New Jersey Nets co-owner Henry Taub passes away at the age of 83 – NBA update
Henry Taub, the co-owner of the New Jersey Nets died on Thursday at Mount Sinai Hospital in New York City. He was 83 years old and lived in Tenafly, New Jersey. Taub was the founder of a payroll company that rose into a global giant Automatic Data Processing
(ADP). According to his son Steven, the cause of his death was complications with leukaemia.
In a statement, Nets CEO Brett Yormark, payed tribute to the late Tycoon, "The Nets' organization was very saddened to learn of the passing of one of the team's former owners, Henry Taub. Henry was a key figure in bringing professional basketball to the
state of New Jersey, and he will always have a prominent place in the history of the Nets' franchise."
Taub turned his small company into one of the world's largest firms. He commenced his business back in 1949 in an office above a building in Paterson, N.J. Taub got the idea for his payroll firm when one of his accounting customers was not paying its workers
on time because its payroll manager was sick. He quickly started managing payrolls for numerous local companies. He didn't own a car at that time, so he used to deliver payrolls by taking a bus to his clients.
From Paterson, he moved to an ice cream parlour and then to a hotel basement. The 21-year-old accountant and his brother, Joseph, built the company on a standing for accuracy and appropriateness.
Few years later, they were joined by a young insurance agent named Frank R. Lautenberg who had been their childhood friend. In no time they raised the firm to new heights. Later Lautenberg became a democratic senator from New Jersey. ADP has now over five
hundred thousand clients around the world and revenue of almost $9 billion.
Lautenberg told that, “We worked a lot of seven-day weeks, but Henry never let (his brother) Joe or me leave the place without cleaning up and preparing for the next day. He was brilliant, very disciplined."
Taub remained the chief executive officer of ADP until 1975. He was also an associate of its board of directors from 1961 to 2009. He was serving as the honourary chairman of ADP at the time of his death. A post he held since 1986.
He owned part of the New Jersey Nets for almost 20 years. Besides this he remained a member on the boards of several major nationwide companies.
Taub was also a renowned generous donor who supported many causes in the United States of America and Israel. He was the founder of Henry and Marilyn Taub Foundation, which has possessions of over $100 million. He had also frequently donated money to educational
and health causes.
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