HomeWealthiest Angelenos2023

38. David Murdock

By staff-author

October 2, 2023

1316

Net Worth: $2.3 B

LAST YEAR: 2.3 
CHANGE: 0% 
AGE: 100 
RESIDENCE: Lake Sherwood 
SOURCE OF WEALTH: Food distribution/manufacturing, investments  

THE MONEY: Murdock made his fortune with the Dole Food Co. Inc. and its former parent company, Castle & Cooke Inc. His association with Dole began in 1985, when Murdock-owned Flexi-Van Corp. merged with Westlake Village-based Castle & Cooke, a food and real estate entity. After he became chief executive of the combined company, Castle & Cooke spun off Dole in 1995. Murdock privatized the produce distributor in 2003, and it went public once more in 2009. It was again purchased by Murdock in 2013 in a deal worth $1.2 billion. He stayed as chief executive of Dole through 2017, when Total Produce, based in Ireland, bought a 45% share of the company in 2018 for $300 million. Murdock, then age 98, stepped down from Dole’s board in 2021.  

THE BUZZ: He currently owns 12.6% of Dole’s stock. Dole’s stock started as low as $9.61 in January and shares have surged upward 36% over the past eight months, hovering around $13 as of late August. The company reported a strong first quarter in May, with revenue up 1% year over year to $2 billion.

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