Ellen Gordon Net Worth

What is Ellen Gordon's net worth?

Ellen Gordon is an American businesswoman who has a net worth of $1.5 billion. Ellen Gordon is best known as the longtime president, chairman, and chief executive officer of Tootsie Roll Industries. Over the course of more than five decades, she has guided the confectionery company through changing consumer tastes, shifting market conditions, and waves of industry consolidation, while maintaining its independence as a family-run enterprise. Gordon inherited leadership of Tootsie Roll in 2015 after the death of her husband, Melvin Gordon, but her influence at the company goes back to the late 1960s when she began her career in pension planning and product development. She steadily rose through the ranks, becoming president in 1978, only the second woman ever to lead a New York Stock Exchange-listed company. Today, she remains a central figure at Tootsie Roll, overseeing a portfolio of iconic brands such as Tootsie Pops, Junior Mints, DOTS, Charms, Andes, and Dubble Bubble. With her family's controlling stake, she has built both a personal fortune and a unique legacy in the American candy industry.

Early Life

Ellen Rubin was born in 1932 into a family already intertwined with the confectionery trade. Her grandfather founded Joseph Rubin & Sons, a paper box manufacturer that supplied candy companies, including Sweets Company of America, the original maker of the Tootsie Roll. Her mother became the first family member to purchase stock in the firm, a move that began the Rubin family's path to majority ownership. Ellen's father, William B. Rubin, later served as president of the company, increasing sales and restoring profitability during his tenure.

She attended college and later earned a graduate degree from Harvard University. Though she once thought it unrealistic to pursue a career as a businesswoman, Ellen entered the workforce at a time when few women were corporate leaders. In 1949 she met Melvin Gordon, a Harvard graduate who would later run Tootsie Roll. They married within a year and went on to raise four daughters together.

Corporate History of Tootsie Roll

The Tootsie Roll itself dates back to 1896, when Austrian immigrant Leo Hirshfield created a chewy, chocolate-flavored candy in New York City that could withstand heat and remain affordable for children. By 1917 the company was renamed the Sweets Company of America, and in 1922 it joined the New York Stock Exchange. The Tootsie Pop arrived in 1931, quickly becoming a Depression-era favorite.

In 1935 Bernard D. Rubin, Ellen's uncle, took control of the company during a financial crisis, enlarged the size of the candy, improved its formula, and moved production to Hoboken, New Jersey. World War II further cemented the Tootsie Roll's popularity when it was included in U.S. military rations thanks to its durability in extreme climates. By the time Rubin died in 1948, company revenues had risen dramatically, and leadership passed to Ellen's father, William B. Rubin.

When William became ill in 1962, Ellen's husband, Melvin Gordon, assumed the top role. That same year the company name changed to Tootsie Roll Industries to reflect its flagship product. Over the following decades, Ellen and Melvin spearheaded an ambitious expansion through acquisitions, adding brands such as Sugar Babies, Sugar Daddies, Junior Mints, DOTS, Blow Pops, Cella's, Charleston Chew, Dubble Bubble, and Andes. Despite interest from larger rivals like Hershey, Mars, and Nestlé, they refused to sell, keeping the business family-controlled. Known for their secrecy, the Gordons rarely gave interviews, tightly limited factory access, and kept corporate filings sparse, yet the company remained consistently profitable and steadily increased its dividends.

Career at Tootsie Roll

Ellen Gordon formally joined the company in 1968, where she worked in pension planning and product development before moving into executive leadership. Her insight into product development was key to the success of several acquisitions, and in 1978 she was elected president, only the second woman to hold that title at a company listed on the NYSE. She and Melvin managed the business together as equals, successfully navigating an industry marked by consolidation.

Upon Melvin's death in 2015, Ellen became CEO and chairman under the company's succession plan. She has since maintained the conservative management style that has long defined Tootsie Roll. Under her leadership, the company's candies are distributed in more than 30 countries, and the firm continues to generate reliable profits for shareholders.

Salary

Ellen Gordon's position as chairman and CEO has been accompanied by notable compensation. In recent years, her total annual pay has typically ranged from $6 million to $7 million, combining salary, bonuses, pension contributions, and other benefits. In 2022 her compensation totaled nearly $6.8 million, with just under $5 million paid in cash and the remainder in pension and perks. Earlier contracts show her base salary was about $1 million in the mid-2000s, supplemented by benefits such as corporate housing and use of a company jet. Unlike many publicly traded companies, Tootsie Roll provides relatively little equity compensation, as most of Gordon's wealth comes directly from her family's controlling stake.

Ownership and Wealth

The Gordon and Rubin families have maintained control of Tootsie Roll Industries for decades, largely through Ellen Gordon's personal holdings. As of recent disclosures, she owns more than 32 million shares of the company, representing roughly 44% of the total outstanding stock. Using the company's average recent market cap of $3 billion, that means Ellen's stake is worth $1.32 billion.

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