Alfred P. Sloan Biography & Net Worth
|Popular Name:||Alfred P. Sloan|
Alfred Pritchard Sloan Jr.
|Birth Date:||May 23, 1875|
New Haven, Connecticut, United States
|Age:||Died February 17, 1966 (aged 90)|
Irene Jackson (died in 1956)
|Net Worth:||$250 Million|
|Last Updated:||December, 2020|
Alfred P. Sloan was an American business executive and humanitarian, famous for his remarkable contributions to automotive industry. He held several positions in General Motors Corporation, such as, the chairman of the board, president, and chief executive officer for over many decades and he justified each one of those responsibilities through his dedication and passion for his work. He was a man of notable character, responsible for implementing practices and policies that helped his organization surface as one of the biggest and most successful American companies of the century. Brilliance was imbibed in his qualities since childhood; he was an astonishing student in his early years as a student and a talented pacesetter right from the beginning of his professional career. Some of his significant introductions included the crankcase ventilation, four-wheel drive, and knee-action brakes. He was a distinguished business executive as well as a philanthropist and humanist, who looked upon his establishment as an extension of his own life and dedicated a part of his life for the betterment of the society. Here’s Alfred P. Sloan biography and notable accomplishments in his time alive as one of the most brilliant businessmen the world has ever known.
Alfred P. Sloan’s Early Life
Alfred Pritchard Sloan Jr. was born in New Haven, Connecticut, United States, on May 23, 1875 to Alfred Pritchard Sloan Sr. and his wife, Katherine Mead Sloan. His father was a machinist and investor, who invested in several businesses including in a tea and coffee import company.
Alfred was the first of his parents’ five children. He attended the Brooklyn public schools for his early education, and also attended the Brooklyn Polytechnic Institute. After school, he registered at the Massachusetts Institute of Technology where he studied electrical engineering and graduated in 1895. He was the youngest constituent of his graduating class.
Alfred P. Sloan’s Career
He served as a senior executive at General Motors Corporation before working his way up the ranks to head the organization. He helped this company grow from the 1920s through to the 1950s. He was an influential player in the automotive industry and was concerned in concepts that included the annual model change, brand architecture, industrial engineering, planned obsolescence, automotive design, and also the built environment. When he was named as Vice President of General Motors Corporation in the 1920s, the automaker had about 10% of total yearly car sales in the United States. When he stepped down from his position as chairman 36 years later General Motor’s share was net 50% and the company was one of the biggest and most profitable firms on the planet. After stepping down as chairman, Sloan poured himself into managing the massive pension of the company. In the 1950s, he authored his memoir, titled, “My Years with General Motors”. He and Henry Ford are considered the leading men of the early automobile industry.
Alfred P. Sloan earned his first massive windfall around 1917 when he personally pocketed $5 million through a series of mergers, and found himself as the President of United Motors Company. Two years later, United merged with General Motors Corporation. In the 1930s he made the news and made tongues wag when he spent $1 million to acquire a 236-foot yacht which he nicknamed “Rene”. That is the same as paying $20 million for a yacht today. It was an amount of money that was unheard of at the time for an individual to spend on a toy. The yacht required a steady crew of 40 people and cost more than $120,000 a year to manage. In 1941, he sold the yacht at a steep loss when he offloaded it for a mere $175,000. In his defense, the boat was arguably Sloan’s only perky purchase. He famously did not drink, smoke, or play sports.
Awards & Achievements
For his famous job in the automotive industry, Alfred P. Sloan was honored in many ways during his time alive and also after his passing. In December 1926, he was featured on the cover of Time Magazine. In 1951, he received The Hundred Year Association of New York’s Gold Medal Award s a sign that his exceptional contributions to the City of New York were appreciated. In the year 1975, he was inducted into Junior Achievement United States Business Hall of Fame.
In his honor, ’The Alfred P. Sloan Museum’ was built in Flint, Michigan. The ‘Alfred P. Sloan Prize’ is also awarded by his foundation to movies centered on science and technology every year at the Sundance Film Festival.
Personal Life, Family, Death
In 1898, he got married to Irene Jackson of Roxbury, Massachusetts. Together, they had no children. He shared a unique bond with his step-brother, Raymond, who was 18 years his junior. He was deeply saddened when his brother Raymond passed away in the 1940s. His wife Irene Jackson died in 1956.
Alfred established the philanthropic non-profit organization called “Alfred P. Sloan Foundation” in 1934 and devoted his time and energy towards philanthropic activities. The foundation gave funding for science and technological research and contributed a reasonable share of money for cancer research.
On February 17, 1966, Alfred P. Sloan passed away due to heart attack at the Memorial Sloan Kettering Cancer Center, New York, and was buried in Cold Spring Harbor, New York.
Alfred P. Sloan Net Worth
A notable business executive and innovator, Alfred P. Sloan net worth was $250 million at the time he died in 1966. That is the same as $2 billion in today’s currency after adjusting for inflation. And that is after he and his wife donated millions of dollars to charity through their charity organization, the Alfred P. Sloan Foundation. Throughout their lifetime, they transferred more than $300 million to the foundation. Had they never given out any money, Alfred’s net worth would have been estimated to come close to a peak of $3 billion. Today, his foundation controls more than $1.9 billion in assets. He will always be remembered for his performance in the roles of president, chairman, and Chief Executive Officer of General Motors Corporation.