Jeffrey Alfred Legum

Jeffrey Alfred Legum
Letter to the Legums from The White House dated December 4, 1984
Jeffrey A. Legum and President Richard Nixon
Jeffrey A. Legum and President Gerald Ford
Jeffrey A. Legum and President Jimmy Carter
Jeffrey A. Legum and President Jimmy Carter
Jeffrey A. Legum and President Ronald Reagan
Jeffrey A. Legum and President Barack Obama - 2012
Minute Honoring Jeffrey A. Legum from The Park School

Jeffrey Alfred Legum, a philanthropist, investor and former automobile dealer, was born in Baltimore in 1941. His father, Leslie Legum, was a developer of large industrial parks,[1] and his mother, Naomi Legum, was the daughter of ice cream manufacturer, L. M. Hendler.

Legum has been successful as an auto dealer (he owned the largest car and truck dealership in Maryland),[2] and as an investor. His investment advice helped build the endowments of both the Park School and the Baltimore Museum of Art.

Early business accomplishments

Legum started working in high school at age 16 as a door-to-door salesman for a headache remedy. The company offered him a share of the business, but Legum refused the offer, choosing to attend the University of Pennsylvania, where he majored in economics. As a senior at Penn, in an advertising course, he created an ad campaign for Avis car rentals. Avis used his work in one of their campaigns.[3]

Park Circle Motor Company

Upon graduation from the University of Pennsylvania's Wharton School of Business with a B.S. degree in Economics in 1963, Legum joined Park Circle Motor Company, which was founded in 1921 by Legum's grandfather.[4][5][6] In 1967, at the age of 25, he became the youngest Chevrolet dealer in the United States.

In 1964, Legum attended the National Automobile Dealers Association convention in Las Vegas, where he met British advertising executive David Ogilvy. He and Ogilvy became friendly, and Ogilvy said "You're a clean cut looking young man who should personally go on television and do the advertising for your dealership." Legum followed the advice and was probably the first dealer in Baltimore to do his own advertising. Legum was 22 years old at the time.

In 1970, at the age of 28, Legum was elected to the Board of Directors of United Consolidated Industries (a public company).[7] In 1971, Park Circle Motor Company celebrated 50 years of selling Chevrolets.[4] In 1973, Legum purchased Westminster Chevrolet Cadillac in Westminster, Maryland. It became the largest volume Cadillac dealer in the Baltimore area. In 1977, Park Circle purchased Charlie Irish Chevrolet on Eastern Avenue in the Eastpoint area of Baltimore and closed their original location. The dealership was renamed Legum Chevrolet, with Legum as the CEO.[8][9] He was elected to membership in the Young Presidents' Organization the same year.[10]

In 1980, Legum won an award from General Motors for “Service Supremacy” at Legum Chevrolet. The dealership was evaluated in 23 categories and was found to be outstanding in each category. Legum’s dealership was the first Maryland dealership to receive this award from General Motors.[11]

In 1981, Legum gained coast-to-coast attention when he was recognized on national television for lending Cadillacs to president-elect Ronald Reagan for his Inaugural Parade in Washington, D.C.[12] During that same year, Legum purchased H&H Datsun Dealership and relocated the franchise to Legum’s Chevrolet facility, with Chevrolets and Nissans placed on the same showroom floor. Because of this decision, national attention was once again directed at Legum.[13][14][15]

In 1984, Legum hired actor John Goodman to do what became an award-winning television commercial for Legum Chevrolet Nissan. The commercial aired nationally on the television show "Before They Were Stars" on CBS.

In 1986, Automotive News did a ranking of “Sales Giants” and Legum Chevrolet Nissan placed third largest in the country.[16]

In 1989, Legum sold his Chevrolet-Nissan dealership to Bob Bell, a Ford dealership owner in Glen Burnie, Maryland.[1][2][17][18][19]

In 1992, Legum received an award from Bob Starr, General Manager of Chevrolet for the completion of 25 years as a Chevrolet dealer.[20]

In 1997, Legum sold Westminster Motors, Chevrolet, Oldsmobile and Cadillac to Len Stoler, which ended his family's 76 years in the automobile business.[5][21]

Investment management and The Park Circle Company

Legum owns and is CEO of The Park Circle Company, DBA Park Circle Investments, a private investment company with interest in Baltimore-related corporations. In 1962, Park Circle Motor Company sold its wholly owned subsidiary, Truck Rental Company of Baltimore, to Avis in return for cash and 10% interest in Avis. In 1966, Park Circle and Lazard Freres sold Avis to ITT Corporation for stock in ITT. This cash and stock became the basis for Park Circle's original stock portfolio, which was managed by Legum.[22] Legum manages The Park Circle Company hedge fund.

