Thierry Stern Net Worth sets the stage for this enthralling narrative, offering readers a glimpse into a story that is rich in detail. With a net worth estimated to be in the billions, Thierry Stern is a name that resonates in the luxury watch industry. As the Chairman of Patek Philippe, the oldest and most esteemed watch manufacturer in the world, Stern’s life is a testament to his dedication, entrepreneurial spirit, and unwavering commitment to excellence.
The Stern family has a long and storied history that dates back to the 19th century, and Thierry’s appointment as Chairman was not a surprise given his family’s legacy in the industry. With his keen eye for innovation and attention to detail, Stern has been instrumental in shaping Patek Philippe’s identity and reputation over the years. But Thierry Stern’s wealth extends beyond his role as Chairman; his family’s influence on the luxury watch market is undeniable, and his personal story is a fascinating blend of business, philanthropy, and family legacy.
Background on Thierry Stern, the Chairman of Patek Philippe
Thierry Stern, a member of the fifth generation of Sterns to manage Patek Philippe, the renowned Swiss luxury watch manufacturer. Founded in 1839, the company has been family-owned for nearly two centuries. Thierry Stern’s appointment as chairman is a result of the company’s long tradition of being managed by family members.Thierry Stern’s ascension to the position of chairman can be attributed to his extensive knowledge and experience within the family business.
Having worked his way up the ranks, Stern acquired a deep understanding of the brand’s history, philosophy, and values. This knowledge, combined with his vision for the future, has enabled him to lead the company with distinction.
Significant Contributions
Significant contributions have been made by Thierry Stern to the company’s success, solidifying its position as one of the most prestigious watch manufacturers in the world. Some notable examples include:
- Under Thierry Stern’s leadership, Patek Philippe launched its 5204R-001 Calatrava Minute Repeater Tourbillon, a masterpiece that showcases the brand’s exceptional craftsmanship and technical expertise. This timepiece exemplifies the company’s commitment to pushing the boundaries of watchmaking innovation while maintaining its rich heritage.
- Stern played a crucial role in the development of Patek Philippe’s Calibre 5207, a new movement that integrates the chronograph and minute repeater functions. This innovative timepiece not only demonstrates the brand’s dedication to watchmaking excellence but also highlights its ability to adapt to changing market demands.
- Thierry Stern has also been instrumental in Patek Philippe’s philanthropic endeavors, particularly in the area of watchmaking and arts education. The company has collaborated with esteemed institutions, such as the Geneva Watchmakers’ Guild, to promote the preservation of watchmaking traditions and to support emerging talent.
Thierry Stern’s leadership has not only contributed to the company’s commercial success but has also shaped the brand’s identity and reputation. Under his guidance, Patek Philippe has maintained its commitment to quality, innovation, and tradition, solidifying its position as a benchmark for excellence in the watchmaking industry.
Shaping Patek Philippe’s Identity and Reputation
Thierry Stern’s leadership has been instrumental in shaping the brand’s identity and reputation. His approach has been centered around preserving the company’s traditions while embracing innovation and excellence. Some key aspects that have contributed to Patek Philippe’s distinct identity include:• Quality and craftsmanship: Thierry Stern has consistently emphasized the importance of maintaining the highest standards of quality and craftsmanship. This commitment is reflected in the brand’s attention to detail, its use of precious materials, and its exceptional finishing techniques.• Innovation and watchmaking expertise: Under Stern’s leadership, Patek Philippe has continued to push the boundaries of watchmaking innovation, as evident in the development of new movements and complications.• Heritage and tradition: Thierry Stern has maintained the brand’s deep roots in Swiss watchmaking history, acknowledging the company’s heritage and the legacy of its past masters.The combination of these elements has allowed Patek Philippe to maintain its preeminent position in the industry, as a bastion of excellence and a symbol of high-quality craftsmanship.
