E. Joe Shoen
Phoenix, Arizona
Master of Business Administration, Harvard Business School
United States
5
U-Haul
$2,800,000,000
838
#838 Billionaires 2019
#302 Forbes 400 2018
Joe Shoen is the president and chairman of U-Haul's $3.6 billion (sales) parent company Amerco, where he has a 21% stake. His parents L.S. and Anna Mary Shoen cofounded the truck and trailer rental company back in 1945.Worried that his father was wrecking the company, Joe led a coup in 1986, forcing his dad into retirement and alienating most of his 12 siblings.Despite his problems working with his own dad, Joe's sons Stuart and Sam are both executives at Amerco.Shoen is known for his frugality, insisting employees stay in cheap motels, two to a room.
Shoen wrote his thesis at Harvard Business School on the self-storage business. His father, L.S., committed suicide in 1999.
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