Timothy P. Boyle[1] (born 1949) is an American billionaire, and the president and CEO of Columbia Sportswear.[2]
Timothy Boyle | |
|---|---|
| Born | 1949 (age 74–75) Portland, Oregon, US |
| Education | Jesuit High School |
| Alma mater | University of Oregon |
| Occupation | Businessman |
| Title | President and CEO, Columbia Sportswear |
| Term | 1988- |
| Spouse | Mary Boyle |
| Children | 2 |
| Parent(s) | Gert Lammfromm Boyle Joseph Cornelius "Neal" Boyle |
According to Forbes, his estimated net worth was US$2.0 billion in November 2022.[3]
Early life
Boyle was born and raised in Portland, Oregon.[4] He is one of three children of Joseph Cornelius "Neal" Boyle, an Irish Catholic, and Gertrude Lammfromm.[5] His mother was Jewish and fled as a teenager from Nazi Germany. She immigrated to Portland, Oregon,[6] and converted to Catholicism after marrying her husband.[6] He has two sisters: Kathy Boyle (born 1952) and Sally Boyle (born 1958).[5]
His grandfather purchased the Rosenfeld Hat Company[5] and changed its name to the Columbia Hat Company[7] (after the river).[5] His father became president of Columbia Hat after his grandfather died and then diversified the hat business into outerwear[5] for hunters, fishermen, and skiers.[6] In 1960, his mother designed the first fishing vest (his father was an avid fisherman) and the name of the company was changed to Columbia Sportswear.[7]
Boyle was educated at Jesuit High School, in Beaverton, Oregon, just outside Portland, followed by the University of Oregon, where he earned a bachelor's degree in journalism in 1971.[8]
Career
Boyle was still at university when his father died in 1970[9] at the age of 47. He left to join his mother, who had become president of Columbia Hat, which was then earning $800,000 in annual sales and had 40 employees.[5] The company struggled and teetered on bankruptcy[10] until in the 1970s when Boyle and his mother refocused the business on outdoor clothing and casual wear which paralleled a general trend away from formal work attire.[11] In 1975, they were the first company to introduce Gore-Tex parkas.[7]
In 1986, Columbia released the Bugaboo, a jacket with a zip out lining which became quite trendy and further propelled the company's growth.[5] Columbia was unique among specialty clothing manufacturers in that it would sell its products to any retail shop or chain.[6] In 1987, Columbia had $18.8 million in sales and by 1997 it had grown to $353.5 million.[6] Boyle took over from his mother, Gert, as company president in 1988.[12][13]
The company went public in 1998.[11] In the early 2010s, Boyle refocused Columbia away from top line products and more towards the mid-range, moderately priced products; he also continued to align sales with changes happening in the retail industry, shifting the company more toward internet sales.[2]
Columbia grew into a $6.5bn public company,[14] and Boyle's 41% ownership interest in Columbia Sportswear was worth over $1.0 billion in 2013.[2]
In 2020, Forbes ranked Boyle No. 378 on the Forbes 400 list of the richest people in America.[15]
Personal life
Boyle and his wife Mary have a son, educated at Drake University in Des Moines, and a daughter, educated at the University of Washington.[16] They live in Portland, Oregon.[3]
In 2007, he and his wife Mary donated $5 million to the University of Oregon.[17] In 2016, he donated $10 million to the university's aquatic animal care facility.[18] More recently the couple donated $10 million towards a biomedical data science initiative.[19] In 2020, due to the COVID-19 pandemic, Boyle reduced his own salary to $10,000 while maintaining the full salary and benefits of all his company's retail employees.[20]