Lorberbaum Moves Up on Forbes Billionaires List
New York, NY, March 4, 2014 -- Jeffrey Lorberbaum, president and CEO of Mohawk Industries, is again on the list of the world's billionaires published by Forbes.
Last year Lorberbaum was number 1,250 on the list, while this year he moved up to number 1,046.
Last year Lorberbaum also climbed into the 400 Richest People in America list for the first time, ranked at number 369.
He is the only billionaire in the flooring industry on either list.
The magazine reports that Lorberbaum's net worth totals $1.7 billion, following a spike in the value of his 15% stake in the company.
In 1957, Lorberbaum's father, Alan, founded Aladdin Mills. Aladdin was purchased by Mohawk in 1994. Lorberbaum assumed leadership of Mohawk in 2001 and broadened the business into hard surface flooring.
Warren Buffett, CEO of Berkshire Hathaway, which owns Shaw Industries, once again made the list. Worth $58.5 billion, Buffett is the #2 on Forbes list.