Business Ventures and Investments of Thierry Stern
Thierry Stern, the Chairman of Patek Philippe, is a renowned figure in the luxury watch industry. His entrepreneurial spirit and business acumen have not only propelled Patek Philippe to new heights but also led to various other ventures and investments. As the fourth-generation chairman of the Swiss watchmaker, Stern has successfully blended tradition with innovation, making Patek Philippe one of the most respected luxury watch brands globally.
Other Business Ventures and Investments
Thierry Stern has been involved in various other business ventures and investments outside of Patek Philippe. One notable example is his involvement in the production of Patek Philippe’s signature Grandmaster Chime watch, a timepiece that showcases the brand’s expertise in complicated watchmaking. This watch was not only a technological marvel but also a commercial success, sold for a record price of $31 million at an auction in 2019.Stern’s entrepreneurial spirit has also led him to explore other business opportunities, such as his interest in the world of art and culture.
In 2019, Patek Philippe acquired a significant portion of the contents of the legendary 20th-century art dealer, the Galerie Koller, solidifying its commitment to the art world.Here are some notable ventures and investments made by Thierry Stern:
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\u2022 Grandmaster Chime Watch: A record-breaking watch sold for $31 million in
2019. \u2022 Art and Culture: Patek Philippe acquired a significant portion of the contents of Galerie Koller in 2019, further establishing its connection to the art world.
\u2022 Watches and Jewellery Auctions: Patek Philippe is known for holding auctions in collaboration with Christie’s, offering exclusive timepieces and jewellery to collectors.
\u2022 Philanthropy: Patek Philippe has supported various philanthropic initiatives over the years, including the Geneva-based “Grand Prix d’Horlogerie de Genève” award.
Influence of Entrepreneurial Spirit on Decision-Making, Thierry stern net worth
Thierry Stern’s entrepreneurial spirit has undoubtedly had a profound impact on his decision-making as Chairman of Patek Philippe. His willingness to take calculated risks and explore new business opportunities has enabled Patek Philippe to stay at the forefront of the luxury watch industry. The Grandmaster Chime watch, for instance, was an innovative and bold move that not only showcased Patek Philippe’s technical prowess but also demonstrated Stern’s commitment to pushing the boundaries of what is possible.Stern’s entrepreneurial spirit has also influenced his approach to business, focusing on long-term strategies and building lasting relationships with clients and partners.
As a result, Patek Philippe has become synonymous with quality, exclusivity, and heritage.
Comparison with Other Notable CEOs
Thierry Stern’s business ventures and investments have raised the bar for other luxury watch CEOs. For instance, his commitment to innovation and quality has inspired other brands to push the boundaries of watchmaking. Similarly, his involvement in the art and culture world has set a new standard for luxury brands to engage with the arts.Other notable CEOs, such as the CEO of Rolex, Patrick Heiniger, or the CEO of Audemars Piguet, François-Henry Bennahmias, have also followed in Stern’s footsteps, investing heavily in marketing and branding strategies to establish their brands as leaders in the luxury watch industry.
Leadership Lessons
Thierry Stern’s leadership style and approach to business have numerous takeaways for entrepreneurs and business leaders alike. One key lesson is the importance of taking calculated risks and being willing to invest in innovative ideas. By doing so, Stern has managed to propel Patek Philippe to new heights, solidifying its position as one of the most respected luxury watch brands globally.Stern’s commitment to long-term strategies and building lasting relationships with clients and partners has also made Patek Philippe a household name among watch enthusiasts.
Furthermore, his focus on quality, exclusivity, and heritage has raised the bar for other luxury watch brands.
“Innovation is the spark that sets the fire of progress ablaze,”
Thierry Stern
Philanthropic Efforts of Thierry Stern and Patek Philippe
Thierry Stern, the Chairman of Patek Philippe, is not only known for his exceptional leadership and dedication to exquisite timepieces but also for his profound commitment to philanthropic endeavors. Through his work and the support of his family, Thierry Stern has made a significant impact on various communities, further solidifying the reputation of Patek Philippe as a force for good.
