Lester Crown resigns from Maytag’s board of directors

Lester Crown resigns from Maytag’s board of directors
 
Date September 01, 2005
Section(s) Local News
Brief  
 
By PETER HUSSMANN

Editor

Lester Crown, a member of Maytag‘s board of directors since the purchase of the Hoover appliance brand in 1989, announced his resignation effective Tuesday.

Crown, 80, resigned to pursue other personal and professional obligations, a statement released late Wednesday said.

“I have enjoyed the opportunity to be part of Maytag‘s board and to work with its directors and management in service to shareholders,” the statement said. “However, now that we have reached a merger agreement, I have fulfilled my obligation to the shareholders and believe it is time for me to concentrate on other commitments.”

Crown took a position on the Maytag board as a result of Maytag‘s acquisition of Chicago Pacific Corp., in January 1989. Maytag paid $384 million to acquire 6.4 million Chicago Pacific stock shares at $60 each. Neal Sterns was also placed on the Maytag board as part of the Chicago Pacific acquisition.

Crown, chairman of Henry Crown and Co., an investment firm based in the Chicago area, is listed by Forbes magazine as the world’s 144th richest man with a net worth of $3.8 billion. Reports indicate he and his family control as much as 4.1 million Maytag shares making Whirlpool’s $21 per share buyout offer worth as much as $86 million.

Crown’s current term on the board would have expired in 2006. The Maytag board now has nine independent board members and Ralph Hake, Maytag‘s CEO. Board members are paid $35,000 a year plus $1,250 for each meeting attended plus expenses. Members also receive an annual stock option grant of 3,000 shares.

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