From 1972 through 1978, Legum studied investing under the tutelage of F. Palmer Weber, a former University of Virginia professor and professional investor.[23]

In 1983, Legum started to accumulate stock in Legg Mason which was headed by his friend, Raymond Mason. By 1985, Legum then owned over 5% of the Legg Mason Company and had to report it to the Securities and Exchange Commission.[24][25]

In 2009, Legum added an additional company to his portfolio by buying shares in Adams Express Company, a Baltimore company listed on the NYSE. According to the company, Legum is the second largest shareholder.

In 2012, Legum completed the purchase of 5.3% of Cherokee Group, Inc.,[26] a national clothing company, whose products are available in Target and TJ Maxx.[27]

In 2015, Legum became the owner of 5.1% of RF Industries, a publicly owned company.

Personal life and philanthropy

In 1968, Legum married the former Harriet Cohn.[28]

In 1989, Legum was active in Park Schools’ 75th Anniversary Capital Campaign.[29]

In 1995, Legum was asked by The Park School Board to MC the retirement ceremony for their headmaster, Parvin Sharpless. This event was televised on the local CBS News and WJZ-TV, and was covered by The Baltimore Sun.[30][31]

In 1997, Legum and his wife co-hosted a Grand Affair at the Baltimore Museum of Art, celebrating the display of art from the Victoria and Albert Museum in London. The event was attended by members of the British Royal Family.[32]

In 2001, Legum and his wife co-chaired a gala celebrating the reinstallation of the Cone Collection at the Baltimore Museum of Art.

In 2001, Jeffrey and Harriet Legum donated $1.5 million to Johns Hopkins School of Medicine to create a professorship in acute neurological medicine.[33]

In 2003, Legum and his wife donated $3 million to Johns Hopkins to help fund construction of a building which would house both clinical and basic research.[34]

In 2013, Jeffrey and Harriet Legum created a $1 million endowment to help fund marketing costs for the Baltimore Museum of Art.

In 2014, the Legums gave $2.5 million to Johns Hopkins, in memory of their friend, Jack Griffin, former head of Hopkins Neurology. Through The Legum Foundation, Legum and his wife philanthropically support a wide array of community efforts, such as Johns Hopkins Hospital and Johns Hopkins University,[34][35][36] where they endowed The Jeffrey and Harriet Legum Professorship in Acute Neurological Medicine and The John W. Griffin, MD Professorship in Neurology.[37] They have also supported Kennedy Krieger; American Cancer Society; the Baltimore Museum of Art's[38] Lucas Collection (2000), the Andy Warhol Exhibit "Warhol: The Lost Decade" (2010–11),[39] and the 100th anniversary advertising and public relations campaign; Baltimore Symphony Orchestra; Chesapeake Bay Foundation; The Park School; University of Pennsylvania; House of Ruth;[40] Baltimore Hebrew Congregation; and Associated Jewish Charities.[41][42][43]

The Mr. and Mrs. Jeffrey Legum Docent Room at the Baltimore Museum of Art was opened in 2015.

In 2016, Jeffrey Legum was Baltimore City's largest donor to the presidential campaign of Donald Trump, donating a total of $5,400 to his campaign [44]

