February 09, 2009
It’s funny to think now, but for Leo W. Pierce Sr. ’39C, ’99HON
success began with just a few boxes in his basement. As former
chairman emeritus of Iron Mountain Incorporated, he founded what
would become one of the largest and most successful record storage
and information management companies in the world. But his legacy
isn’t limited to just the boardroom. Philanthropically, he and his
family have set a standard of excellence in giving and Pierce has
served as a shining example to his eight children, 26 grandchildren
and 15 great grandchildren (with more on the way).
It was for his family that he worked so hard to build his
business and it was for them that he triumphed over personal
struggles which he now views through a lens colored with the
appreciation of the many blessings bestowed upon him. Leo Pierce’s
story is both unique and typical of the St. John’s experience. Born
at home in Brooklyn to Kathryn, an Irish immigrant, and John
Pierce, who despite leaving school in the sixth grade was
self-educated and well read, he early on learned the value of faith
and family. His mother’s strong Catholic faith and his father’s
urging that a young Pierce do well in school combined to spur him
on academically during his Catholic school education and he was
often first in his class. Impressed with Pierce’s bright mind and
good grades, a priest offered to pay the tuition so the
then-teenaged Pierce could attend Harvard University, but Pierce’s
father declined because he couldn’t afford the living expenses.
Pierce attended St. John’s University on academic scholarships and
says he appreciates the aid which enabled him to earn his degree.
“In the 1930s, even though tuition was peanuts, my father couldn’t
afford to send me to school,” recalls Pierce. “I went to St. John’s
during the summer so I was able to graduate in just three and a
half years, but with a four year education.” He earned his degree
with honors and landed a job with a bookstore in Manhattan named
“Barnes & Noble.” “I have no idea if it’s the same Barnes &
Noble of today,” he laughs. “I like to say I started Barnes &
Noble on their way.” He also worked a stint at Price Waterhouse and
had planned to attend graduate school before Uncle Sam came calling
in 1941 and he was drafted into the Army. A month before leaving
for basic training, he married the former Marjorie (Peggy) Kinnaly
who was a childhood schoolmate destined to be his wife for more
than 60 years.
After four years in the military, during which he and his wife
had three children, Pierce left with the rank of major and was
recruited to work for Marshall Fields by his former superior in the
Army who was comptroller for the company. There, Pierce headed the
payroll department before being promoted to accounts receivable. He
then left to work briefly for LeFebure Corporation which made
custom built bank and filing equipment and he was ecstatic when
they asked him to open an office in Philadelphia. “I jumped at the
opportunity because at 90 miles from New York it was just close
enough to the family,” Pierce says. While he represented LeFebure,
the corporation allowed him to start his own business as an outside
representative and so he founded L.W. Pierce Company,
Inc.
During the following years, five more children were born to the
Pierces and they settled into life in Philadelphia. Things were
going well for Pierce. He was a successful businessman selling
filing systems and related equipment through L.W. Pierce and his
family was thriving. But while working hard, Pierce says he began
to reward himself with drinking. “By the time I was 40, I was a
full blown alcoholic,” he recalls. “But I was still a workaholic
and I would never drink before 5 p.m. — those were 10 tough years
for my wife and family.” Fortunately, Pierce recognized the damage
that was being done and with the help of a 12 step recovery
program, was able to attain sobriety. He marks that as the point at
which his life turned around. “I haven’t had a drink since,” he
says proudly. “Getting sober changed my life physically, mentally,
emotionally and spiritually. Shortly after, I started a new
business which was Pierce Business Archives.” The year was 1969 and
the new company — which evolved from L.W. Pierce Company —
specialized in archives records management and storage. The first
client was Scott Paper Company and with no storage building
initially, Pierce kept the records in the basement of his
Philadelphia home. Then he purchased a warehouse, and his children
came to work for him, doing everything from driving trucks to
stacking boxes. The business soon grew to include offices in
Connecticut, New York, New Jersey and Maryland.
Pierce’s pitch to major corporations was simple: rather than
wait weeks for an employee to comb through two or three years of
active files, store with his company, save money on the space and
employees needed for record storage and receive a guarantee that
what was requested would be delivered by the next day or same day
if needed. It worked and Pierce Business Archives became more and
more well known. In 1990, Pierce purchased New York based
competitor Leahy Business Archives and the new business emerged as
the Pierce Leahy Corporation.
The newly formed company became the largest business records
storage and management business in North America with over 250
warehouse record centers running coast to coast, in Canada and the
United Kingdom. Sales continued to increase and Pierce continued to
make acquisitions.
In 1997, financial gains came when the company went public on
the New York Stock Exchange. Always dogged in its organization and
wanting to offer the best to its clients, Pierce Leahy attracted
the attention of its largest competitor, Iron Mountain. In 2000 the
firms merged, with Iron Mountain as the surviving name. By then,
Pierce and his wife had retired to Vero Beach, FL, and their son
Peter was heading up the company. Pierce and his wife reveled
in having the time and resources to do for others, and they turned
more of their attention to the L.W. Pierce Family Foundation which
they had set up to offer support for worthy causes. One of the
first recipients of their generosity, Pierce says, was alma mater
where the couple established the Leo W. and Marjorie L. Pierce
Scholarship Endowment Fund. “I feel that the education I got at St.
John’s was very important to the rest of my life,” Pierce now
says. “If I hadn’t gone to college, I am sure I wouldn’t have
gotten the job at Price Waterhouse. The fact that I got a
scholarship, and I was a young man who couldn’t have afforded
attending if not for that scholarship, is a big reason for my
wanting to offer support.” offer support.” St. John’s is not the
only organization that has benefited from his generosity. He has a
longstanding relationship with the Visiting Nurse Association (VNA)
of the Treasure Coast based in Vero Beach. Spurred by the memory of
his mother dying in a public hospital ward in Brooklyn when he was
13 and touched by the home care they offered his beloved wife Peggy
before she passed away in 2001, Pierce has remained close to the
organization. Because of his professional achievements and
tremendous generosity, Pierce is held in high esteem at the
University. In 1995, he was awarded the Pietas Medal and three
years ago he received the Medal of Honor, the highest award that
the University can present to an alumnus.
Pierce is also respected as an elder statesman in his industry
and was one of the founders of the Association of Commercial
Records Centers in the 1970s. In 2005, he received the first
Lifetime Achievement Award presented by PRISM International
(Professional Records and Information Services Management). He has
also helped scores of people maintain sobriety through his many
years of volunteer work in the alcohol recovery field. Yet with all
of his many accomplishments, Pierce more than likely would take a
visitor to his home first to stand before a large framed family
tree on the wall that contains the names of his beloved. For it is
his family that has given Leo Pierce his roots.