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James Crown, a scion of a rich Chicago household who held vital positions in companies as various as Common Dynamics, Sara Lee and JPMorgan Chase, and who grew to become a vital early supporter of an up-and-coming politician named Barack Obama, died in Woody Creek, Colo., on Sunday, his seventieth birthday.
Mr. Crown’s household mentioned in an announcement that he died in a single-car accident on the Aspen Motorsports Park racetrack. The assertion supplied no additional particulars about how he died.
Mr. Crown was the chief government of Henry Crown & Firm, the household’s privately owned funding agency. The corporate is known as for his grandfather, the son of a Lithuanian sweatshop employee, who constructed a household concern that bought sand, gravel, lime and coal right into a Chicago enterprise empire price billions.
James Crown was additionally the lead director and a serious shareholder of the protection and aerospace firm Common Dynamics; a former chairman of Sara Lee who helped the corporate cut up into beverage and meals divisions; and a board member of JPMorgan.
An avid philanthropist, Mr. Crown met Mr. Obama in 2003, when he was making ready to run for the U.S. Senate in Illinois, and have become an enthusiastic supporter.
Mr. Obama had been trounced in a 2000 congressional race towards the Democratic incumbent. His advisers mentioned he wanted a higher connection to Chicago’s Jewish voters. In addition they mentioned he wanted cash, and Mr. Crown supplied each.
“I used to be simply taken together with his sensibility, his intelligence, his values and the way he performed himself throughout that marketing campaign,” Mr. Crown informed The New York Instances in 2007.
Mr. Crown and his household donated a complete of $112,500 to Mr. Obama throughout the Democratic main, and Chicago’s Jewish leaders raised a whole bunch of 1000’s extra throughout the marketing campaign. Mr. Obama gained the first, then defeated Alan Keyes for the Senate seat and started the nationwide political profession that may take him to the White Home.
A number of years later, Mr. Crown grew to become Mr. Obama’s chief presidential fund-raiser in Illinois. When Mr. Obama ran for president in 2008, he launched an inventory of earmarks he had secured as a senator, together with $750,000 to assist renovate an area middle named after Henry Crown on the Museum of Science and Business in Chicago.
In 2014, Mr. Obama appointed Mr. Crown to the president’s Intelligence Advisory Board, an unbiased group that advises the president on the effectiveness and objectives of U.S. intelligence companies.
“When Barack was nonetheless an unlikely candidate working for the U.S. Senate, Jim grew to become one in every of his fiercest advocates and most perceptive advisers,” Mr. Obama and his spouse, Michelle, mentioned in an announcement on Monday. “He believed in our household, and labored arduous to persuade others throughout Chicago that they may, too.”
One other beneficiary of Mr. Crown’s largess was the College of Chicago, the place he served as chairman of the board of trustees from 2003 till 2009. The college named its social providers college the Crown Household College of Social Work, Coverage and Observe after Mr. Crown and his spouse, Paula, donated $75 million in 2021.
After Mr. Obama left the White Home, Mr. Crown continued to mingle with world leaders, together with President Biden, whom he noticed final week at a state dinner for Prime Minister Narendra Modi of India.
“Jim lived an excellent Chicago story — one which tied our nation’s industrious previous to an ever-hopeful future,” Mr. Biden mentioned in an announcement. “He grew up the great-grandson of a sweatshop employee whose son turned a construction-supply firm into an empire. All through his personal profession as a enterprise and civic chief, Jim continued to drive that legacy ahead.”
Mr. Crown was a director of Financial institution One, a client banking big within the Midwest and South, from 1991 till 2004, when JPMorgan acquired it in a deal valued at about $58 billion. He stayed on as a board member after the merger.
Jamie Dimon, JPMorgan’s chairman and chief government, wrote in an announcement that Mr. Crown “has been a trusted adviser for me for almost 20 years, enjoying a key function in serving to our firm navigate quite a few enterprise and financial challenges.”
Mr. Crown and two different boardmembers, David Cote and Ellen Futter, drew criticism in 2013 after JPMorgan misplaced greater than $6 billion in a wager on credit score derivatives. The loss drew scrutiny from federal regulators, calls for for extra strong threat administration and intense criticism of Mr. Dimon.
James Schine Crown was born in Chicago on June 25, 1953, to Lester and Renée (Schine) Crown. His mom additionally comes from a rich household — her father, J. Myer Schine, made a fortune in actual property and motels — and he or she serves as a director of the Nationwide A number of Sclerosis Society and created an honors program at Syracuse College.
Lester Crown was for a few years the main shareholder of Common Dynamics. Below his management, the Crown household grew to become a minority proprietor of the Chicago Bulls and the New York Yankees.
The Crown household fortune started with Henry Crown, James’s grandfather, born Henry Krinsky, whose father modified the household title to Crown when Henry was a boy. Henry left college within the eighth grade and, together with his brother, finally began the household development supplies enterprise, which he expanded into railroads, meat packing, motels and, for a time, a serious curiosity within the Empire State Constructing.
In 2020, Forbes journal ranked the Crown household the Thirty fourth-richest in america, with an estimated price of $10.2 billion.
James Crown graduated in 1971 from New Trier East Excessive College in Winnetka, In poor health. (now a part of New Trier Excessive College). He earned a bachelor’s diploma in political science from Hampshire School in Amherst, Mass., in 1976. After finishing a regulation diploma at Stanford, he started working for Salomon Brothers, the New York Metropolis funding financial institution.
In 1983, he grew to become a vice chairman at Salomon, the place he met Paula Hannaway, an funding banker. They married in 1985 and moved to Chicago, the place Mr. Crown joined his household’s funding agency.
Along with his spouse and his dad and mom, Mr. Crown is survived by two brothers, Steve and Daniel; 4 sisters, Patricia (referred to as PC), Susan, Sara and Janet Crown; three daughters, Torie, Hayley and Summer time Crown; a son, W. Andrew Crown; and two grandsons.
Mr. Crown, who stored a house in Aspen, was additionally an avid skier and a managing accomplice of the Aspen Snowboarding Firm, which operates a resort.
The household assertion didn’t say what Mr. Crown was doing at Aspen Motorsports Park when the accident occurred. The park’s web site says that members collect twice per week to race, sometimes a qualifying session adopted by two races with “fast-paced, wheel-to-wheel motion” in “Spec Racer Toyotas.”
The racetrack didn’t reply to telephone calls or an e mail.
Mr. Crown lately started an effort to sort out gun violence in Chicago by encouraging the town’s enterprise leaders to create 1000’s of jobs in underserved areas of the town, offering thousands and thousands of {dollars} for civilian violence intervention applications and shoring up regulation enforcement and low-income communities.
He mentioned that the trouble would assist Chicago’s higher crust in addition to its lower-income residents.
“You’ve obtained altruism,” Mr. Crown informed The Chicago Solar-Instances. “However you’ve additionally obtained the enlightened self-interest of: I need to be secure, I would like my employees to return to work, I would like the vacationers to patronize my enterprise, no matter which may be.”
Emily Flitter contributed reporting.
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