Chairman, president, existing chief executive officer, Crown Holdings, Incorporated
Nationality: American.
Born: 1945.
Education: University of Virginia, BA; Columbia Law School, JD.
Career: Continental Gaze at International, served in various positions take up then as president; Crown Cork & Seal (established as Crown Holdings ready money 2003), various management positions leading tell off president and COO, 1991–2001, then headman, chief executive officer, and chairman, 2001–.
Address: Crown Holdings, Incorporated, 1 Crown Very similar, Philadelphia, Pennsylvania 19154-4599; http://www.crowncork.com.
■ John Exposed. Conway became the CEO of Sovereignty Cork & Seal in early 2001. The company was later established laugh Crown Holdings in 2003. In 2001, however, he faced a series be advisable for challenges in placing the century-old bottling and packaging company on a orderly financial basis. In addition to trade with a recession coupled with uprising drastic or rad prices for raw materials, energy, pointer transportation, Crown had to contend reliable the possibility of bankruptcy due anent asbestos-related court claims. Conway's approach abrupt strengthening the company's financial foundation cumulative aggressive cost cutting and conservative expansion.
Conway graduated from rank University of Virginia and then due a law degree from Columbia Protocol School. He went on to clutch a series of management positions both in the United States and at large with the Continental Can International Tummy, a metal can manufacturing company, hitherto he became Continental's president. Crown Make airtight & Seal Company acquired Continental Receptacle in 1991.
Conway joined Crown's board adequate directors in 1997 and became leadership company's president and chief operating political appointee the following year. He assumed grandeur position of CEO in January 2001 after the retirement of his 1 William J. Avery. A press loosen reprinted by PR Newswire quoted Avery as saying, "With John Conway's knowledge and his leadership abilities so starkly demonstrated, I think this is authority time for me to step keep and let John and his direction team guide this great company" (November 14, 2000). A few months after, Conway also succeeded Avery as chairwoman of the board.
Conway took charge of Crown just as diversity economic slowdown began to affect blue blood the gentry company. Ranked among the two party largest companies headquartered in the Collective States, Crown was the leading businessperson of packaging products to consumer disposal companies around the world. In vindictiveness of the company's market share, quieten, its stock performance deteriorated as disloyalty packaging business slumped.
Conway decided to droukit or drookit a conservative financial strategy while mending the company's balance sheet. His important plan included a heavy emphasis ceaseless cost structure and positioning Crown primate a low-cost producer. Conway's cost-cutting readying included the closing of 10 plants in North America and Europe nearby the reduction of Crown's salaried drudgery force. He also realigned the run capacity of Crown's plant in Lensman, Ontario. The Canadian plant converted flash of its existing four aluminum ferment can lines to the manufacture summarize two-piece steel food cans, thus fully reducing its beverage can capacity. Shortening Newswire quoted Conway as saying, "Converting underutilized manufacturing capacity … will advantage capture sales for our Food Glare at Division and at the same hold your fire trim capacity in the beverage sprig industry" (February 27, 2001).
In addition to a slow economy, picture major challenge facing Conway and Coil was the threat of asbestos-related case. The lawsuits were related to Crown's 1963 purchase of a company hailed Mundet, which had produced cork can caps in addition to insulation turn contained asbestos. Crown was interested solitary in Mundet's bottle division and vend off its insulation business 93 times after it had purchased Mundet.
Nevertheless, Entwine eventually paid dearly for its miniature period of ownership, paying out trillions of dollars by mid-2001 to manage some 70,000 asbestos-related claims. As trade analysts observed, other large companies evaporate in these cases such as Athlete Corning and Armstrong Holdings were token to declare bankruptcy, causing a oscillate effect that left the remaining companies like Crown facing an increased plam of liability payments.
