Grady White
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Grady-White Boats owner and CEO Eddie Smith, 83, has ensured his legacy of philanthropy by giving away the award-winning Greenville, NC boat manufacturing company, according to the July 25, 2026, New York Times.
Rather than selling the privately owned company for a reported $400 million, he was inspired by the founder of outdoor apparel brand Patagonia -- who in 2022 made a nonprofit to distribute the company's money.
Smith, who has no heir, has created a "purpose trust," guaranteeing that the company will never be sold and will continue to operate, according to The New York Times, "in accordance with Mr. Smith's values, including profit-sharing" and other benefits for its 350 employees, including a retirement plan and on-site health care.
Smith also created a nonprofit, that will be run by independent boards, to give away the annual profits not reinvested into Grady-White.
He will become "chief executive emeritus" and receive an annual salary.
The donation of Grady-White is the largest transfer of ownership since Patagonia, the New York Times said.
Smith and his family -- his wife, the late Jo Allison Smith, and his son, the late Chris Smith (who passed away from ALS) -- have been well known in the area for supporting causes important to them through the non-profit The Eddie and Jo Allison Smith Family Foundation Inc. The Greenville-based private family foundation gives millions of dollars annually in grants to health care and medical research, education, environmental conservation, and community welfare.
The Cancer Center at Greenville's ECU Health Medical Center is housed in the Eddie and Jo Allison Smith Tower.
In 2020, Grady-White Boats and Smith committed to the largest donation in ECU Athletics and Pirate Club history. In recognition, the ECU athletics complex was named the Grady-White Boats Athletic Campus.
A number of scholarships, including at Pitt Community College, are funded by the foundation.
Smith also meticulously restored the historic home once owned by a Confederate general in Grimesland, NC, and has conserved the surrounding wetlands. He donates to many conservation charities including Sound Rivers and Ducks Unlimited.
Grady-White Boats was founded in an old tobacco warehouse in Greenville in 1959 by boat builder Glen Grady and businessman Don White. Smith purchased the company in 1968 and has retained sole ownership.
The sport-fishing and recreational boat manufacturer builds outboard powerboats ranging from 18 feet to 45 feet in length at its Greenville facility.