Crown, Henry

Crown, Henry

▪ American executive
original name  Henry Krinsky  
born June 13, 1896, Chicago, Ill., U.S.
died Aug. 15, 1990, Chicago

      business executive and philanthropist.

      Crown left school in the eighth grade, worked as an office boy, and in 1919 borrowed $10,000 to found Material Service Corp. with his brothers Irving and Sol. The firm began as a sand, gravel, and lime business that, in 1959, merged into the General Dynamics Corp (General Dynamics Corp.). Crown served as a director of that company until he was forced out in 1966, when the chief executive redeemed Crown's controlling stock. Crown then began buying large blocks of General Dynamics stock and four years later seized control of the company and appointed a new chief executive. A few years later, when the company experienced financial difficulties, Crown returned and served as honorary chairman until 1986.

      Crown's business interests also included railroads, hotels, meat packing, and sport teams. In 1951 he led a syndicate that purchased the Empire State Building in New York City and, after renovating the structure, sold it in 1961 for a $32-million profit. With his $2 billion fortune he engaged in extensive philanthropies; during his lifetime he reportedly donated over $100 million to museums, hospitals, and universities.

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Universalium. 2010.

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