Henry Crown & Company, the family business of one of the richest and philanthropic families in Chicago, announced on Friday that it had a new leadership structure.
According to a news release, change will ensure that the business is successful in the future, and this change has occurred after a decade plan.
The release stated that a new five -member board will oversee operations, including portfolio investment objectives, investment and business policies and risk management monitoring.
Bills will work as Crown CEOs and Chairman and report to the board.
Industrialist Henry Crown’s grandson Jim Crown was the chief executive of the family business, but died in a car accident in June 2023 on a racing track in Colorado. According to Bloomberg, Bill Crown is the first cousin of the gym Crown.
“Although our leadership structure has developed, our values remain the same as a family,” Honorary Chairman of Business and Gym Crown’s father Lester Crown said. “Apart from expanding their business, our family focuses on supporting each other and donating collectively. I am confident that our new structure will serve our family the best, and will help us to continue taking care of our customers, local communities and employees until the next 100 years and beyond.
According to the release, Henry Crown and Company incorporates “a variety of investment, operating companies and philanthropic efforts” for the Crown and Crown family. Its roots are associated with the establishment of Material Service Corporation a century ago.
Bill Crown was the first to co-chairman and COO in the family business, in which he joined in 1993.
Jim Crown’s brother Steve Crown, who was the co-chairman of the first business, will be the executive chairman of the board.
With Bill and Steve Crown, Roger Ferguson, Craig Martin and Anne Mulakahi will be on the board.