career on Wall Street before becoming one of the most prominent figures in American retail and corporate governance. Beyond his business ventures, he has become one of the most significant individual donors in the history of American medical education and healthcare, with his name attached to NYU Langone Health, which he helped transform into what has been described as the number-one integrated academic health system in the United States. A major donor to the Republican Party, Langone has also been a prominent voice in American political discourse, particularly on matters of economic policy, taxation, and business regulation.

Early Life

Kenneth Gerard Langone was born on September 16, 1935, in Roslyn Heights, a hamlet in the Town of North Hempstead on Long Island, New York. He grew up in a working-class Italian-American family. His father was a plumber and his mother worked as a cafeteria worker, instilling in him an early appreciation for hard work and frugality—traits that would become defining characteristics throughout his career.

Langone's upbringing in a modest household on Long Island shaped his worldview and business philosophy. Despite achieving billionaire status later in life, he has frequently spoken about the values he absorbed from his parents' example, citing their work ethic as formative influences. He has been noted in media profiles for maintaining relatively frugal personal habits despite his substantial wealth.

Education

Langone attended Bucknell University in Lewisburg, Pennsylvania, where he earned a Bachelor of Arts degree. The connection between Langone and Bucknell has endured for decades; in 2025, The Home Depot highlighted the story of John III, described as the first recipient of a scholarship pathway connected to both the Langone legacy and Bucknell University, illustrating the ongoing relationship between Langone's business ventures and his alma mater.

After completing his undergraduate education, Langone pursued graduate studies at the Stern School of Business at New York University, earning a Master of Business Administration degree in 1960. His MBA from NYU Stern provided the foundation for his subsequent career in investment banking and finance, and the university would later become the principal beneficiary of his philanthropic activities.

Career

Early Career on Wall Street

After completing his MBA, Langone began his career on Wall Street. He worked in investment banking, eventually becoming involved with the firm R.W. Pressprich & Co., a brokerage house that had been a significant player during the 1960s market boom. A 1974 New York Times article described R.W. Pressprich as a "high roller of the sixties" attempting to regain its footing in a changed market environment, providing context for the Wall Street culture in which Langone operated during his formative professional years.

Langone established himself as a venture capitalist and investment banker who specialized in identifying and financing entrepreneurial ventures. His approach combined financial acumen with a willingness to back unconventional business ideas, a strategy that would prove decisive in the founding of The Home Depot.

The Home Depot

Langone's most consequential business achievement was his role in organizing the financing for the founding of The Home Depot. Working with Bernie Marcus and Arthur Blank, who had been fired from the Handy Dan home-improvement chain, Langone helped secure the capital necessary to launch what would become the world's largest home-improvement retailer. Langone served as an early financial backer and board member, using his Wall Street connections and investment banking expertise to attract investors to the fledgling enterprise.

The Home Depot, founded in 1978 and opening its first stores in Atlanta, Georgia, in 1979, grew into a retail giant. The company's warehouse-style format and emphasis on low prices and wide selection revolutionized the home-improvement industry. Langone's financial backing and strategic guidance during the company's early years were instrumental in its growth trajectory. He has been described as a co-founder of the company, reflecting the significance of his financial role in bringing the concept to fruition.

The Home Depot has also highlighted Langone's ongoing connection to the company, publishing features about his generosity and involvement with the organization's community and philanthropic initiatives.

Invemed Associates and Other Business Activities

Langone founded Invemed Associates, a New York–based investment banking firm, through which he managed his various investment and business activities. Through Invemed and his broader network, Langone became involved in numerous corporate boards and business ventures over the decades.

He served as chairman of the board of directors of Geeknet (formerly SourceForge), a technology company, reflecting the breadth of his business interests beyond retail. He also served on the board of directors of Unifi, Inc., a manufacturer of synthetic and recycled yarns.

ChoicePoint Controversy

Langone was connected to ChoicePoint, the data aggregation company that became embroiled in controversy in the mid-2000s. ChoicePoint came under scrutiny from the FBI and consumer protection advocates following revelations about data breaches and the sale of consumer data.

NYSE and Grasso Pay Controversy

One of the most prominent controversies of Langone's career involved his role in the compensation of Richard Grasso, the chairman of the New York Stock Exchange. As a member of the NYSE's board compensation committee, Langone was centrally involved in approving a pay package for Grasso that totaled approximately $187.5 million, a sum that triggered public outcry and regulatory action when it was disclosed in 2003.

A 2004 New York Times investigation described Langone as "the man behind Grasso's payday," detailing his role in structuring and approving the compensation arrangement. Then–New York Attorney General Eliot Spitzer filed suit against both Grasso and Langone, alleging that the pay package was excessive and violated the rules governing the NYSE as a not-for-profit entity.

The legal battle stretched on for years and became one of the most high-profile corporate governance disputes of the 2000s. In 2005, The Washington Post covered ongoing developments in the case as it wound through the courts. The case was ultimately resolved in the New York courts, with the New York Court of Appeals issuing a ruling in the matter. In a significant legal development, a South Florida business journal reported in 2005 on the broader ramifications of the Grasso pay case for corporate governance practices across the country.

Langone defended the compensation, arguing that Grasso had earned it through his leadership of the NYSE, particularly his role in reopening the exchange after the September 11, 2001 terrorist attacks. The case highlighted broader tensions in American corporate governance about executive compensation standards.

