Richard Pratt (businessman) facts for kids
Quick facts for kids
Richard J. Pratt
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Pratt in 1997
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| Born |
Ryszard Przecicki
10 December 1934 Free City of Danzig (present-day Gdańsk, Poland)
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| Died | 28 April 2009 (aged 74) Kew, Victoria, Australia
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| Nationality | Australian |
| Other names | Ryszard Przecicki |
| Known for | Businessman President of the Carlton Football Club |
| Spouse(s) | Jeanne Lasker |
| Children | Four (including Anthony Pratt) |
Richard J. Pratt (born Ryszard Przecicki; 10 December 1934 – 28 April 2009) was a very successful Australian businessman. He was the head of a private company called Visy Industries. He was also a well-known person in Melbourne society. Before he passed away, Richard Pratt was one of Australia's richest people. His wealth was estimated at over A$5 billion.
Contents
Early Life and Football Dreams
Ryszard Przecicki was born on 10 December 1934. His birthplace was the Free City of Danzig, which is now Gdańsk, Poland. His family was Jewish. They moved to Australia in 1938 to escape the Nazis. They settled in Shepparton, Victoria, and changed their last name to Pratt.
Richard went to Grahamvale Primary School and Shepparton High School. He also attended University High School. In 1953, he started studying business at the University of Melbourne.
He was also a talented Australian rules football player. He played for Carlton in the under-19s league. In 1953, he won the Morrish Medal. This award is given to the best and fairest player in the under-19s competition. However, Richard decided not to continue playing professional football. He chose to focus on other interests instead.
While studying, Richard also enjoyed acting. He worked with the Union Theatre Repertory Company. In 1957, he even toured London and New York with a play. He also worked as a salesman for his family's business, Visy Board. After his acting tour, he returned to Melbourne and the family business.
Growing a Big Business
Richard Pratt took over his father's company, Visy Industries, in 1969. At that time, Visy had a few hundred employees. Under Richard's leadership, Visy grew a lot. It expanded from just two factories in Melbourne to more than 55 plants. These plants were in Australia, the United States, New Zealand, and Papua New Guinea.
Visy started by making cardboard boxes and packaging. Later, Richard expanded the business into recycling waste paper. In the 1990s, he also grew his recycling operations in New York.
Helping the Community
Richard Pratt was not only a businessman. He was also very involved in helping the community. He held important positions, like being the first chancellor of Swinburne University of Technology. He also led the Victorian Arts Centre Trust.
Through the Pratt Foundation, Richard and his family were among Australia's biggest givers. They donated a lot of money every year to various causes. In 1998, Richard was named "Environmental Visionary of the Year". This was for his efforts in helping the environment.
Leading a Football Club
On 8 February 2007, Richard Pratt became the President of the Carlton Football Club. He was chosen by the club's board. During his time as president, he made big changes to help the club improve. He helped bring in a major sponsor, Hyundai. He also helped the club get over 40,000 members for the first time. This made the club much stronger.
Richard also helped bring in new leaders for the club. He appointed Steven Icke as the General Manager of Football Operations. He also brought in Greg Swann as the CEO. These changes helped the club become stable and successful again.
In June 2008, Richard stepped aside from his role at the club. This was because of some legal issues he was facing. Stephen Kernahan then took over as President.
Family Life
In 1959, Richard Pratt married Jeanne Lasker. She was also a Jewish immigrant from Poland. They had a very comfortable life. They owned a private jet and several apartments, including one in New York City. Their main home was a large, historic mansion called Raheen in Kew, Melbourne.
Richard and Jeanne had three children: Anthony, Heloise Waislitz, and Fiona Geminder.
Richard Pratt passed away on 28 April 2009. He had been battling prostate cancer. He died the day after some legal charges against him were dropped due to his poor health.
Giving Back: Philanthropy
Richard Pratt and his family were very generous. They donated about A$10 million every year through the Pratt Foundation. This foundation helps refugees, artists, and many other people in need. The foundation was started in 1978 by Jeanne and Richard Pratt.
During the 1980s and 1990s, the Pratts became known for supporting the arts, medical research, and education. Over the years, the Pratt family has donated about A$200 million to good causes. Jeanne also created The Production Company. This company produced musicals in Melbourne for many years.
Important Business Rules
In 2005, a government group called the Australian Competition & Consumer Commission (ACCC) looked into Visy companies. They believed Visy was involved in a group of companies that were not competing fairly. This is called a cartel.
In 2007, Richard Pratt admitted that he and his company, along with a rival company, had broken rules about fair competition. This meant they had worked together to set prices. This was against the law.
On 2 November 2007, Richard Pratt and the Visy group were given a large fine of A$36 million. This was one of the biggest fines in Australian history for this type of issue. A judge said that Richard and his team knew they were breaking the rules. The judge called it "the worst cartel to come before the courts in 30-plus years".
Awards and Recognition
Richard Pratt received many awards for his work and his giving. In 1985, he was made an Officer of the Order of Australia (AO). In 1998, he became a Companion of the Order (AC). This is a very high honor in Australia. However, Richard Pratt returned these awards in 2008 after his company was fined for breaking business rules.
In 2007, he was given the Woodrow Wilson Medal for Corporate Citizenship. This award is for business leaders who care about the community. They show that companies should be good citizens.
After his death, the first Richard Pratt Memorial Oration was held in 2010. He was also given an honorary Doctorate of Philosophy from Hebrew University.
Today, in every Carlton Football Club home match against the Collingwood Football Club, the winning team receives a special cup named after Richard Pratt.