Education

Awards

Civic activities

Professional associations

Hobbies/interests

References

  1. 1 2 "Legum dealership bought for $11.5 million". The Sun. August 9, 1989. p. C1. Legum Chevrolet-Nissan of Essex, which identifies itself as the largest Chevrolet dealership in Maryland and one of the largest in the country, has been sold for $11.5 million, Jeffrey A Legum, its president, announced today. The buyer is Robert L. Bell, who owns Ford, Mitsubishi and Suzuki dealerships in Glen Burnie. The new entity, which will have 195 workers, will conduct business as Bob Bell Chevrolet-Nissan.
  2. 1 2 "Legum Chevrolet-Nissan, said to be Maryland's largest car dealership, was sold by Jeffrey A. Legum for $11.5 million to rival Robert L. Bell, who owns Ford, Mitsubishi and Suzuki dealerships in Glen Burnie". The Washington Post. August 10, 1989. p. B1.
  3. ↑ "Success is Plain Dumb Luck – Car Dealer Jeff Legum". Carroll County Times. November 25, 1979. p. A3.
  4. 1 2 "Park Circle Rounds out 50 years". GMAC News and Views. General Motors Acceptance Corporation. May–June 1971. A Chevrolet dealership which has sold no other new car make since it received its first franchise in 1921, and which has been operated by the same family throughout the period, has marked its Golden Anniversary in Baltimore. It is Park Circle Motor Company, well known in automotive circles and one of the five largest in the United States (based on assets), owned and operated by the Legum Family - Leslie Legum, president, and Jeffrey A., his son, executive vice president. It was A. M. Legum, previously a furniture retailer in Norfolk, who began Park Circle as a garage to house neighborhood cars at night. ... Tracing the family involvement in Park Circle, A. M. Legum was joined by his brother, J. R. Legum, in 1922. The founder's son, Leslie, started to work in 1933 and four years later assumed general manager duties. His son, Jeffrey, commenced his full-time involvement in 1963 following his graduation from the Wharton School of Finance at the University of Pennsylvania. Innovative in its approach to marketing, the dealership was one of the first to develop fleet sales in the 1920s and early '30s.
  5. 1 2 Jay Hancock (November 18, 1997). "Carroll dealer changes hands Len Stoler adds Westminster Motor to broad lineup". The Baltimore Sun. Retrieved July 1, 2013. Len Stoler Inc. has bought Westminster Motor Co. in Carroll County, the companies said yesterday. Stoler, which already operates dealerships in Owings Mills and Westminster, adds Westminster Motor's Chevrolet, Oldsmobile and Cadillac operations to an already broad lineup. Westminster owner Jeffrey Legum is leaving a business that traces its roots to 1921, when his grandfather founded Park Circle Chevrolet in Baltimore.
  6. ↑ The Evening Sun. March 23, 1971. p. C10. Missing or empty |title= (help)
  7. ↑ The News American. December 8, 1970. p. 12C. Missing or empty |title= (help)
  8. ↑ The News American. January 4, 1977. p. 10. Missing or empty |title= (help)
  9. ↑ The Evening Sun. January 28, 1977. p. D9. Missing or empty |title= (help)
  10. ↑ The Sun. May 24, 1977. p. A11. Missing or empty |title= (help)
  11. ↑ The News American. February 3, 1980. p. 6D. Missing or empty |title= (help)
  12. ↑ Wanda Dobson (February 5, 1981). "VIP Cadillacs for inaugural stir hoopla". The Baltimore Evening Sun. Westminster Motors has the official inaugural Cadillacs ordered especially to be loaned to the Inaugural Committee. The four door luxury sedans are now on sale to the general public for $12,900 have attracted 33 buyers in less than two weeks and hordes of lookers wanting to get a bird's eye view of what they saw on television Inauguration Day. According to Jeff Legum, owner of Westminster Motors, he called the Inaugural Committee to offer some Cadillacs for use during the festivities. As it turned out, Cindy Tapscott, who was in charge of transportation for the inaugural, was just about to pull her hair out in search of Cadillacs. In a rapid turn of events, Mr. Legum called General Motors and changed the colors of his fleet on order from mahogany, silver and steel blue to navy blue, black and white, as requested by the committee. ... Bearing official inaugural license plates and the presidential seal on both front doors, the cars carried the likes of Henry A. Kissinger and J. William Middendorf 2nd, former secretary of the Navy....
  13. ↑ The Sun. September 1, 1981. Missing or empty |title= (help)
  14. ↑ The News American. September 1, 1981. Missing or empty |title= (help)
  15. ↑ Automotive News. October 26, 1981. p. 20. Missing or empty |title= (help)
