Lester Crown

Last updated
Lester Crown
BornJune 7, 1925 (1925-06-07) (age 98)
United States
Education
Known for General Dynamics
SpouseRenee Schine
Children7, including James Crown and Susan Crown Kunkler
Parent
Relatives

Lester Crown (born June 7, 1925) is an American businessman and is the son of Chicago financier Henry Crown (died 1990), who created the Material Service Corporation with two brothers in 1919, which merged with General Dynamics in 1959. [1]

Contents

Crown has been a perennial member of the Forbes 400 list since 1982. He controls family holdings, including large stakes in Maytag, Hilton Hotels, Alltel, Aspen Skiing Company, New York's Rockefeller Center, and pro basketball's Chicago Bulls. He also holds a 13% stake in the New York Yankees, an increase from 10% when he was an original limited partner with George Steinbrenner's investment group in 1973. [2] Presumably, the large stake held in Bank One at the time of the 2003 Forbes 400 listing has converted to JPMorgan Chase stock and was derived from an interest in First Chicago Bank, which was enumerated in the 1998 Forbes 400 list as First Chicago NBD shares. Recent achievements include brokering a controversial agreement to expand O'Hare International Airport, and spearheading the funding of the new Cook County Hospital (Stroger Hospital). He is the chairman of the Commercial Club of Chicago and Chicago Council on Global Affairs.

Early life

Crown is the son of Rebecca (née Kranz) [3] and Henry Crown and was raised in Evanston, Illinois. He is of Jewish descent. [4] [5] During high school, he worked at the family business, Material Service Corporation (merged into General Dynamics in 1959). [6] His mother died in 1943. [6] Crown received a B.S. in chemical engineering from Northwestern University in 1946 and an M.B.A. from Harvard University in 1949. [6]

Career

He was President of Marblehead Lime Co as well as the president of Royal Crown RC Cola from 1956 to 1966. During the 1950s, the Crown family had a controlling interest in New York's Empire State Building. He has served as the president and chair of General Dynamics. He was President of Henry Crown & Co. from 1969 to 2002,then Chairman until 2018. He is a former director of Continental Illinois bank, Trans World Airlines, Maytag, and Esmark. In the 1980s, he gradually took over the family business, Henry Crown & Co., from his father. [6]

Affiliations

Affiliations include: Trusteeship of Northwestern University, the Aspen Institute and the Michael Reese Health Trust. Crown is on the Board of Directors of Lyric Opera and Children's Memorial Hospital, and the America Abroad Media advisory board. [7] He is a member of Lake Shore Country Club, Northmoor Country Club, Standard Club, Economic Club of Chicago, and Northwestern University's John Evans Club. He is a Deputy Chair of the International Board of the Weizmann Institute of Science in Israel and a member of the Tel Aviv University's Board of Governors. Crown is also involved with The Crown Center for Middle East Studies at Brandeis University. He donated the initial $10 million gift that started the center in 2005. He and the rest of his family are involved with the Crown Fellows program in American history at Brandeis, as well.

Political views

In a 2008 letter to voters Crown expressed his support for Barack Obama, the Democratic Presidential Candidate:

While my involvement in politics is motivated by a variety of issues, there is one issue that is fundamental: My deep commitment to Israel and to a strong U.S.-Israel relationship that strengthens both Israel's security and its efforts to seek peace," Crown wrote. "I am writing to share with you my confidence that Senator Barack Obama's stellar record on Israel gives me great comfort that, as President, he will be the friend to Israel that we all want to see in the White House - stalwart in his defense of Israel's security, and committed to helping Israel achieve peace with its neighbors." [5]

In April 2013 Crown was one of 100 prominent American Jews who signed a letter to Israeli Prime Minister Benjamin Netanyahu urging him to "work closely" with Secretary of State John Kerry "to devise pragmatic initiatives, consistent with Israel's security needs, which would represent Israel's readiness to make painful territorial sacrifices for the sake of peace." [8]

Awards

Crown received the Golden Plate Award of the American Academy of Achievement in 1989. [9] He was inducted as a Laureate of The Lincoln Academy of Illinois and awarded the Order of Lincoln (the State's highest honor) by the Governor of Illinois in 1999 in the area of Business and Social Service. [10] Crown, alongside his wife, received the Blessed are the Peacemakers Award from Catholic Theological Union in 2012. [11]

Personal life

In 1950, he married Renée Schine. [3] [12] His wife is the sister of producer G. David Schine [13] and daughter of theater and hotel magnate, Junius Myer Schine. They have seven children: A. Steven Crown, James Crown, Patricia Crown, Susan Crown Kunkler, Daniel Crown, Sara Crown Star, and Janet Crown Peterson. [14] [15] [16]

Their son James (1953-2023) [17] succeeded him as the President and Chairman of Henry Crown & Co. [18] [19] A daughter, Janet, is founder and owner of Burn 60 Fitness Studios [20] and is divorced from celebrity trainer Gunnar Peterson. [21] Among his seven children are board members of several major cultural institutions. Another daughter, Susan, is chairwoman of the Shoah Foundation. Together the family's net worth exceeds ten billion dollars, as of December 2020. [22]

See also

Related Research Articles

<span class="mw-page-title-main">Larry Ellison</span> American entrepreneur (born 1944)

Lawrence Joseph Ellison is an American businessman and entrepreneur who cofounded software company Oracle Corporation. He was Oracle's chief executive officer from 1977 to 2014 and is now its chief technology officer and executive chairman.

