Joe Depinto is one of the most successful business people of all-time and has helped multiple businesses thrive and expand. Under his tenure, the already massive 7-Eleven franchise has become even more dominant in the retail market and has spread to multiple countries.
In this way, Joe Depinto net worth numbers are out of this world, but perhaps not as huge as some might think. That's because Depinto, in spite of his huge success and importance, continually puts the business first and rarely seeks out a huge paycheck in spite of his skills.
Joe Depinto Net Worth Numbers
Joe Depinto is the current President and CEO of 7-Eleven, Inc. Depinto has been with this organization since 2005 and has helped them expand into even more markets. This already dominant franchise has moved into over 16 countries with over 50,250 outlets. 7-Eleven stores are known for their broad array of items, including snacks, foods, alcohol, soda, gas, and even food made at the store.
It is currently the world's largest operator, franchsior, and licensor of convenience stores and is synonymous with quick and easy service. During his time with this company, Depinto has earned an estimated net worth of about $40 million and earns $1.03 million per year. That's obviously a lot of money but when compared to how much 7-Eleven makes, it is a pittance.
Currently, it is estimated that 7-Eleven makes about $18.66 billion in sales every year, including around $1.4 million per store. That means that a store owner brings in more money every year than the corporation's leader. Doing the math, $1.03 million out of $18.66 billion is just 0.5% of the company's total income. That's not even one-percent and is a shocking low number.
How He Compares to Other CEOs
By comparison, Elon Musk of Tesla made $25 billion in 2021 after exercising some stock shares, while Tim Cook of Apple makes about $770.5 million per year. While these companies do make more than 7-Eleven, their CEO salaries make up a significant portion of it. For instance, Musk's $25 billion was nearly half of the $53.8 billion that Tesla made in 2021.
To put that in perspective, if Joe Depinto made a similar income to Musk, he'd be making $9 billion to 7-Eleven's $18 billion. While Tim Cook's income is not quite as overwhelming as Musk's, it is still much higher than Depinto's. There's nothing wrong with making good money, of course, but Depinto's willingness to take a smaller paycheck has helped 7-Eleven expand without worrying about high CEO salaries.
This approach was best exemplified when Depinto appeared on the popular reality television show Undercover Boss. This show, which placed CEOs and other business leaders in the businesses that they led, showed Depinto learning how 7-Eleven employees worked and the challenges that they faced. Depinto's segment was one of the most popular because he came across as a fairly caring leader and one who would work hard to ensure that his team got the support that they needed.
It also highlighted the successes that Depinto has had with 7-Eleven as a leader. When he took over as the CEO, the U.S. subsidiary of 7-Eleven was $1.3 billion in debt. In just five years, he worked it down to $300 million and increased their earnings from $500 million to $800 million. Since then, 7-Eleven has continued to rise and Depinto, earning just a fraction of that money, has stayed on as an innovative leader who continues to more than earn his steady income with this franchise.
Joe Depinto's Success With 7-Eleven
Joe Depinto's early life is not exactly mysterious, but there aren't a huge number of details available online. It is known that he was born in Chicago and earned an Engineering degree from the US Military Academy at Westpoint while enlisted. Depinto then attended Kellog School of Management at Northwestern university. While there, he earned a Master's of Business Administration.
Depinto joined 7-Eleven in 2005 and has helped the company to grow to be consistently in the top 10 in Entrepreneur Magazine's Franchise 500 list. Some of his biggest innovations at the company include a focus on quick-and-easy food, such as pizza, and an expansion of its private line of various snacks, home goods, and more. Depinto has also helped them expand in many other ways.
The Speedway Deal
Depinto helped lead the deal that transferred ownership of Speedway from Marathon to the 7-Eleven corporation. 7-Eleven, currently owned by the Japanese 7 & I Holdings, bought more than 4,000 stores in this deal, which was worth $21 billion. This expansion has given 7-Eleven an even bigger market share, with its goods now being sold in Speedway stores around the nation.
This deal was somewhat controversial at the time because the Federal Trade Commission raised concerns about potential anti-competitive issues. They warned that the trade was potentially illegal and claimed that the group closed the deal “at their own risk. No lawsuits have been pursued against 7-Eleven and its parent corporations for this deal at the time of this article's publication.
It's been risky ventures like these that have given Depinto such prominence with 7-Eleven. It has helped him bring his parent companies huge success while raising his financial portfolio. After all, 7-Eleven wasn't the first company he joined. It was just the most recent in a lengthy string of successes as a business leader and strategist.
Depinto' Other Business Ventures
While Depinto has mostly earned success with 7-Eleven, he has also worked with many other businesses over the years. For example, he worked for Gamestop corporation for several years as the president. He helped PepsiCo for at least two years. Joe worked as the director of Brinker International and Jo-Ann fabric stores. He also worked at Thornton Oil Corp. DePinto even worked for National Security and for the NHL's Dallas Stars.
Joe Depinto's other earnings are primarily focused in various stock options, including 15,756 BI stocks. These stocks are worth over $2.5 million, which is considered part of his net worth. Depinto also sold several EAT stock options for about $8 million, which boosted his net worth even further. He also serves on various business boards and earns a small, but persistent, income from these sources.
Depinto may have real estate holdings but these have never been disclosed. If so, Joe Depinto net worth numbers may be even higher. However, trying to speculate about real estate earnings is unwise. There could be any number of potential properties he could own. These could significantly add or detract from his wealth.
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Written by Allen Lee
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