What is Greg Renker's Net Worth and Salary?
Greg Renker is an American businessman who has a net worth of $600 million. Greg Renker earned his fortune as the co-founder of Guthy-Renker.
Early Life
Greg Renker was born in 1957 in Phoenix, Arizona. He was one of nine children. His father managed country clubs and hotels. When Greg was 16 his father lost an important job. In the wake of this loss, Greg developed an affinity for self-help books, in hopes of avoiding the same financial stress his parents experienced.
Renker attended the University of San Diego, majoring in comparative literature and simultaneously working sales jobs, including a job as a real estate agent.
Guthy-Renker
In 1981, at the Indian Wells Racquet Club and Resort in Indian Hills, California, where Renker's father was a manager, Renker met his future business partner Bill Guthy. Both Renker and Guthy were fans of the book "Think Rich and Grow Rich." They actually decided to buy the rights to the book for $100,000.
In 1988 they ran their first infomercial, grossing $10 million from the campaign. Soon their focus turned to their newly formed company Guthy-Renker and its concept of new product and brand development, including selecting, licensing and developing products that met the direct response criteria for success, using a method of casting talent that had an associated product story rather than using a traditional endorsement.
Guthy-Renker has partnered with many celebrities as well as physicians to launch their skin and hair care products (Victoria Principal, Cindy Crawford, Dr. Perricone, etc.). Today, Guthy-Renker employs around 650 people and has more than 400,000 square feet of fulfillment distribution and call center space, with locations in California, Louisiana and North Carolina. Renker and Guthy were honored by Goldman Sachs as two of the 100 Most Intriguing Entrepreneurs during the 2013 Innovators Summit.
Getty
Guthy-Renker Revenue
By 2001, the company was generating $400 million per year in revenue. That number had grown to $1.5 billion by 2009. By 2012 it was $1.9 billion. Today their revenues are estimated to be somewhere around $2 billion per year.
Greg Renker Real Estate
In 2016, Greg and his wife Stacey spent $11 million to buy a beachfront home in Capinteria, California. Today the 5-bedroom home is estimated to be worth $16 million. Neighbors include Ashton Kutcher/Mila Kunis, Kevin Costner and Ellen DeGeneres.
