George Bunting, Jr. who became the CEO of the Noxell Corporation in 1973, a company founded by his father and primarily known for its sale of Noxzema cream in those blue jars, made a public pronouncement upon gaining his executive powers. He declared that Noxell would join “The Baltimore Five Percent Club”, a business and social group whose executives pledged that 5% of all corporate profits would be donated to support charities in the region.
Bunting’s charitable pledge on behalf of Noxell was about twice the national average. Companies that generated between $10 million and $200 million in annual profits donated almost 2.1% of their annual profits to their respective communities.
This creates a fall-out effect on regions that are regularly susceptible to the loss of leading corporations. For example, in 1980, St. Louis had twenty-thirty corporations that donated a blended average of 1.89% of their profits to local charitable … Read the rest of this article!