NYU Langone Health

Perhaps Langone's most enduring legacy beyond The Home Depot is his role in the transformation of NYU Langone Health. As chairman of the board of trustees of the NYU medical center, Langone worked alongside Dr. Robert I. Grossman, the dean and CEO, over two decades to reinvent the institution.

Under their joint leadership, NYU Langone Health was transformed from a struggling academic medical center into what the institution describes as the number-one integrated academic health system in the United States. A 2025 Fortune article detailed how the use of big data and the assembly of an accomplished board of directors helped turn the institution into a "$14 billion hospital powerhouse."

In June 2025, NYU Langone Health held a celebration honoring Langone and Grossman for their tenures, noting that more than $5.5 billion in philanthropic giving had been raised during their leadership. The scale of this philanthropic achievement reflected both Langone's own donations and his ability to attract contributions from other major donors.

One of the most notable philanthropic milestones associated with Langone's involvement with NYU came in August 2018, when the NYU School of Medicine announced that it would offer full-tuition scholarships to all current and future students in its MD degree program, regardless of need or merit. The gift, made possible in large part by Langone's donations and fundraising, was widely covered in the national media.

Political Activities

Langone has been a major donor to the Republican Party and has been vocal about his political views, particularly on issues of taxation, regulation, and economic policy. In a 2014 Politico article titled "The Rich Strike Back," Langone was profiled as part of a broader cohort of wealthy Americans pushing back against populist rhetoric targeting the affluent.

Langone's relationship with Donald Trump has been complex and at times publicly contentious. Following the events at the U.S. Capitol on January 6, 2021, Langone expressed sharp criticism of Trump's actions in the lead-up to the riot. In an interview covered by The Hill, Langone stated, "I feel betrayed," criticizing Trump's conduct.

However, by mid-2025, Langone's public stance shifted markedly. A White House release in July 2025 highlighted Langone's statement that he had "never been more excited about the future of America" under the Trump administration. The New York Post characterized this as a "stunning reversal," noting that just months earlier Langone had publicly criticized Trump's tariff policies in blunt terms.

In October 2025, Langone made headlines for commenting on New York City politics, warning that "New York is on the verge of making a monumental mistake," in reference to the mayoral candidacy of Zohran Mamdani, as reported by Business Insider.

Langone was also among a group of business leaders who participated in discussions about rebuilding U.S.-China relations, as documented in a 2022 Wall Street Journal article.

Personal Life

Langone is married to Elaine Langone. The couple has three children. Despite his billionaire status, Langone has been profiled as maintaining relatively modest personal spending habits. A 2018 CNBC feature examined why the Home Depot co-founder remained "a frugal billionaire," exploring his philosophy about money and the values instilled by his working-class upbringing.

Langone has been recognized by the Catholic Church, holding the title of Knight of the Order of St. Gregory the Great (KSG), a papal honor bestowed on individuals who have demonstrated outstanding service to the Church and society.

He resides in the New York metropolitan area. Property records in Nassau County, New York, confirm his long-standing connection to the region where he was raised. He is listed among notable residents associated with Port Washington, New York.

Philanthropy

Langone's philanthropic activities have centered principally on healthcare and medical education, primarily through NYU Langone Health. His donations, combined with his fundraising efforts as board chairman, contributed to a total of more than $5.5 billion in philanthropy raised during his tenure.

The 2018 announcement that NYU School of Medicine would provide free tuition to all medical students was one of the most significant individual acts of philanthropy in American medical education. The New York Times covered the announcement extensively, noting the potential impact on student debt and the medical profession.

In 2008, the New York Times reported on a major donation by Langone to NYU, part of a pattern of giving that accelerated over subsequent years.

Langone has also been involved with the Association of Military Colleges and Schools of the United States and other civic organizations.

Recognition

In 2025, the Singleton Foundation for Financial Literacy and Entrepreneurship awarded Langone its Lifetime Achievement Award, recognizing his career as co-founder of The Home Depot and his contributions to business and philanthropy. As part of the award, the Singleton Foundation gifted $250,000 to NYU Stern School of Business on Langone's behalf.

NYU Langone Health's June 2025 celebration honoring Langone and Dr. Robert Grossman marked the culmination of their joint leadership, during which time the institution rose to become one of the top-ranked health systems in the United States.

Langone holds the papal honor of Knight of the Order of St. Gregory the Great (KSG), conferred by the Vatican in recognition of distinguished service.

Legacy

Ken Langone's legacy rests on three principal pillars: his role in financing the creation of The Home Depot, his transformation of NYU Langone Health, and his prominence as a voice in Republican Party politics and American business discourse.

The Home Depot, which Langone helped bring into existence through his financial backing of Bernie Marcus and Arthur Blank, grew into the largest home-improvement retailer in the world, employing hundreds of thousands of people and fundamentally changing how Americans approach home renovation and improvement. Langone's role as the financial architect of the company's founding exemplifies the impact that venture capital and investment banking can have on retail innovation.

At NYU Langone Health, Langone's contributions as both donor and board chairman helped drive a transformation that Fortune described as turning a "struggling" institution into a "$14 billion hospital powerhouse." The institution's decision to offer free tuition to medical students, made possible in part by Langone's philanthropy, has been viewed as a landmark development in American medical education.

His political activities, including his evolving and at times contradictory public statements about political figures, reflect the complex role that wealthy business leaders play in American political life. Langone's willingness to publicly praise, criticize, and then re-embrace political figures illustrates the fluid nature of donor-politician relationships in contemporary American politics.