Carlos Slim

Carlos Slim Helú

Carlos Slim Helú (born January 28 1940) is a Mexican businessman born to Lebanese parents, largely focused on the telecommunications industry. He is the second richest man in the world with a net worth of around U.S. $60 billion through his holdings.

Slim has a substantial influence over the telecommunications industry in Mexico and much of Latin America as well. He controls Teléfonos de México (Telmex), Telcel and América Móvil companies. Though he maintains an active involvement in his companies, his three sons Carlos Slim Domit, Marco Antonio Slim Domit and Patrick Slim Domit head them on a day-to-day basis.

Biography

Slim was born in Mexico City, Mexico and his father Julián Slim, a Maronite Catholic, immigrated to Mexico City from Lebanon at the age of 14. Julián established a dry goods store called La Estrella del Oriente (Star of the Orient) in 1911 and purchased real estate in downtown Mexico City. He and his wife had six children, of whom Carlos was the youngest boy.

Slim is the surname of Carlos' father Julián, who was called Youssef Salim before moving to Mexico, upon which he changed his first name to Julián and altered his surname to Slim. He officially became Julián Slim Haddad by adding Haddad, his mother's surname, according to the Spanish-language naming customs. In Western, non-Iberian naming conventions, Carlos Slim Helú's name would be Carlos Slim.

Slim studied engineering at the Universidad Nacional Autónoma de México. He married Soumaya Domit in 1967; the couple had six children and were married for 32 years until Domit died of a kidney ailment in 1999.

Like his family, Carlos Slim Helu is a Maronite Catholic. He is thought to be close on a deal to secure English football club Portsmouth.

World's richest person

On March 5 2008, Forbes magazine ranked Slim as the world's second-richest person, behind Warren Buffett and ahead of former world's richest man Bill Gates. During some parts of 2007, several major financial publications had ranked Slim as the richest person on Earth.

On August 8 2007, Fortune magazine reported that Slim had overtaken Bill Gates as the world's richest man. Slim's estimated fortune soared to US$68 billion, based on the value of his public holdings at the end of July. Microsoft founder Bill Gates' net worth was estimated to be at least US$58 billion.

On August 4, 2007, The Wall Street Journal ran a cover story profiling Slim. The article said, "While the market value of his stake in publicly traded companies could decline at any time, at the moment he is probably wealthier than Bill Gates". On March 29 2007, Slim surpassed Warren Buffett as the world's second richest person with an estimated Net Worth of US$53.1 billion compared to Buffett's US$52.4 billion. According to The Wall Street Journal, Slim credits part of his ability to discover investment opportunities early to the writings of his friend, futurist author Alvin Toffler.

Achievements and directorships

Slim has been vice-president of the Mexican Stock Exchange and president of the Mexican Association of Brokerage Houses. He was the first president of the Latin-American Committee of the New York Stock Exchange Administration Council, and was in office from 1996 through 1998.

He was on the Board of Directors of the Altria (Previously Philip Morris) Group (resigned in April, 2006) and Alcatel. He was on the Board of Directors of SBC Communications until July 2004 to devote more time to the World Education & Development Fund, which focused on infrastructure, health and education projects. In 1997, just before the company introduced its famous iMac line, Slim bought 3% of Apple Computer's stock, which has skyrocketed over the years.

He built an important Mexican financial-industrial empire, Grupo Carso, which owns, among other companies, the now bankrupt CompUSA electronic retail chain. On December 8 2007, Grupo Carso announced that the remaining 103 CompUSA stores would be either liquidated or sold, bringing an end to the struggling company. After 28 years he became the Honorary Lifetime Chairman of the business. He is also Chairman of Teléfonos de Mexico, América Móvil, and Grupo Financiero Inbursa.

Telecom leadership

Slim gained notoriety when he led a group of investors that included France Télécom and Southwestern Bell Corporation in buying Telmex and Telnor from the Mexican government in 1990 in a public tender during the presidency of Carlos Salinas. Today, ninety percent of the telephone lines in Mexico are operated by Telmex. The mobile company, Telcel, which Carlos Slim Helú also controls, operates almost eighty percent of all the country's cellphones. These operations have financed Mr. Slim's expansion abroad. Over the past five years, his wireless carrier América Móvil has bought cellphone companies across Latin America, and is now the region's dominant company, with more than 100 million subscribers.

Slim was once MCI's largest shareholder, with 13% ownership. On April 11 2005, The Wall Street Journal announced that he had sold his stake in MCI to Verizon Communications of the United States.

On 10 September 2008 Slim announced that he had purchased a 6.4% common-stock stake in The New York Times Company, making him the largest shareholder not related to the company's owners, the Sulzberger family.

Impulsora del Desarrollo y el Empleo

He leads Impulsora del Desarrollo y el Empleo en America Latina SAB de CV (IDEAL) It is a Mexico-based company primarily engaged in the infrastructure development. IDEAL is mainly active in six sectors, which are: Transportation, Crude Oil and Gas, Power, Water, Real Estate and Technology. Within the sectors the Company is the concessionaire of the highways, hydroelectric plants projects, electronic toll collection systems and ports. It is also engaged in the exploration, production, transport, refinement and distribution of crude oil and gas mainly through offshore oil platforms for deep waters. Additionally, it is engaged in the construction and operations of water treatment plants, investments and development of the urban and rural properties, primarily in the commercial, health and education sectors. The Company’s main subsidiaries are: Desarollo de America Latina SA de CV and Promotora del Desarollo de America Latina SA de CV.

Political life

Slim is well known for giving public speeches on Mexican economy and technological underdevelopment, recently pointing out how jobs for college graduates are nonexistent in Mexico, which causes brain drain and migration to other countries.

Awards

Slim has been awarded the Entrepreneurial Merit Medal of Honor from Mexico's Chamber of Commerce. He is a "gold patron" of the American Academy of Achievement, and the Belgian government awarded him the Leopold II Commander Meda, CEO of the year in 2003 by Latin Trade business magazine and one year later CEO of the decade by the same magazine.

In the year 2000, Slim organized the Fundación del Centro Histórico de la Ciudad de México A.C. (Mexico City Historic Downtown Foundation), whose objective is to revitalize and rescue Mexico City's historic downtown to enable more people to live, work and find entertainment in this area. He has been Chairman of the Executive Committee for the Restoration of the Historic Center since the year 2001. Additionally, as part of his philanthropic work, he heads the Latin America Development Fund project, and his foundations have more than 10 billion dollars budget for the next years.