Hobby Lobby Stores Bundle
Who Owns Hobby Lobby Stores Company?
Understanding a company's ownership is crucial for grasping its direction and impact. A significant change in ownership for Hobby Lobby occurred in October 2022. Founder David Green transferred all voting stock to a trust, moving from direct family control to a stewardship model.
This transition reflects a commitment to guiding the company's operations based on Christian principles. The company's journey began in 1972, growing from a small venture into a retail leader.
Who owns Hobby Lobby Stores Company? The answer lies in a trust established by its founder.
Who Founded Hobby Lobby Stores?
Hobby Lobby Stores, Inc. was established in 1972 by David Green, who initiated the venture with a modest loan of $600. The company's foundational ownership was entirely within the Green family, with David Green at the helm, guiding its strategic direction. His wife, Barbara Green, and their children were actively involved in the business's formative years, reinforcing its family-centric ethos.
Founding Year
Hobby Lobby Stores, Inc. was founded in 1972.
Initial Capital
The business began with an initial loan of $600.
Founder
David Green is the founder of Hobby Lobby Stores, Inc.
Early Operations
The company's initial operations commenced from David Green's garage.
Family Involvement
David Green's wife, Barbara Green, and their children were integral to the early stages.
Funding Growth
The company's expansion was financed through its own profits, avoiding external investors.
The company's growth in its early years was organically funded through its profits, allowing the Green family to maintain complete control without external investors. David Green left his supervisor position at TG&Y to open the first official Hobby Lobby store in Oklahoma City in 1972, and a second in 1975. By mid-1982, Hobby Lobby had grown to seven stores, and the first store outside Oklahoma opened in 1984. This initial, tightly-held family ownership ensured that the company's operations and values remained consistent with the Greens' devout Christian beliefs from its inception. Understanding the Revenue Streams & Business Model of Hobby Lobby Stores provides further insight into its sustained family ownership structure.
Early Expansion Milestones
The company experienced steady growth in its initial years, expanding its physical presence.
- First store opened in Oklahoma City in 1972.
- A second store was established in 1975.
- By mid-1982, the company operated seven stores.
- The first store outside Oklahoma opened in 1984.
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How Has Hobby Lobby Stores’s Ownership Changed Over Time?
For over five decades, Hobby Lobby has operated as a privately held, family-owned enterprise, a distinct characteristic in the retail landscape. This structure has allowed the founding family to maintain complete control, foregoing public offerings or external investment to preserve its unique operational philosophy.
| Key Role | Name |
|---|---|
| CEO | David Green |
| President | Steve Green |
| Ministry Investment Officer | Mart Green |
| Vice President of Art/Creative | Darsee Lett |
| Executive Vice President | Steve Lett |
In a significant development in October 2022, David Green transitioned Hobby Lobby's ownership by transferring 100% of its voting stock to a trust. This strategic move was intended to safeguard the company's Christian values and ensure its long-term mission of supporting Christian ministries. While the specifics of the trust's beneficiaries remain private, the framework is designed to channel profits, after reinvestment, towards charitable causes. The Green family continues to be the primary stakeholder, with key members actively involved in managing the company's operations and strategic direction. The company's financial performance remains robust, with an estimated annual revenue of $8.0 billion in 2024, underscoring its success as a privately held entity.
Hobby Lobby's Ownership Structure
Hobby Lobby's ownership is characterized by its private, family-controlled nature, a model that has persisted for over 50 years.
- The company is not publicly traded, meaning no shares are available on stock exchanges.
- In 2022, 100% of the voting stock was transferred to a trust, aiming to perpetuate the company's values.
- The Green family remains central to the company's management and strategic decisions.
- This structure allows for direct control over business operations and philanthropic endeavors.
- Understanding this structure is key to grasping the company's operational philosophy and its Competitors Landscape of Hobby Lobby Stores.
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Who Sits on Hobby Lobby Stores’s Board?
As a privately held entity, the governance of Hobby Lobby Stores Company is effectively managed by its executive leadership and key family members, reflecting the direct control of the Green family. David Green, the founder, also serves as Chief Executive Officer, with his son, Steve Green, holding the position of President.
| Name | Position | Family Relation |
|---|---|---|
| David Green | Founder, Chief Executive Officer | Founder |
| Steve Green | President | Son of Founder |
| Mart Green | Ministry Investment Officer | Family Member |
| Darsee Lett | Vice President of Art/Creative | Family Member |
| Steve Lett | Executive Vice President | Family Member |
| Jon Cargill | SVP-CFO | Not specified as family |
In October 2022, the transfer of 100% of the company's voting stock to a trust was completed, a move designed to ensure that decision-making power remains aligned with the devout Christian beliefs of the Green family. This structure means that the individuals holding executive leadership roles within the company also represent the interests of the trust that now controls the voting stock. This private structure exempts Hobby Lobby from the extensive public regulations and scrutiny concerning board composition and shareholder voting rights that publicly traded corporations face, allowing the family to operate the business according to their values without external pressures from a diverse shareholder base or proxy contests. This arrangement is central to understanding Hobby Lobby ownership and who owns Hobby Lobby.
Family Control and Governance
The Green family maintains direct control over Hobby Lobby's strategic direction and operational decisions through its ownership structure.
- The company's voting stock is held within a trust, ensuring alignment with family values.
- Key family members occupy significant executive positions, facilitating cohesive management.
- As a private company, Hobby Lobby is not subject to public disclosure requirements for board composition.
- This private status allows for operational decisions to be guided by the owners' specific beliefs and objectives.
- Understanding this structure is crucial for grasping the history of Hobby Lobby ownership.
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What Recent Changes Have Shaped Hobby Lobby Stores’s Ownership Landscape?
In recent years, Hobby Lobby has continued its expansion, solidifying its position as a major player in the arts and crafts retail sector. The company's commitment to its unique ownership structure remains a defining characteristic of its operations.
| Metric | 2024 Data | 2025 Projection |
|---|---|---|
| Total Stores | 1,057 | Continued expansion |
| Annual Revenue | $8.0 billion | Projected growth |
| Online Sales (hobbylobby.com) | US$586 million | 5-10% growth |
| Minimum Wage | $19.25/hour (effective Oct 1, 2024) | Ongoing commitment |
A pivotal development in the company's ownership trajectory occurred in October 2022 when David Green transferred 100% of Hobby Lobby's voting stock into a trust. This strategic move was publicly articulated as a commitment to prioritizing faith-based principles over personal wealth, ensuring the company's long-term adherence to its Christian values and a stewardship model. This decision underscores a deliberate effort by the Green family to maintain private control and a faith-driven operational ethos, eschewing public market offerings or significant external investments that could potentially dilute these core tenets. This aligns with the company's broader philosophy, as detailed in the Mission, Vision & Core Values of Hobby Lobby Stores.
Ownership Structure Reinforcement
The transfer of voting stock into a trust by David Green in October 2022 reinforces the family's commitment to private, faith-based control. This ensures the company's future operations remain aligned with its core Christian principles.
Continued Physical Expansion
As of May 21, 2025, the company operates 1,057 stores across the United States. Recent openings in late 2024 and mid-2025 highlight ongoing physical footprint growth.
Financial Performance and Growth
In 2024, Hobby Lobby's estimated annual revenue reached $8.0 billion, with online sales contributing US$586 million. Projections for 2025 indicate continued online sales growth between 5-10%.
Employee Welfare Commitment
The company has demonstrated a consistent commitment to employee welfare, raising its minimum wage to $19.25 per hour for full-time employees effective October 1, 2024.
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