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
OccupationCEO of C.R.Laurence Co., Inc.
Net worthUS$1.2 billion (October 2017)[1]
TitleFounder and CEO of C.R.Laurence Co., Inc.
Spouse(s)Andrea 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]

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References
  1. "Donald Friese". forbes.com. Retrieved 29 October 2017.
  2. "This billionaire once thanked two of his employees with $1-million checks". 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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