Julius Rosenwald

Julius Rosenwald was born on August 12, 1862, in Springfield, Illinois. As an adult, he was involved in the wholesale clothing industry, but he joined with Sears and Roebuck in 1895. Rosenwald saw tremendous success with Sears and Roebuck; he became VP and he held a third of all stock in the company.

Rosenwald became president of Sears and Roebuck, succeeding Richard Warren Sears in 1908. As CEO, he placed emphasis on orderly operations and administration. He was very careful about the way he selected and sold merchandise, and he was a big proponent of the mail order industry. Under Rosenwald, Sears and Roebuck saw tremendous expansion and they finally entered the retail business as a chain store. In 1916, Rosenwald testified before the Illinois Senate Committee on Vice, and he was partly responsible for Sears and Roebuck's employee profit-sharing plan.

The financial panic of 1920 and 1921 saw retail and wholesale prices drop sharply, and it caught Sears and Roebuck with massive inventory that was bought at high prices during the first world war. To help the company stay afloat, Rosenwald gave Sears and Roebuck a loan in 1921. In 1924, he ended his time as president of the company, instead chairing the board of directors- a position he remained in until he passed away.

Julius Rosenwald was involved in public service in 1916-1919, and he was conspicuously absent from business affairs until that time. He became a member of the Council of National Defense, and chairman of its supply committee. He became more of a philanthropist after the great financial panic of 1920-1921, focusing on social welfare. Many of his donations benefited the YMCA and YWCA, and he was also very active in many Jewish charities.

Rosenwald was very interested in the African-American population, to a level unmatched by any other philanthropist. The fund named for him, established in 1917, focused on education from grade school to college, and Rosenwald also provided assistance to the Urban League. His philanthropy in the African-American community inspired others to donate, and he kept up his philanthropy until he died on January 6, 1932 in Chicago.