Steven M. Rales
Encyclopedia
Education
Steven was a 1969 graduate of Walt Whitman High SchoolWalt Whitman High School
Walt Whitman High School is a public secondary institution serving roughly the western part of Bethesda--an unincorporated suburban area of Washington, DC, in Montgomery County, Maryland. The school is named in honor of the American poet. It is fed into by Thomas W. Pyle Middle School.-History:The...
, Bethesda, Maryland
Bethesda, Maryland
Bethesda is a census designated place in southern Montgomery County, Maryland, United States, just northwest of Washington, D.C. It takes its name from a local church, the Bethesda Meeting House , which in turn took its name from Jerusalem's Pool of Bethesda...
.
He was a 1973 graduate of DePauw University
DePauw University
DePauw University in Greencastle, Indiana, USA, is a private, national liberal arts college with an enrollment of approximately 2,400 students. The school has a Methodist heritage and was originally known as Indiana Asbury University. DePauw is a member of both the Great Lakes Colleges Association...
, where he was in the Beta Theta Pi
Beta Theta Pi
Beta Theta Pi , often just called Beta, is a social collegiate fraternity that was founded in 1839 at Miami University in Oxford, Ohio, USA, where it is part of the Miami Triad which includes Phi Delta Theta and Sigma Chi. It has over 138 active chapters and colonies in the United States and Canada...
fraternity
Fraternity
A fraternity is a brotherhood, though the term usually connotes a distinct or formal organization. An organization referred to as a fraternity may be a:*Secret society*Chivalric order*Benefit society*Friendly society*Social club*Trade union...
.
He was awarded a J.D.
Juris Doctor
Juris Doctor is a professional doctorate and first professional graduate degree in law.The degree was first awarded by Harvard University in the United States in the late 19th century and was created as a modern version of the old European doctor of law degree Juris Doctor (see etymology and...
from American University
American University
American University is a private, Methodist, liberal arts, and research university in Washington, D.C. The university was chartered by an Act of Congress on December 5, 1892 as "The American University", which was approved by President Benjamin Harrison on February 24, 1893...
in 1978.
Investments
In 1979, he left his father's real estate firm to found Equity Group Holdings, with his brother Mitchell RalesMitchell Rales
Mitchell Rales is an American businessman. He has been a director of Danaher Corporation since 1983.-Early life and education:Mitchell Rales grew up in Bethesda, Maryland and graduated from Walt Whitman High School in 1974...
. Using junk bonds, they bought a diversified line of businesses: first Mastershield, a vinyl siding manufacturer, then Mohawk Rubber Company, then Diversified Mortgage Group. They changed the name to Diversified Mortgage Investors, in 1978, and then Danaher, in 1984.
In 1985 they bought EASCO, an aluminum siding manufacturer, and hand tool manufacturer.
In 1988, they made a hostile takeover bid for Interco, (including Converse (shoe company), and Ethan Allen (furniture company)
Ethan Allen (furniture company)
Ethan Allen Global, Inc. is a North American furniture chain with almost 300 stores across the United States, Canada and the United Kingdom. It was founded in 1932 by two brothers-in-law, Nathan S...
). When the company responded with a poison pill, they sued, and prevailed in court. They later ended the bid after five months with a profit of $60 million.
In the 1980s, the AM side of WGMS was sold off to Washington, D.C., venture capital
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
ists Steven and Mitchell Rales, who converted the music station into the first frequency for WTEM
WTEM
WTEM — branded ESPN 980 — is a sports radio station licensed to Washington, D.C. and serving the Washington metro area. It is the flagship of a sports talk trimulcast with WWXT in Prince Frederick, Maryland and WWXX in Buckland, Virginia, all affiliated with ESPN Radio and owned by Red Zebra...
, a sports-talk station, in 1992
1992 in radio
The year 1992 in radio involved some significant events.-Events:* January 22 - Rebel forces occupy Zaire's national radio station in Kinshasa and broadcast a demand for the government's resignation.* February 12 - Washington, D.C...
.
He has served as Chairman of the board, of Danaher, since January 1984.
In May 2008, he engineered the initial public offering of Colfax
Colfax
- Historical events :* Colfax massacre, an 1873 incident in Colfax, Louisiana* Colfax County War in New Mexico in 1876 between settlers and the Santa Fe Ring* 1958 Colfax, Wisconsin tornado outbreak which killed at least 28 people...
, a Richmond, Virginia
Richmond, Virginia
Richmond is the capital of the Commonwealth of Virginia, in the United States. It is an independent city and not part of any county. Richmond is the center of the Richmond Metropolitan Statistical Area and the Greater Richmond area...
industrial pumps manufacturer.
Filmography
Rales owns his own production company Indian Paintbrush, which has funded The Darjeeling LimitedThe Darjeeling Limited
The Darjeeling Limited is a 2007 comedy-drama film directed by Wes Anderson, and starring Owen Wilson, Adrien Brody, and Jason Schwartzman. It was written by Anderson, Schwartzman, and Roman Coppola...
- (2007), and The Fantastic Mr. Fox
Fantastic Mr. Fox (film)
Fantastic Mr. Fox is a 2009 American stop-motion animated film based on the Roald Dahl children's novel of the same name. This story is about a fox who steals food each night from three mean and wealthy farmers. The farmers are fed up with Mr Fox's theft and try to kill him, so they dig their way...
- (2009).
Philanthropy
He has been a major supporter of the Washington BalletWashington Ballet
The Washington Ballet is an ensemble of professional athletic classical ballet dancers. It was founded in 1976 by American ballet pioneer Mary Day, and has been under the artistic directorship of Septime Webre since 1999.-The Mary Day years :...
. In 2002, he was a major donor in the dedication of the Peeler Art Center at DePauw University. He was a donor to GolfRocks.
He is number 130 on the List of Americans by net worth.