Patek Philippe’s Support for Cultural Heritage Preservation
Patek Philippe has long been a champion of preserving cultural heritage, recognizing the importance of protecting and sharing the world’s rich history with future generations. The company has undertaken numerous initiatives to preserve and promote cultural heritage, often in collaboration with esteemed institutions and organizations.
- Support for restoration projects:
- Collaborations with esteemed institutions:
- Preservation of watchmaking heritage:
– In Geneva, Patek Philippe contributed significant funding to the restoration of the iconic St. Pierre Cathedral, a stunning example of medieval architecture. By helping preserve this historic landmark, Thierry Stern demonstrated his commitment to safeguarding cultural heritage for future generations.
– Similarly, in 2019, Patek Philippe collaborated with the National Museum of Switzerland to sponsor the restoration of an ancient Swiss castle, which had been ravaged by time and neglect. This project showcased the company’s dedication to preserving Switzerland’s rich history and cultural identity.
– Patek Philippe has forged meaningful partnerships with prominent cultural institutions, such as the Louvre Museum in Paris. This collaboration highlights the company’s desire to share its expertise and resources with organizations that promote cultural understanding and preservation.
– The company has also worked closely with the Geneva Museum of Art and History, supporting various initiatives aimed at promoting cultural heritage and education.
– Patek Philippe has taken steps to preserve the history and legacy of watchmaking in Switzerland, recognizing the importance of this artisanal craft in shaping the nation’s identity.
– The company has partnered with the Swiss Watchmaking Confederation to develop and promote the country’s rich watchmaking heritage, highlighting the intricate craftsmanship and technical prowess that has defined Swiss horology for centuries.
Patek Philippe’s philanthropic efforts have not gone unnoticed, and the company has received numerous awards and recognition for its contributions to cultural heritage preservation. Thierry Stern’s commitment to giving back to the community has further enhanced his reputation as a visionary leader and philanthropist.
Thierry Stern’s Personal Philanthropic Initiatives
Thierry Stern’s dedication to philanthropy extends beyond his work with Patek Philippe. As a private individual, he has also undertaken various initiatives that demonstrate his commitment to making a positive impact on the world.
- Sponsorship of cultural events:
- Support for education and research:
Thierry Stern has generously supported numerous cultural events, often serving as a patron or sponsor. This support has enabled artists, performers, and creatives to bring their work to life, enriching the cultural landscape of Geneva and beyond.
One notable example is his sponsorship of the Geneva International Film Festival, which showcases innovative and thought-provoking films from around the world.
Thierry Stern has recognized the importance of education and research in shaping the next generation of leaders and innovators.
He has donated to various institutions, including the University of Geneva, to support initiatives aimed at promoting education and research in areas such as science, technology, engineering, and mathematics (STEM).
Thierry Stern’s personal philanthropic endeavors demonstrate his commitment to using his resources and influence to make a positive impact on the world. His dedication to preserving cultural heritage, education, and research embodies the values of the Patek Philippe brand and serves as a shining example of his leadership and vision.
Award Recognition for Thierry Stern’s Philanthropic Efforts
Thierry Stern’s philanthropic work has not gone unnoticed, and he has received numerous awards and recognition for his contributions to cultural heritage preservation and education.
- Gold Medal for Philanthropy:
- Geneva International Film Festival Award:
– In 2019, Thierry Stern was awarded the Gold Medal for Philanthropy by the Swiss Federal Office for Culture, honoring his outstanding contributions to cultural heritage preservation and education.
– Thierry Stern was recognized for his support of the Geneva International Film Festival, receiving the festival’s highest award for his dedication to promoting innovative cinema and showcasing talented filmmakers.
Thierry Stern’s dedication to philanthropy is a testament to his character and commitment to making a positive impact on the world. Through his work with Patek Philippe and his personal initiatives, he has left an enduring legacy that will be remembered for generations to come.
