- Billionaire Jim Thompson founded Crown Worldwide and built it into a logistics titan.
- His daughter, Jennifer Harvey, rose to become CEO of Crown in 2023.
- Thompson told Business Insider about Harvey, and how he balanced being a founder and a father.
Jim Thompson became a billionaire by building Crown Worldwide from scratch into a global logistics giant. His daughter, Jennifer Harvey, was appointed CEO in 2023.
Thompson recently told Business Insider how he balanced the demands of building a business and raising his children, how he felt about keeping the company in his family, and whether he hopes his grandkids will join Crown one day.
The founder said that in Crown's early days, he spent much of his time traveling or with his management team and customers. But he made it home most weekends, bonding with his young daughter over boating, water sports, and other activities.
Thompson felt he was "always able to be a big part of Jenny's life as she was growing," and he was there to "help her develop her values."
He said that he never expected Crown to become so successful, so it was only about 30 years ago that he began to think seriously about whether his children might take the reins of the family business from him. Yet he also wanted his kids to have fulfilling careers, he added.
"It would have been a bit of a disappointment if Jennifer chose not to join the family business, but I would be more unhappy if she chose to join the company just to please me and not because she felt she wanted the challenge," he said.
Thompson said he "placed Jennifer's happiness above the need for her to be my successor." He added that he felt fortunate she did ultimately take on that responsibility, and he's found that to be "very fulfilling."
He knew that Harvey becoming CEO of the company he founded would raise questions of nepotism and doubts over whether she was qualified for the role, he said.
Harvey was "well aware" that taking charge of Crown "would be a challenge" for those reasons, Thompson said. But she "dealt with this in a very mature way," he continued, and the other executives came to see she was the right person for the job.
Father and advisor
Thompson also spoke about their differing personalities. He described Harvey as "much more of a people person" than he is, with a "talent" for reading people. He also hailed her as an "excellent communicator" with a "natural ability to motivate and get the most out of her managers."
As for mentoring Harvey, Thompson said he's "very much in the background" but he's happy to offer advice if she wants it.
"I do not look over her shoulder or comment on all her decisions," he said.
Thompson said he doesn't struggle to separate the roles of father and advisor.
"She's strong, very independent, and a good leader, but also a loving daughter," he said.
Thompson said he's tried to pass on two key lessons to Harvey. The first is that "integrity is invaluable," and it's "paramount" for a CEO to make sure their company earns the respect of employees, customers, and competitors.
The second is how crucial it is to be a "company with a heart," and encourage all employees to be charitable to those less fortunate.
Thompson said that as a private company, Crown is able to do this in a "very effective and personal manner," and giving back has become "embedded in our culture."
As for the question of whether any more of his descendants will run Crown, he said that will be up to them.
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Theron Mohamed is a London-based correspondent on the Trending team at Business Insider. His coverage spans finance, investing, wealth, markets, and the economy.Theron joined BI in 2019 as a reporter at Markets Insider and rose to the rank of correspondent before moving to the Trending team in 2024. He previously covered tech, media, and telecom stocks for Investors Chronicle magazine and had a brief stint on the Financial Times' Data team. He interned at the Wall Street Journal in New York where he primarily wrote for Heard on the Street.Theron has freelanced for The Independent, The Telegraph, WIRED, and several smaller publications. He holds an undergraduate degree in geography from the London School of Economics, and a master's degree in journalism from Columbia University.Theron often covers Warren Buffett, Michael Burry, Jeremy Grantham and other top-flight investors. He also writes about the world's wealthiest people and shares financial advice from all manner of rich and successful people.Email Theron at [email protected] and follow him on X @theron_mohamed.Expertise
- Corporate finance
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- Business history
- US economy
- Warren Buffett and Berkshire Hathaway
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