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Article: Chicago Billionaire Unsuccessfully Tried to Ensure Smooth Business Transition.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- December 23, 2002
CopyrightCOPYRIGHT 2002 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Barbara Rose, Chicago Tribune Knight Ridder/Tribune Business News
Dec. 23--Four years before Jay Pritzker's death, the scion of the billionaire Chicago family tried to ensure that his family's business dynasty would survive into the next generation.
He called a family meeting and distributed a two-page memo to 11 heirs, naming his son, Thomas, as his successor and outlining the family's business philosophy.
Writing as a father sensitive to family jealousies, Jay Pritzker also named the management team that would run the family's businesses, including the Hyatt hotel chain, and recommend how much money each family member received.
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