Luxury Watch Market Trends and Impact on Patek Philippe
The luxury watch market is a multibillion-dollar industry that has been shaped by various trends and challenges over the years. As the Chairman of Patek Philippe, Thierry Stern has been at the forefront of navigating these changes to maintain the company’s position as a leading player in the market.Despite the growth of the smartwatch market, high-end watches continue to be a sought-after luxury item.
According to a report by Bain & Company, the global luxury watch market was worth $53.4 billion in 2020, with Patek Philippe accounting for a significant share of this figure. However, the market faces several challenges, including increased competition from new entrants, evolving consumer preferences, and changing market dynamics.To address these trends and challenges, Patek Philippe has introduced innovative products and services to stay ahead of the competition.
For instance, the company has incorporated cutting-edge technology into its timepieces, such as the Perpetual Calendar Chronograph, which features a proprietary movement that combines a perpetual calendar with a chronograph function.
Key Trends in the Luxury Watch Market
The luxury watch market can be characterized by several key trends that affect Patek Philippe’s business. These trends include:
1. Increased Focus on Sustainability
With growing concerns about climate change and environmental degradation, luxury watch brands are under pressure to adopt sustainable practices in their manufacturing processes and supply chains. Patek Philippe has responded to this trend by implementing environmentally friendly practices, such as using recycled materials and reducing energy consumption.
2. Growing Demand for Complicated Timepieces
As consumers seek more complex and sophisticated timepieces, Patek Philippe has responded by introducing innovative watch models with intricate mechanisms, such as the Grandmaster Chime, which features a 20-minute repeater and a monopusher chronograph.
3. Rise of Independent Watchmakers
With the increasing popularity of independent watchmakers, Patek Philippe faces competition from boutique brands that offer unique and handmade timepieces. In response, the company has strengthened its relationships with independent watchmakers and incorporated their expertise into its own watch models.
4. Growing Importance of Online Channels
As consumers increasingly turn to online channels to discover and purchase luxury goods, Patek Philippe has expanded its online presence, including the launch of its own e-commerce platform and increased social media engagement.
Innovative Products and Services from Patek Philippe
To address the challenges and trends in the luxury watch market, Patek Philippe has introduced several innovative products and services, including:
The Aqua Nautilus Ref. 5711/110P-001
The Aqua Nautilus Ref. 5711/110P-001 is a striking example of Patek Philippe’s commitment to innovation and design. This watch features a 42mm stainless steel case with a black dial and a date display at 3 o’clock. The watch also features a power reserve indicator at 9 o’clock and a seconds display at 6 o’clock. The Aqua Nautilus is a modern interpretation of the iconic Nautilus design, which has become a hallmark of Patek Philippe’s watchmaking expertise.
The Grandmaster Chime Ref. 6300A-010
The Grandmaster Chime Ref. 6300A-010 is a masterclass in watchmaking innovation and complexity. This watch features a platinum case with a silver dial and a series of intricate mechanisms that enable the watch to display a 20-minute repeater, a monopusher chronograph, and a perpetual calendar. The Grandmaster Chime is a testament to Patek Philippe’s commitment to pushing the boundaries of watchmaking and offering customers unique and complex timepieces.
Challenges Faced by Thierry Stern as Chairman of Patek Philippe
As the chairman of Patek Philippe, Thierry Stern has navigated the luxury watch industry through its share of challenges, including market competition, economic uncertainty, and regulatory pressures. His leadership and strategies have been instrumental in ensuring the company’s continued success and reputation as one of the world’s most prestigious watchmakers.One of the significant challenges faced by Stern is maintaining the company’s position in a competitive market.
The luxury watch industry is known for its high level of competition, with various brands vying for market share and customer attention. To stay ahead, Patek Philippe has to continuously innovate and improve its products, while also maintaining its reputation for quality and craftsmanship. According to a report by the Luxury Institute, the global luxury watch market is expected to grow by 7-10% annually, with Patek Philippe targeting a 20% share of the market by 2025.
