Mitchell Rales | |
|---|---|
 Rales in 2018 | |
| Born | August 1956 (age 67) Pittsburgh, Pennsylvania, U.S. |
| Education | Miami University (1978) |
| Occupations | |
| Organization | Glenstone |
| Known for | Co-founding Danaher |
| Title |
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| Board member of |
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| Spouses |
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| Children | 2 |
| Family | Steven Rales (brother) |
Mitchell P. Rales (born August 1956) is an American businessman and art collector. He founded Danaher Corporation in 1984 with his brother Steven Rales and is the chairman of its executive committee. Rales is also the chairman of ESAB, president of the National Gallery of Art, founder and president of Glenstone, an art museum established at his home with his wife Emily Wei, and a limited partner of the Washington Commanders of the National Football League (NFL). His net worth was estimated by Forbes in July 2023 to be $5.4 billion.
Rales was born in August 1956 in Pittsburgh, Pennsylvania, and grew up in Bethesda, Maryland. He graduated from Walt Whitman High School in 1974, where he was captain of their football and baseball teams.[1][2][3][4] Rales earned a degree in business administration at Miami University in 1978 and was a member of Beta Theta Pi fraternity.[5]
In 1979, Rales left his father's real estate firm to found Equity Group Holdings with his brother, Steven Rales. Using junk bonds, they bought a diversified line of businesses. In 1978, they changed the name to Diversified Mortgage Investors and then to Danaher in 1984.[6] In the 1980s, the AM side of radio station WGMS was sold off to Rales, who converted it WTEM, a sports-talk station, in 1992. In 1988, he made a takeover bid of Interco, which was the largest manufacturer of furniture and men's shoes in the U.S. at the time.[7][8] He later ended the bid after five months with a profit of $60 million.[9]
In 1995, Rales and his brother founded Colfax Corporation, an industrial pumps manufacturer later rebranded as Enovis in 2022.[10] He is a majority shareholder of Fortive, which split off from Danaher in 2016, and served on their board of directors until June 2021.[6][11] In 2017, Rales paid a fine of $720,000 to the Federal Trade Commission after inadvertently reporting purchases of shares in Colfax and Danaher were not above the filing threshold, which violated the Hart–Scott–Rodino Antitrust Improvements Act.[12] He had previously been fined $850,000 by the U.S. Department of Justice in 1991 for violating the same act after buying Interco.[13]
In 2023, Rales became the top limited partner of a group headed by Josh Harris that purchased the Washington Commanders, an American football team belonging to the National Football League (NFL).[14] The price, $6.05 billion, was the highest ever paid for a sports team.[15] He considered the opportunity to be humbling, as he grew up a fan of the team and frequently attended games at RFK Stadium with his brothers.[16]
In 2006, Rales and his wife Emily Wei Rales established the art museum Glenstone in Potomac, Maryland.[17][18] Rales had owned the land since 1986 and had previously made it his residence.[19] Glenstone displays the Rales's collection of post-World War II art, including paintings, sculptures, and both indoor and outdoor installations, and also functions as his personal residence.[20][21] In 2018, Glenstone finished a $219 million expansion which increased both the gallery space and the wooded land surrounding the galleries.[22] Rales donated $1.9 billion to the Glenstone Foundation in 2021, increasing the museum's asset value to $4.6 billion, nearly the same as the Metropolitan Museum of Art in New York.[21] The museum is free to visit via online booking.[23][24]
Rales is Jewish and is one of four sons of Ruth (née Abramson) and Norman Rales.[25][26] Norman was raised in the Hebrew Orphan Asylum of New York and later became a successful businessman, who sold his building supply company in Washington, D.C. to his employees in what was the first employee stock ownership plan (ESOP) transaction in the U.S. Norman was also a philanthropist, having founded the Norman and Ruth Rales Foundation and the Ruth Rales Jewish Family Service.[25] Rales has three brothers: Joshua, Steven, and Stewart.[25] In 1988, he had a near-death experience during a fishing trip in Russia after a plane exploded 10 feet from their helicopter.[19]
Rales has been married twice. He and his first wife, Lyn Goldthorp Rales, had two children before a divorce in 1999.[27] He married his second wife, Emily Wei, in 2008.[22][28][3] He lives in Potomac, Maryland.[29] Rales is the president of the National Gallery of Art and serves as chairman of the board of ESAB.[30] He is also a former board member of the Hirshhorn Museum and Sculpture Garden and retired as chair of Enovis in 2023.[30][31] The same year, he was elected as a member of the Business, Corporate, and Philanthropic Leadership class of the American Academy of Arts and Sciences.[32] Rales signed the Giving Pledge in 2019, with his net worth being estimated by Forbes in July 2023 to be $5.4 billion.[29][33]