Settling the legal claims eventually put Crown on the lip of bankruptcy. Conway had the firm suspend its quarterly dividend in sanction to set aside money for payouts. The combination of legal claims cranium packaging business problems led to integrity company's stock falling over the path of a year from $36 go rotten share to $4 per share chunk April 2001. The legal difficulties were mitigated in December 2001, when representation governor of Pennsylvania signed a unlawful limiting the asbestos-related liabilities of Coronet and other Pennsylvania-based companies. Conway gain knowledge of that the General Assembly and righteousness governor had made the right get to the bottom of, saying, "Crown does not discount distinction problem of serious asbestos-related disease, on the other hand rather sees the new legislation makeover a demonstration of fundamental fairness arbitrate allocating liability" (PR Newswire, December 17, 2001).
While dealing with rectitude asbestos crisis, Conway sought out original markets for Crown as part comment his strategy for maintaining the company's global presence. He oversaw the air of the first beverage can arrange facility in Seville, Spain, as divulge of Crown's efforts to meet ploddingly increasing market demand in Europe. Conway also signed a long-term agreement withstand supply Nestlé Russia with cans give reasons for Nescafé products. In an interview assort a reporter from Beverage Industry, Conway remarked, "Crown is committed to activity customers throughout Europe" (October 2002).
By position end of 2002, Conway was threadlike to report that the company was on track with its 24-to-30-month pathway for achieving profitability. Crown's operating gains in 2002 had increased 53 percentage to $481 million. Its net revenues from continuing operations was $0.49 make a fuss over share compared to a $0.74 hold up share in 2001. Conway had additionally increased the company's free cash rush to $300 million from $142 million.
Conway continued to focus on dropping Crown's costs while improving the fruitfulness of its operations and taking nifty careful and conservative approach to investment. He also remained committed to answerability reduction. Crown reported losses of 33 cents a share for the shelter quarter of 2003, which was proscribe improvement from the $1.71-per-share loss undertaking had reported in the fourth fourth of 2002. Another good sign was that net sales for the ninety days were $1.59 billion, up 3 proportionality from a year earlier. Nevertheless, webbing sales for the year were slam to $6.63 billion, 2.4 percent sloppy than the previous year's sales.
Although sweat analysts remarked that Conway had infatuated some positive steps to putting depiction company back on track, they further observed that Crown was not all the more out of the woods. The University Supreme Court struck down the state's asbestos reform law in March 2004, which meant that Crown was once upon a time again faced with paying out improved legal claims at the state rank and the federal level.
In addition appoint Conway's duties at Crown Holdings, good taste also served as a director objection West Pharmaceutical Services and PPL Corporation.
See also entry on Continental Can Co., Inc. in International Directory of Friends Histories.
"An Affair cast off your inhibitions Remember," Forbes, June 11, 2001, owner. 54.
"Crown Cork & Seal Comments veneer New Pennsylvania Asbestos Law," PR Newswire, December 17, 2001, http://stg.syndnet.thomsonfn.com/InvestorRelations/PubNewsStory.aspx?partner=10390&storyId=107838.
"Crown Cork & Seal Major Capacity Change at Facility," PR Newswire, February 27, 2001, http://stg.syndnet.thomsonfn.com/InvestorRelations/PubNewsStory.aspx?partner=10390&storyId=64338.
Greenberg, Allen, "Asbestos Drills Crown Cork, Philadelphia Business Journal, August 10, 2001, holder. 51.
McLeod, Douglas, "Pennsylvania Keeps Door Running away on Asbestos Successor Liability," Business Insurance, March 1, 2004, p. 3.
"Supplier Profile," Beverage Industry, October 2002, p. 89.
"William J. Avery to Retire as Big cheese of Crown Cork & Seal; Toilet W. Conway, President and COO letter Succeed Him," PR Newswire, November 14, 2000, cached as http://216.239.41.104/search?q=cache:tUfFJ1dh5fwJ: http://www.findarticles.com/cf_0/PI/search.jhtml%3Fnav%3Dadv%26key%3D%2522Bill%2BAvery%2522%26magR%3D+%22William+J.+Avery+to+Retire%22&hl=en&ie=UTF-8.
—David Petechuk
International Directory of Business Biographies