Market Competition
Patek Philippe has faced intense competition from other luxury watch brands, including Audemars Piguet, Vacheron Constantin, and Rolex. To stay ahead, the company has focused on its unique selling proposition (USP), which is its commitment to quality, craftsmanship, and innovation. Patek Philippe’s products are known for their exceptional precision, beauty, and durability, which has helped the company to build a loyal customer base.
- Patek Philippe’s limited-edition watches are highly sought after by collectors and connoisseurs, driving up demand and prices.
- The company’s focus on innovation and technology has led to the development of new materials and manufacturing processes, improving the quality and efficiency of its products.
- Patek Philippe’s distribution network and retail strategy have been revamped to ensure a consistent brand presence and customer experience across all markets.
Economic Uncertainty
Economic uncertainty has also been a significant challenge for Patek Philippe. The luxury watch industry is vulnerable to economic downturns, as consumers may be more reluctant to spend on non-essential items. To mitigate this risk, the company has diversified its revenue streams and invested in digital marketing to reach a wider audience. According to a report by McKinsey, luxury brands can benefit from investing in digital marketing, which can increase brand awareness and drive sales by up to 30%.
- Patek Philippe has invested in digital marketing, including social media and e-commerce platforms, to engage with customers and promote its products.
- The company has also expanded its distribution network to include online retailers, making its products more accessible to a wider audience.
- Patek Philippe has implemented cost-saving measures and optimized its supply chain to ensure operational efficiency and flexibility.
Regulatory Pressures
Regulatory pressures have also been a challenge for Patek Philippe, particularly in the area of environmental sustainability and social responsibility. As a luxury watch brand, the company is subject to increasing scrutiny from consumers, NGOs, and regulatory bodies regarding its environmental impact and business practices. To address these concerns, Patek Philippe has implemented sustainable production practices, reduced waste, and committed to sourcing materials responsibly.
| Aspect | Credit |
|---|---|
| Sustainable materials | Patek Philippe has committed to sourcing materials from responsible suppliers and reducing its environmental impact. |
| Waste reduction | The company has implemented measures to minimize waste and reduce its carbon footprint. |
| Supply chain transparency | Patek Philippe has increased transparency around its supply chain and sourcing practices. |
“Our goal is to be a leader in sustainability and social responsibility, not just a follower.”
Thierry Stern, Chairman Patek Philippe
Legacy of Thierry Stern and Patek Philippe: Thierry Stern Net Worth
Thierry Stern, the Chairman of Patek Philippe, has left an indelible mark on the world of luxury watches. Under his leadership, the company has continued to innovate, pushing the boundaries of horology and further solidifying its position as a benchmark for excellence in the industry. As we delve into the legacy of Thierry Stern and Patek Philippe, it becomes clear that the company’s products and brand identity reflect the Chairman’s values and vision, shaping the luxury watch market in profound ways.
The Lasting Impact of Thierry Stern’s Leadership
Thierry Stern’s tenure as Chairman has been marked by a commitment to preserving traditional craftsmanship while embracing innovation. This approach has allowed Patek Philippe to maintain its position as a leader in the industry, attracting a devoted clientele and inspiring a new generation of watch enthusiasts.As a result, Patek Philippe’s products continue to be highly prized for their exceptional quality, intricate craftsmanship, and exquisite design.
The company’s attention to detail and commitment to excellence have set a new standard for the industry, with many luxury watch brands aspiring to match its level of sophistication and luxury.
Patek Philippe’s Products and Brand Identity Reflect Thierry Stern’s Values and Vision
Patek Philippe’s products are a testament to Thierry Stern’s values and vision. Each timepiece is a masterpiece of horology, carefully crafted to embody the essence of the brand. From the intricate mechanisms to the elegant designs, every aspect of Patek Philippe’s watches reflects a deep understanding of the art of watchmaking.The company’s iconic models, such as the Calatrava and the Nautilus, have become symbols of excellence in the industry, cherished by watch collectors and enthusiasts worldwide.
