Lester Crown

Lester Crown
Lester Crown
Born	June 7, 1925 (age 101); Chicago, Illinois, U.S.
Occupation(s)	Entrepreneur, businessman, philanthropist
Years active	1956–2018
Known for	Chairman of Henry Crown & Co., owner of stakes in New York Yankees, Chicago Bulls, Rockefeller Center, and other major companies

Lester Crown (born June 7, 1925) is an American entrepreneur and the son of Chicago financier Henry Crown (who passed away in 1990). Henry Crown co-established the Material Service Corporation in 1919, which later merged with General Dynamics in 1959.

Since 1982, Crown has consistently appeared on the Forbes 400 list. He oversees the family’s investments, which include substantial shares in companies such as Maytag, Hilton Hotels, Alltel, Aspen Skiing Company, New York's Rockefeller Center, and the Chicago Bulls. He holds a 13% ownership in the New York Yankees, an increase from the original 10% stake he acquired as a limited partner alongside George Steinbrenner's consortium in 1973. His portfolio also featured a significant position in Bank One, likely exchanged for stock in JPMorgan Chase following its origins tied to First Chicago Bank. Crown was instrumental in negotiating the expansion deal for O'Hare International Airport and spearheaded financing for the new Cook County Hospital (now Stroger Hospital). He occupies leadership roles as chairman of both the Commercial Club of Chicago and the Chicago Council on Global Affairs.

Early life

Lester Crown was born in Chicago on June 7, 1925, to Rebecca (née Kranz) and Henry Crown and grew up in Evanston, Illinois. Of Jewish heritage, he gained early experience working at the family’s Material Service Corporation during his high school years. His mother passed away in 1943. Crown earned a Bachelor of Science degree in chemical engineering from Northwestern University in 1946, followed by an M.B.A. from Harvard University in 1949.

Career

From 1956 to 1966, he held presidential roles at Marblehead Lime Co and Royal Crown RC Cola. In the 1950s, the Crown family maintained controlling interests in New York's iconic Empire State Building. He also served as president and chairman of General Dynamics. Between 1969 and 2002, he was president of Henry Crown & Co., then transitioned to chairman until stepping down in 2018. His directorships have included positions at Continental Illinois bank, Trans World Airlines, Maytag, and Esmark. Throughout the 1980s, he gradually took over leadership of Henry Crown & Co. from his father.

Affiliations

Crown’s affiliations encompass trustee roles at Northwestern University, the Aspen Institute, and the Michael Reese Health Trust. He holds board memberships with the Lyric Opera, Children's Memorial Hospital, and America Abroad Media. His club memberships include Lake Shore Country Club, Northmoor Country Club, the Standard Club, Economic Club of Chicago, and Northwestern University's John Evans Club. Internationally, he serves as Deputy Chair of the International Board at the Weizmann Institute of Science in Israel and sits on the Board of Governors at Tel Aviv University. He endowed The Crown Center for Middle East Studies at Brandeis University with an initial $10 million donation to establish it in 2005. The Crown family is also engaged with Brandeis' Crown Fellows program focused on American history.

Alongside his wife Renee Helene Schine Crown, he supported Syracuse University’s honors program. In 1984, Renee donated $2.5 million toward the construction of the Schine Student Center at Syracuse, which officially opened its doors in 1985.

Political perspectives

In 2008, Crown openly supported Barack Obama, highlighting Obama's dedication to maintaining a robust U.S.-Israel alliance and expressing trust in his commitment to Israel's security and pursuit of peace.

By April 2013, Crown was among a group of 100 influential American Jewish leaders who called on Israeli Prime Minister Benjamin Netanyahu to work alongside Secretary of State John Kerry on practical measures that balance Israel's security concerns with a willingness to consider challenging territorial concessions for the sake of peace.

Honors

In 1989, Crown was honored with the Golden Plate Award from the American Academy of Achievement. He was named a Laureate of The Lincoln Academy of Illinois and received the Order of Lincoln—Illinois' highest distinction—in Business and Social Service in 1999. In 2012, Crown and his wife were presented with the Blessed are the Peacemakers Award by the Catholic Theological Union.

Family life

Crown wed Renée Schine in 1950; she is the sister of producer G. David Schine and daughter of Junius Myer Schine, a notable figure in theater and hotel industries. Together, they have seven children: A. Steven Crown, James Crown, Patricia Crown, Susan Crown Kunkler, Daniel Crown, Sara Crown Star, and Janet Crown Peterson.

Their son James (1953–2023) took over as President and Chairman of Henry Crown & Co. Daughter Janet established Burn 60 Fitness Studios and was previously married to well-known trainer Gunnar Peterson. Multiple children hold leadership roles on boards of significant cultural organizations; notably, Susan Crown leads the Shoah Foundation. As of December 2020, the family's wealth surpassed $10 billion.

External links

Forbes World's Richest People