Carl Cook is an American businessman who has a net worth of 12.5 billion dollars as of May 2021. He is currently the CEO of Cook Group, a medical device company that was founded by his parents Bill and Gayle Cook in their Bloomington, Indiana apartment in 1963.
Today, Cook Group continues to be family owned and operated.
Background
(Bill Cook)
Carl Cook was born on November 10th, 1962 in Bloomington, Indiana to Bill and Gayle Cook. His parents are the co-founders of Cook Group, a medical device company which they started in their apartment in 1963.
Cook attended Purdue University and graduated with a bachelor’s degree in engineering before getting an MBA from the University of Iowa.
Soon after graduation, Cook would travel to Europe and set up computers in France and Germany for the Cook Group. Once successfully set up, he returned to the United States and began working in Leechburg, Pennsylvania in the pacemaker division of the Cook Group.
The Cook Group is known for making catheters, dilators, wire guides, pacemakers, and stents through its medical supplies division. The company had a revenue of $2.5 billion in 2021 and offers products and training in 135 countries. It produces over 16,000 products and provides equipment for 13 different hospital lines of service.
Cook Group also has a life sciences division that is developing cell therapy to treat urinary incontinence, of which Carl Cook is the President.
Career
Working in his family’s business provided Carl with many opportunities including European travel and developing new technologies. When the time came, Carl Cook would eventually inherit the entire company.
Before the passing of Bill Cook, the Cook Group began transitioning its ownership to Carl. The process took 15 years and bypassed Gayle entirely. The reason for the long and complicated transfer was to avoid paying estate taxes. It is said that many companies will not survive or come back from the amount of money owed in estate taxes when they are suddenly transferred or sold to children from parents.
In “The Bill Cook Story” a biography written in 2008 by Bob Hammel, Bill Cook is quoted as saying, “[The transfer] took a long time and a lot of planning and work.” However hard the efforts, the company today is thriving in part to the financial planning of Bill and others.
While the process did bypass Gayle, she didn’t miss out on the financial gain of selling her company. As of 2014, Gayle Cook had a net worth of $5.8 billion from the company she and her husband had started from scratch.
Today, Carl Cook is considered the richest person in the state of Indiana and the 171st wealthiest person in the world. He has a net worth of $12.2 billion dollars. While most of the initial success of the company was made by his parents, under his leadership Cook Group has remained one of the top medical device companies in the world.
Personal Life
Carl Cook is married and has one child, a daughter named Eleanor. Cook married Marcy Heshelman on January 5, 2008. Marcy and Carl met when she was working in the auditing department of Cook Inc.
The family, including Gayle Cook, still lives in his hometown of Bloomington, Indiana.
Property
While it seems that the Cook family has had plenty of success with their medical supply company, they also have a passion for restoring old buildings.
In addition to manufacturing and selling medical devices, the Cook family has a passion for building restoration. Much under Gayle’s direction, the family soon began supporting restoration projects around their city. In 1973, The Cook family founded CFC Properties as a way to manage both their restoration projects as well as their residential and commercial properties.
The Cook family also helped in the renovation of two of Indiana’s most famous and historic hotels. These properties are located in French Lick and West Baden, Indiana.
The hotel renovations continued as the Canton Harvester Inn was built in Bill Cook’s hometown. The idea of the hotel was to support the local community when manufacturing facilities were opened in the area.
Today, these hotels continue to thrive under successful renovations partially funded by the Cook Group.