MagCorp

History:

MagCorp was founded in 1931 as a Depression-era means of saving a number of promising but recessed industries. It remained on the edge of viability for almost two decades, until it happened upon a post-war production niche around 1949. New management in Acquisitions helped to liquidate many of the unprofitable holdings, and buy up promising new companies in the post-war period. During the late 50's and 60's, it expanded rapidly, buying up many new production companies and real estate deals. Under pressure from the shareholders, however, it has become more conservative. While its profit margin remains remarkable, it has reduced its expansions, frequently selling off temporary holdings at a significant profit. Its stock has remained stable for close to 20 years (back to several swings during 1975-76), and has always shown significant profit over any 5 year period since 1948.

Current Holdings:

MagCorp has vast world-wide holdings, including an office building in Boston's financial district (the MagCorp towers), a nationwide chain of office supply stores ("Staples"), an industrial insurance company, a kitchen appliance production company, and many more.
Minor holdings include a number of Boston-area businesses and properties, such as the Serenity Funeral Home and four low-rent apartment buildings.

Head:

Stephen Pierce is the current President and CEO of MagCorp, and has been for the past 40 years. He was born in 1926 the son of a factory worker in Norfolk, and started out as a factory worker himself in an automobile plant. He graduated into management in 1948, and rapidly rose through the ranks. He became CEO in 1954, riding the tide of the post-war success in Acquisitions (his former department).
He married his wife Beatrice in 1945, and although they had no children their marriage remains quite strong. His estate is the frequent center of society and charitable events, although of late he only puts in cursory appearences due to his work and age. The Pierce's are well-respected as pillars of the community.