DETROIT, MI — Crain Communications has completed a change in its family ownership structure. Rance Crain and his family are selling their 50 percent ownership in the company. Keith Crain and his family will now own 100 percent of Crain Communications.
With the change in ownership, Rance will step down as President, Editorial Director and member of the board of directors. Rance’s daughter, Cindi Crain, will also relinquish her board position. Chairman Keith Crain has appointed his sons, KC and Chris Crain, to new positions. KC will now serve as President and Chief Operating Officer, and Chris as Senior Executive Vice President.
Rance Crain has made an indelible mark on Crain Communications and the community. In 1960, after graduating from Northwestern University’s Medill School of Journalism where he served as sports editor of the Daily Northwestern, Rance joined the Washington bureau of Advertising Age. There he served as a reporter and assistant to longtime Advertising Age Washington editor, Stan Cohen. Next, Rance worked in the New York and Chicago offices, becoming an Advertising Age Senior Editor and then Editor-In-Chief. His father and the founder of Crain Communications, G.D. Crain Jr., named Rance the first editor of Business Insurance, a publication the elder Mr. Crain first thought of 50 years before its launch.
Rance became Editorial Director of Crain Communications in 1971 and after two years earned the title of President. He started Pensions & Investments, Crain’s Chicago Business, Investment News, Crain’s New York Business, as well as a spin-off of Advertising Age, Electronic Media.
“For my 57 years with the company my philosophy of business was simple: hire good people, and to use an old racehorse term, give them their head,” said Rance Crain. “We’ve had a parade of great people go through our doors, and many of them stayed with us for many years. My mom and dad set the tone – they treated our people with respect, and our people knew that they were appreciated. Now it’s time for me to open another chapter of my life, and I look forward to the challenge and opportunity.”
Rance is a member of the Advertising Hall of Fame and Direct Marketing Hall of Fame. He has served on the Medill Board of Advisors for 30 years and was a charter member of Medill’s Hall of Achievement. Rance is also the recipient of the University of Missouri’s School of Journalism Medal of Honor. He is a former board member of Lee Enterprises, a publicly traded media company. Rance recently sold Golfweek magazine, a publication he bought independently of Crain Communications in 1990, to Gannett and USA Today.
“The ownership change retains the company’s privately held, family-owned structure,” said Keith Crain. “Now in the third generation of family leadership, we look forward to continuing our legacy of producing relevant and trusted content for our audiences of business and industry leadership.”
SOURCE Crain Communications Inc.