Latest Business News
Jim Crown, CEO and Philanthropist, Killed in Racing Accident
Jim Crown, a philanthropist, CEO, and member of the Commercial Club of Chicago, passed away on January 9, 2022, at the Aspen Motorsports Park in Colorado. He was involved in a fatal single-vehicle accident while driving in a race, leading to massive blunt force trauma. Dismayed family members and communities remember him as a true civic leader, a prominent figure in the Jewish community, and someone committed to making a difference in the world.
Born in Chicago in 1953, Crown earned his bachelor's degree in political science from Hampshire College and later obtained his law degree from Stanford Law School, where he began his journey into the finance industry. In 1983, he became a vice president at Salomon Brothers Inc. before joining his family's investment firm in Chicago in 1985. He was a managing partner for the Aspen Skiing Co. and held various directorial positions in organizations like General Dynamics Corporation and JPMorgan Chase.
Philanthropy and Community Work
Throughout his professional life, Crown was also involved in various philanthropic endeavors. He was a leader for the Commercial Club of Chicago, along with other Chicago corporate leaders who sought to create job opportunities for young adults. Furthermore, he served on boards of institutions such as The Aspen Institute, Museum of Science and Industry in Chicago, and also sat on the President's Intelligence Advisory Board, appointed by former President Barack Obama.
In a statement released by the Obamas, Jim Crown was described as an individual who cared deeply about Chicago and made it a place for everyone. The late CEO's family business, Henry Crown & Co., has invested in public and private securities, real estate, and operating companies; the company's investments have significantly contributed to the progress of the city. Former President Barack Obama and Chicago Mayor Brandon Johnson express their heartfelt sorrow and respect for Crown, saying that his legacy will always live in the soul of Chicago.
With Crown's passing, his family, friends, and business partners have requested privacy. Details on a memorial service for him will be released at a later date. Crown is survived by his wife, Paula; his parents, Lester, and Renée; six siblings; four children; a son-in-law, and two grandchildren. Everyone who knew Crown or was impacted by his life and work continues to mourn the loss of this true civic and financial leader.
The sudden passing of Jim Crown reminds us of the fragility of life and the need to cherish every moment. His contributions as a distinguished CEO and philanthropist will forever be remembered by the communities he touched, and his civic legacy will continue to inspire many. Crown's involvement in various philanthropic endeavors can serve as a model for new businesses to prioritize not only profitability but also social responsibility. He showed us that success is not only about financial gain but also about giving back to the community and creating opportunities for others.
As new businesses plan their growth strategy, they should prioritize philanthropy and community work, in the same way that Crown did. It is essential for businesses to support community development and give back in meaningful ways. Businesses that prioritize social responsibility gain respect and loyalty from the community, which can ultimately result in increased profitability.
Jim Crown's legacy serves as a reminder that success is not only about financial gain but also about giving back to society. Businesses should consider philanthropic endeavors as an essential part of their responsibilities and growth strategies. Crown's passing is a loss to Chicago and the world, but his memory will continue to inspire generations to come.
Article First Published at: https://www.cnbc.com/2023/06/27/chicago-business-executive-and-philanthropist-jim-crown-killed-in-colorado-racetrack-crash.html