  16. ↑ Edward Lapham (1986). "Sales Giants". Automotive News.
  17. ↑ The Washington Times. August 10, 1989. Missing or empty |title= (help)
  18. ↑ "Digest- The Washington Post". High Beam Research. Retrieved 25 June 2012.
  19. ↑ Rasmussen, Frederick. "Auto salesman Bob Bell, known for TV commercials, dies at 78". The Baltimore Sun. Retrieved 25 June 2012.
  20. ↑ Automotive News. September 28, 1992. p. 27. Missing or empty |title= (help)
  21. ↑ The Sun. November 18, 1997. p. 1. Missing or empty |title= (help)
  22. ↑ "Truck Rental Co. Acquired by Avis". Wall Street Journal. May 9, 1962. p. 2. Avis Inc., the world’s second largest auto rental firm, has entered into an agreement to acquire Truck Rental Co., Inc. Washington and Baltimore vehicle lessor, it was announced last night. Robert C. Townsend, president of Avis, said the agreement calls for the acquisition of all of the Truck Rental stocked owned by Park Circle Motor Co., Baltimore auto dealer. The price was not disclosed.
  23. ↑ "Colleague, Wallstreet Friends and Readers Remember Alan Abelson". Barron's. May 18, 2013.http://online.barrons.com/article/SB50001424052748704551504578481233550922310.html#articleTabs_article%3D2
  24. ↑ "SEC 13G". The Baltimore Sun. 1989.
  25. ↑ Automotive News. August 31, 1987. p. 40. 'We have one of the largest television advertising budgets for dealerships in the country and there is a correlation there,' he said. 'We dominate the local TV market.' Missing or empty |title= (help)
  26. ↑ http://www.cherokeegroup.com/
  27. ↑ Edgar SEC 13G, April 19, 2012
  28. ↑ The Baltimore Sun. November 24, 1968. Missing or empty |title= (help)
  29. ↑ The Sun. February 5, 1989. Missing or empty |title= (help)
  30. ↑ Letter dated September 7, 1995 from F. Parvin Sharpless - "Dear Jeff, Thanks for sending us the video tape of the WJZ-TV program of our retirement "evening." Seeing it reminded us of how wonderful it was, and particularly how skillfully you managed the ceremonies, and the generosity and good spirit that you and Harriet contributed. We have many happy feelings about all the end of year events, and we are pleased to have a record of them to keep these memories fresh."
  31. ↑ WJZ-TV, 11:00 p.m. News, June 11, 1995
  32. ↑ Sylvia Badger (October 12, 1997). "Grand affair for 'Grand Design' at Baltimore Museum of Art". The Baltimore Sun. Retrieved July 1, 2013.
  33. ↑ "Jeffrey and Harriet Legum Professorship in Acute Neurological Medicine". Retrieved July 1, 2013.
  34. 1 2 "The Johns Hopkins U. (Baltimore): $3-million from Jeffrey A. Legum a trustee of Johns Hopkins Medicine, and his wife, Harriet, for capital projects to support medical research". Chronicle of Philanthropy. November 11, 2004.
  35. ↑ "Gifts and Bequests". High Beam Business. Retrieved 25 June 2012.
  36. ↑ "Breast Cancer Research Chair in Oncology". Johns Hopkins. Retrieved 25 June 2012.
  37. ↑ Hanley, Daniel. "BIOS" (PDF). Johns Hopkins Medicine. Retrieved June 25, 2012.
  38. ↑ "Our Donors". Baltimore Museum of Art. Retrieved 25 June 2012.
  39. ↑ "Warhol: The Lost Decade". Milwaukee Art Museum. Retrieved 25 June 2012.
  40. ↑ Badger, Sylvia. "Stargazers enjoy a party for the House of Ruth". The Baltimore Sun. Retrieved June 25, 2012.
  41. ↑ "NeuroNow Spring 2008". Johns Hopkins Medicine. Retrieved June 25, 2012.
  42. ↑ "Clear-III IVH Trial". Emissary. Retrieved June 25, 2012.
  43. ↑ "Baltimore, MD – Baltimore Dining in the Dark". Foundation Fighting Blindness. Retrieved June 25, 2012.
  44. ↑ http://www.bizjournals.com/baltimore/news/2016/10/20/the-largest-donors-from-baltimore-city-who-gave-to.html
  45. ↑ Who's Who in the World (28 ed.). 2011.
  46. ↑ Who's Who in America (64 ed.). 2010. p. 2742.
  47. ↑ Legum, Jeffrey. "The Baltimore Museum of Art Inc". One Source. Retrieved June 25, 2012.
  48. 1 2 "Johns Hopkins Medicine Board of Trustees". Johns Hopkins Medicine. Retrieved June 25, 2012.
  49. ↑ Deloitte Financial Statement of 1997
  50. ↑ Alan Abelson (April 15, 1985). "Up & Down Wall Street". Barron's. A friend of ours, Jeff Legum, who sells cars in Maryland, points out that there may be another reason for the severe drop in retail sales, the worst monthly decline since '78. Jeff points to the widely publicized computer snafu which, so the story goes, has caused the IRS to be delinquent in mailing out tax refunds. In the past years when those checks were in the mailbox instead of in the mail, people, Jeff says would come in to check out cars in early March and use their tax refunds as down payments. Not so, this year. Thanks to the delay by the IRS, with possible braking effects on overall retail sales.

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