James Douglas Packer is an Australian billionaire businessman and investor. Packer is the son of Kerry Packer, a media mogul, and his wife, Roslyn Packer. He is the grandson of Sir Frank Packer. He inherited control of the family company, Consolidated Press Holdings Limited, as well as investments in Crown Resorts and other companies. He is the former executive chairman of Publishing and Broadcasting Limited (PBL) and Consolidated Media Holdings, which predominantly owned media interests across a range of platforms, and a former executive chairman of Crown Resorts.

Lester Lowry Mays was an American businessman. He was the founder and chairman of Clear Channel Communications.

Robert Alan Pritzker was an American businessman and member of the wealthy Pritzker family.

Leonard Alan Lauder is an American billionaire, philanthropist, art collector. He and his brother, Ronald Lauder, are the sole heirs to the Estée Lauder Companies cosmetics fortune, founded by their parents, Estée Lauder and Joseph Lauder, in 1946. Having been its CEO until 1999, Lauder is the chairman emeritus of The Estée Lauder Companies Inc. During his tenure as the CEO, the company went public at The New York Stock Exchange in 1996 and acquired several major cosmetics brands, including MAC Cosmetics, Aveda, Bobbi Brown, and La Mer.

<span class="mw-page-title-main">Frank Lowy</span> Australian businessman, founder and chairman of Westfield

Sir Frank P. Lowy is an Australian-Israeli businessman of Jewish Slovak-Hungarian origins and the former long-time chairman of Westfield Corporation, a global shopping centre company with US$29.3 billion of assets under management in the United States, United Kingdom and Europe. In June 2018 Westfield Corporation was acquired by French company Unibail-Rodamco.

Frederick Louis "Fritz" Maytag III is the former owner of Anchor Brewing Company in San Francisco and former Chairman of the Board of the Maytag Dairy Farms. He is also the owner of York Creek Vineyards in St. Helena, California. His revival of Anchor Steam beer inspired many other brewers to follow, and he is often considered the father of modern microbreweries. Maytag has also been an active trustee of Grinnell College, whose campus is close to the headquarters of Maytag Dairy Farms, recruiting among others Apple Computer's Steve Jobs to the Board of Trustees.

Samuel Zell was an American billionaire businessman and philanthropist primarily engaged in real estate investment. Companies founded by or controlled by Zell include Equity Residential, Equity International, EQ Office, Covanta, Tribune Media, and Anixter.

James Schine Crown was an American businessman and heir. He was president of Henry Crown and Company, a family investment company. Crown was a director of JPMorgan Chase & Co., General Dynamics and Sara Lee. He was also the managing partner of the Aspen Skiing Company.

<span class="mw-page-title-main">Mellody Hobson</span> American businesswoman

Mellody Hobson is an American businesswoman who is president and co-CEO of Ariel Investments, and the chairwoman of Starbucks Corporation. She is the former chairwoman of DreamWorks Animation, having stepped down after negotiating the acquisition of DreamWorks Animation SKG, Inc., by NBCUniversal in August 2016. In 2017, she became the first African-American woman to head The Economic Club of Chicago. She was also named to chair the board of directors of Starbucks in 2021, making her one of the highest profile corporate directors in the United States.

W. James Farrell is an American businessman, known for being the CEO of Illinois Tool Works from 1995 to 2005.

James Ray Cargill was an American billionaire heir and businessman.

<span class="mw-page-title-main">Henry Crown</span> American industrialist and philanthropist (1896-1990)

Henry Crown was an American industrialist and philanthropist. Among other things, he founded the Material Service Corporation, which merged with General Dynamics in 1959. At the time of his death, he was a billionaire. Henry Crown and Company, of which he is the namesake, is an investment firm that owns or has interests in a variety of business assets. From 1951 to 1961, he was the owner of the Empire State Building.

John A. Canning Jr. is a private equity investor and sports executive. He is the founder and chairman of Madison Dearborn Partners, the large Chicago-based private equity firm.

<span class="mw-page-title-main">Ted Lerner</span> American businessman (1925–2023)

Theodore Nathan Lerner was an American real estate developer and managing principal owner of the Washington Nationals baseball team. He was the founder of the real estate company Lerner Enterprises, the largest private landowner in the Washington metropolitan area, which owns commercial, retail, residential, and hotel properties, as well as Chelsea Piers in New York City. In 2015, Forbes magazine named him the richest person in Maryland.

Susan M. Crown is an American businessperson. She is founder and chairman of the Susan Crown Exchange (SCE), and chairman and CEO of Owl Creek Partners.

