Marmon Gets 1st New CEO in 50 Years

John Wolz

Robert Pritzker retired after nearly 50 years as CEO of the Marmon Group Inc. and 71-year-old John Nichols was named to succeed Pritzker.
Nichols was a senior executive of Illinois Tool Works Inc. from 1980 through 1996 when he retired as CEO.\
Marmon fastener holdings include manufacturers Pan American Screw of Conover, NC; Robertson Inc., Milton, Ontario; Nylok Fastener Corporation, McComb, MI; Deerwood S.S. deCV in Mexico; Atlas Bolt & Screw Company, Ashland, OH; and fastener distributor SureDrive Inc., South San Francisco.
According to a company statement, Pritzker, 75, will remain CEO of five Marmon companies. He founded Marmon in 1953 with his late brother, Jay Pritzker.
In 2000, the Chicago-based Marmon Group reported combined sales of $6.8 billion and net earnings of $301 million. Marmon operates 250 factories, more than 300 distribution centers and sales offices in 50 countries. Holdings include Hyatt Hotels. Marmon has 40,000 employees. Crain�s Chicago Business lists Marmon as Chicago�s largest privately held company and Forbes magazine pegs Marmon as the 19th largest privately owned company.
Reporter James Arndorfer of Crain�s Chicago Business wrote that Nichols� appointment signals that Marmon �is in for an overhaul as a new generation of Pritzkers takes a more active role.�
As an �outsider,� Nichols �has been commissioned to retrofit Marmon for another era of service as one of the Chicago dynasty�s primary cash cows.�
Arndorfer noted that Nichols will be operating �under the watch of the younger Pritzkers,� including 51-year-old Thomas Pritzker, Nicholas Pritzker, 56, and Penny Pritzker, 42.
Marmon traditionally hasn�t sold many companies, but Arndorfer reported �sources close to the Pritzkers expect Marmon to put some units on the auction block.�
Crain�s pointed out that Nichols guided ITW through recessions and directed the company �under the scrutiny of a family with board seats and a large ownership stake.��2002 FastenerNews.com