Everyone knows the Fords or the Rockefellers, but few know about the Dorrance. The Dorrance family owns the Campbell Soup Company. Even though their products are found in 95% of all American homes, the family keeps a low profile and stays out of the news.
One of the company's largest shareholders is Mary Alice Dorrance Malone. Her wealth exceeds $3.6 billion, making her the fourth richest person in Pennsylvania and the richest in Coatesville.
Who is Mary Alice Dorrance Malone?
Mary Alice Dorrance Malone is an American businesswoman and inheritor of the Campbell Soup Company fortune. Mary Alice Dorrance Malone was born and raised in Pennsylvania. She earned her bachelor's degree from the University of Arizona. After graduation, Mary worked in the family business.
Mary Alice Dorrance Malone is the daughter of John T. Dorrance Jr and the granddaughter of John Thompson Dorrance. The founder of Campbell Soup Company. When her father, John T. Dorrance Jr, passed away in 1989, his three children inherited 33% of the company.
Her oldest brother, John III, decided to become an Irish citizen, and some viewed his decision as a tax avoidance move. Her brother Bennett used his wealth to invest in real estate in Phoenix, and Mary invested some of her wealth in a horse breeding and training company with two locations in Pennsylvania and Florida.
Mary is the largest shareholder and continues to serve on the board of directors. In 2018, hedge fund manager Daniel Loeb attempted to oust her but failed. So today, she has a lot of power inside the company.
In 2010, she was the victim of a shakedown attempt by Agnes "Aggie" O'Brien, "longtime chef" and traveling companion. When Mary Alice Dorran fired Agnes "Aggie" O'Brien, she received an email titled "When the Soup Boils," threatening that she was writing a book to expose all of her secrets unless she received $250,000 a year for life. A few months later, O'Brien pleaded guilty to sending Malone extortionist threats, part of a negotiated plea that kept her out of prison.
In 2014, Mary Alice Dorrance co-launched a new shoe label Malone Souliers. The company offers a broad range of shoes and accessories for women and men with a perfect balance between style and comfort.
The history behind the brand.
John Dorrance took the water out of the soup. Campbell Company was founded in 1869 and is mostly known for its canned soup products. Mary's grandfather, John Dorrance, worked as a chemist at the Joseph Campbell Preserve Co. for $7.5 weekly. In 1897, he developed a method to reduce water activity in the soup, which allowed the company to extend the soup shelf life and cut the cost dramatically.
In 1914, Dr. John T. Dorrance became president of the company. John served in that role until he died in 1930. In 1922, the company added the word "Soup" to the company name and became Campbell Soup Company. Today, the company's net sales exceed $8.5 billion. It has two divisions and employs 14100 people.
When was the last time you had Campbell Soup?