James Crown, a prominent figure in the business world and a key supporter of Barack Obama, passed away on his 70th birthday in Woody Creek, Colo. The Crown family, known for their wealth and influence, confirmed his death in a statement, revealing that it occurred in a single-car accident at the Aspen Motorsports Park racetrack. James Crown was the CEO of Henry Crown & Company, his family’s investment firm. The company, named after his grandfather, built a business empire in Chicago worth billions.
Crown held important positions in various businesses, including General Dynamics, Sara Lee, and JPMorgan Chase. He was the lead director and major shareholder of General Dynamics, a former chairman of Sara Lee who played a role in splitting the company into beverage and food divisions, and a board member of JPMorgan. Alongside his successful business career, Crown was also known for his philanthropy work.
James Crown first crossed paths with Barack Obama in 2003, during Obama’s U.S. Senate campaign in Illinois. Crown was impressed by Obama’s sensibility, intelligence, and values, leading him to become an enthusiastic supporter. During Obama’s primary campaign, Crown and his family donated a significant amount of money, while Chicago’s Jewish leaders also raised substantial funds. Their support helped Obama secure victory in the primary and eventually win the Senate seat.
Crown continued his support for Obama, becoming his chief presidential fund-raiser in Illinois during the 2008 presidential election. After Obama was elected as the President of the United States, Crown was appointed to the president’s Intelligence Advisory Board. Throughout his life, Crown remained active in philanthropy, with the University of Chicago being another beneficiary of his generosity. The university named its social services school after James and his wife, Paula, following their substantial donation.
Even after Obama’s presidency ended, James Crown maintained connections with world leaders, including President Biden. Crown’s impact extended beyond politics, as he served as a director of Bank One and played a crucial role in helping JPMorgan navigate numerous challenges. Despite some criticism related to JPMorgan’s loss in credit derivatives, Crown’s long-standing support and advice were highly valued by Jamie Dimon, the chairman and CEO of JPMorgan.
Born into a wealthy family in 1953, James Crown came from a lineage of success and influence. His family’s fortune originated from his grandfather, Henry Crown, who built a construction materials business that expanded into various industries. The Crown family remains one of the wealthiest in the United States, with an estimated worth of $10.2 billion.
James Crown’s educational journey led him to graduate from New Trier West High School and earn a bachelor’s degree in political science from Hampshire College. He then pursued a law degree at Stanford and began his career at Salomon Brothers. In 1985, he married investment banker Paula Hannaway and joined his family’s investment firm in Chicago.
In addition to his wife, parents, and siblings, James Crown is survived by his children and grandsons. He was known for his passion for skiing and served as a managing partner of the Aspen Skiing Company. The circumstances surrounding his accident at Aspen Motorsports Park remain unclear.
In recent times, Crown had dedicated himself to addressing gun violence in Chicago. He spearheaded an initiative to create jobs in underserved areas, invest in violence intervention programs, and strengthen law enforcement and low-income communities. Crown believed that this effort would benefit both the city’s upper class and its lower-income residents.
James Crown’s passing marks the end of a remarkable life intertwined with business, philanthropy, and political influence. His legacy and contributions will be remembered by those who knew him and the communities he touched.
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