Remembering David Farrell
St. Louis recently lost one of its finest citizens with the death of David C. Farrell. In 1975, Farrell arrived in St. Louis to lead the May Company. He followed in the footsteps of the Founder, David C. May, and other members of the May family, including, most notably, Buster May, who in addition to building the May Company, emerged as a great St. Louis philanthropist during the middle part of the 20th century.
Farrell never shied away from the mission of building upon the May legacy. He led the Company through very challenging times in the retailing and merchandising industry, making numerous strategic acquisitions and divestitures while singularly focused on sales and earnings growth.
Stories abound about David, always told with respect and good humor, which testify to his hard work and legendary attention to detail. For example, David was in Washington D.C. inspecting several company stores there, which he often did around the country, usually surprising store managers with his sudden appearance.
It appears that David was driving a Company car with several associates to make a site visit at one of the Company’s suburban locations. While discussing a new pricing strategy as he pulled away from the curb, David failed to notice that not all of his colleagues had managed to make it through the back door onto the seat. As David drove away, a stranded associate clung gamely to the door while others desperately struggled to drag him into the car. It is unclear whether David ever knew about the close call!
To say that David was well-respected in the retail business would be an understatement. He was revered. Over more than a quarter century under his leadership, May Company consistently posted industry-leading returns. When David retired in 1998, May recorded its 24th consecutive year of record sales and earnings.
I first came to know David when we served together on the Board of the St. Louis Community Foundation in early 2000. I asked him to join me on several calls to St. Louis investment professionals in the hope of convincing them to work more closely with the Foundation. I remember picking him up and travelling to the office of a leading investment professional. The meeting did not go well. In fact, I was mortified that an iconic St. Louis CEO, with a large national following, would be subjected to some pretty rough treatment.
As we left the offices after the meeting, I started to stutter an apology and he simply said: “it looks like we have some work to do.” David went on to help the Foundation make some changes and over time the Community Foundation made great strides. This was the Farrell formula: confront the problem, make changes, expend maximum effort and success will follow.
Years later, I asked David about the effect of the internet on the retail industry and the whole notion of a department store in the context of online shopping and where we were headed. He paused and replied simply: “Focus on the merchandise.”
David Farrell focused on his family, his company and his City. St. Louis will miss him.