Gunnar Peterson is an American personal trainer, author, businessman, and actor best known for his work with professional athletes and celebrities. He is also a speaker, creator of major fitness programs, and developer of fitness equipment with a focus on functional training. His known best students are Dwayne "The Rock" Johnson, Billy Dee Williams, and Owen Williams of the Elora Mohawks.

J. Christopher Reyes is an American billionaire businessman and the co-chairman, with his brother Jude Reyes, of Reyes Holdings, a food and beverage production and distribution company, ranked by Forbes in 2023 as the 6th largest privately held company in the US with $40 billion in annual revenue.

<span class="mw-page-title-main">Jamshyd Godrej</span> Indian entrepreneur

Jamshyd Naoroji Godrej is an Indian industrialist and member of the Godrej family, currently serving as managing director and chairman of Godrej & Boyce, the holding company of the Godrej group. Godrej & Boyce is a diversified business with a presence across 10 industry sectors.

<span class="mw-page-title-main">Jennifer Pritzker</span> American billionaire (born 1950)

Jennifer Natalya Pritzker is an American investor, philanthropist, and member of the Pritzker family. Pritzker retired as a lieutenant colonel from the Illinois Army National Guard (ILARNG) in 2001, and was later made an honorary Illinois colonel. Founder of the Tawani Foundation in 1995, Tawani Enterprises in 1996, and the Pritzker Military Library in 2003, Pritzker has been devoted to civic applications of inherited and accrued wealth, including significant donations to broaden understanding and support for "citizen soldiers."

References

  1. ↑ "Lester Crown & family, The World's Richest People - Forbes.com". www.forbes.com. Retrieved 12 March 2019.
  2. ↑ Sandomir, Richard. "Praise for Steinbrenner From Limited Partners," The New York Times, Thursday, July 15, 2010. Retrieved September 2, 2021
  3. 1 2 Phyfe (1950-12-29). "MISS RENEE SCHINE BECOMES A BRIDE; Married to Lester Crown of Evanston, III., in Ceremony at the Waldorf-Astoria". The New York Times. ISSN   0362-4331 . Retrieved 2019-06-13.
  4. ↑ "The world's 50 Richest Jews: 31-40". The Jerusalem Post . September 7, 2010.
  5. 1 2 Gardner-Smith, Brent (January 21, 2008). "Lester Crown defends Obama in mass e-mail". Aspen Daily News . Archived from the original on January 30, 2008 – via Wayback Machine. Crown, 82, is a respected leader of Chicago's Jewish community and a strong supporter of Israel.
  6. 1 2 3 4 "Lester Crown's Story - A true American tale". Weizmann Magazine . September 28, 2014.
  7. ↑ "Advisory Board - Lester Crown". Archived from the original on July 16, 2014. Retrieved June 16, 2014.
  8. ↑ Hareetz: "100 American Jewish leaders urge Netanyahu to show readiness to make 'painful territorial sacrifices'" by Chemi Shalev April 3, 2013
  9. ↑ "Golden Plate Awardees of the American Academy of Achievement". www.achievement.org. American Academy of Achievement.
  10. ↑ "Laureates by Year - The Lincoln Academy of Illinois". The Lincoln Academy of Illinois. Retrieved 2016-03-07.
  11. ↑ "Blessed are the Peacemakers". Catholic Theological Union. December 6, 2022. Retrieved December 7, 2022.
  12. ↑ Crain's Chicago Business: "Happy 90th birthday, Lester Crown" by Steven R. Strahler May 29, 2015
  13. ↑ New York Daily news: "Plane crash of Cohn Pal Has Rumours Flying" by George Rush, Joanna Molloy, and Baird Jones June 21, 1996
  14. ↑ Chicago Tribune: "Crown Jewels - According To Forbes, Lester Crown Is Chicago's Richest Man. According To Lester Crown, It's Not Important Whether He Is Or Not" By Margaret Carroll February 03, 1988
  15. ↑ Wilmette Life: "Lester Crown was honored by the Harvard Business School Club of Chicago" 20 Jun 2002 | Photo daughter, Patricia Crown, honoree Lester Crown of Wilmette, and wife, Renee Crown, with son-in-law William Kunkler, daughter, Susan Crown Kunkler, daughter Janet Crown Peterson and son-in-law Gunnar Peterson. Lester Crown was honored by the Harvard Business School Club of Chicago
  16. ↑ Chicago Tribune: "Sara Crown And James Star Exchange Wedding Vows" January 01, 1989
  17. ↑ Chicago Sun Times obituary (quotes Lester on son's death)
  18. ↑ Crain's Chicago Business: "Crown family" October 15, 2005
  19. ↑ General Dynamics board of directors bio, "James S. Crown Lead Director"
  20. ↑ Wehoville Magazine: "Gym Queen Janet Crown Says ‘Burn Baby Burn,’ 60 Minutes at a Time" By Michael Jortner March 03, 2017
  21. ↑ The Ringer: "Gunnar Peterson Is the Hardbody Whisperer" by Kate Knibbs August 10, 2017
  22. ↑ "Crown family". Forbes . Archived from the original on 2023-03-08.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.