Charles Butt, chairman and former CEO of San Antonio-based H-E-B, has landed on Forbes Magazine’s new ranking of the 400 richest people in the country.
Butt, whose family founded the San Antonio-based grocery retailer in Kerrville, Texas, in 1905, reportedly has a real-time net worth of $7.6 billion. His total has declined since peaking at $12.3 billion in 2015, according to Forbes, which based its 2023 rankings on stock prices in September.
H-E-B — which generates roughly $39 billion in annual revenue, according to Forbes — continues to be a major player in the retail grocery industry within its markets. The retailer is also continuing to grow within its Texas-Mexico market, including its recent announcement of plans to open three new stores in the Dallas-Fort Worth area.
Butt first started bagging groceries for H-E-B when he was just 8 years old, and then took over as CEO in 1971. The CEO position was handed off to his nephew in 2021 but Butt still remains chairman of the company.
See the full Forbes list here.