Henry Crown & Co., the family business of one of Chicago’s wealthiest and most philanthropic families, announced Friday it has a new leadership structure.
The change will ensure the business succeeds in the future, and the change follows nearly a decade of planning, according to a news release.
A new five-member board will oversee operations, “including oversight of portfolio investment objectives, investment and business policies and risk management,” the release said.
Bill Crown will serve as CEO and president and report to the board.
Jim Crown, grandson of industrialist Henry Crown, was the chief executive of the family business but died in June 2023 in a car crash on a racing track in Colorado. Bill Crown is Jim Crown’s first cousin, according to Bloomberg.
“While our leadership structure has evolved, our values as a family remain the same,” Lester Crown, chairman emeritus of the business and Jim Crown’s father, said in the news release. “In addition to expanding our businesses, our family remains focused on supporting one another and giving collectively to charity. I’m confident our new structure will best serve our family, and help us continue to care for our customers, local communities and employees for the next 100 years and beyond.”
Henry Crown & Co. encompasses “a variety of investments, operating companies and philanthropic endeavors” for the Crown family, according to the release. It has roots dating to the establishment of Material Service Corp. over a century ago.
Bill Crown previously was co-president and COO at the family business, which he joined in 1993.
Jim Crown’s brother Steve Crown, who previously was co-president of the business, will be executive chairman of the board.
Alongside Bill and Steve Crown, Roger Ferguson, Craig Martin and Anne Mulcahy will be on the board.
The Associated Press contributed.
