December 30, 2020 01:51 PM

Steven Crown exiting ComEd's board

A general partner of Henry Crown & Co. and member of one of America's wealthiest families, he notified the disgraced utility he wouldn't stand for re-election next year. The reason he gave: competing commitments.

In a letter to Chris Crane, chairman of ComEd parent Exelon, Crown, 68, wrote that his decision not to stand for re-election as a director “was related to his other obligations,” according to the filing. The letter itself wasn’t released. Crown couldn't be reached for comment.

Crown is the second independent board member of ComEd to decide this year to depart. The other, former Metropolitan Pier & Exposition Authority CEO Juan Ochoa, quietly stepped down in early 2020. It later emerged that Ochoa was elevated to ComEd’s board the year before at the intense urging of House Speaker Michael Madigan, a political ally, who is at the center of a July 2020 deferred prosecution agreement in which ComEd admitted to a bribery scheme to win the powerful speaker’s favor.

https://www.chicagobusiness.com/utilities/steven-crown-exiting-comeds-board