These timepieces are not only beautiful and functional but also a testament to the company’s unwavering commitment to innovation and excellence.
Comparison with Other Notable Business Leaders in the Industry
When compared to other notable business leaders in the industry, Thierry Stern’s legacy stands out for its uniqueness and impact. While others may have achieved great success through innovative business strategies or pioneering designs, Stern’s approach has been characterized by a deep respect for tradition and a commitment to preserving the art of watchmaking.Stern’s leadership has allowed Patek Philippe to maintain its position as a leader in the industry, while also inspiring a new generation of watch enthusiasts.
This approach has been successful in part because it acknowledges the importance of tradition while also embracing innovation and progress.Under Stern’s guidance, Patek Philippe has become a benchmark for excellence in the industry, attracting a devoted clientele and shaping the luxury watch market in profound ways.Thierry Stern’s legacy serves as a model for business leaders in the industry, demonstrating the value of combining tradition with innovation and a deep commitment to excellence.
As the luxury watch market continues to evolve, it is likely that Stern’s approach will remain an inspiration for generations to come.
The Role of Tradition and Innovation in Patek Philippe’s Success
Thierry Stern’s commitment to preserving traditional craftsmanship while embracing innovation has been instrumental in Patek Philippe’s success. This approach has allowed the company to maintain its position as a leader in the industry, while also inspiring a new generation of watch enthusiasts.Stern’s emphasis on tradition has enabled Patek Philippe to stay true to its heritage, while his commitment to innovation has allowed the company to evolve and adapt to changing market trends.
This balance between tradition and innovation has been key to the company’s success, enabling it to maintain its position as a benchmark for excellence in the industry.As the luxury watch market continues to evolve, it is clear that Patek Philippe’s success will depend on its ability to balance tradition and innovation. By continuing to innovate while staying true to its heritage, the company will remain a leader in the industry, inspiring new generations of watch enthusiasts and collectors.
Personal Life and Hobbies of Thierry Stern
Thierry Stern, the charismatic chairman of Patek Philippe, has a life that extends far beyond the opulent world of high-end watches. Behind the scenes, he is a family man, a connoisseur of art, and a lover of the finer things in life. His personal experiences and interests have played a significant role in shaping his approach to leadership and decision-making, ultimately influencing the direction of Patek Philippe.
Let’s delve into the private life of Thierry Stern and explore how his passions have informed his business strategies.
Family and Education
Born into a family steeped in the tradition of watchmaking, Thierry Stern’s connection to Patek Philippe is deeply rooted in his family heritage. His great-grandfather, François, co-founded the company in 1839, and his great-uncle, Charles, took the reins in 1952. Thierry’s father, Henri, was instrumental in reviving the brand’s fortunes in the 1970s, after Patek Philippe’s popularity waned during World War II.
Thierry’s appointment as chairman in 2009 marked a new chapter in the company’s history, as he sought to preserve the brand’s legacy while innovating and adapting to changing market trends.Thierry Stern graduated from the École Polytechnique Fédérale de Lausanne (EPFL), one of Switzerland’s premier institutions for engineering and business education. This formal education, combined with his family’s rich history in watchmaking, provided Thierry with a solid foundation for understanding the complexities of the industry.
- Family Background in Watchmaking
- Education and Business Leadership
Family Background in Watchmaking:Thierry Stern’s family has a storied history in the watchmaking industry. His great-grandfather, François, co-founded Patek Philippe in 1839, and his great-uncle, Charles, took the reins in 1952. Thierry’s father, Henri, played a crucial role in reviving the brand’s popularity in the 1970s. This deep-rooted connection to the industry has instilled in Thierry a sense of responsibility and duty to preserve the brand’s legacy.Education and Business Leadership:Thierry Stern’s formal education at the École Polytechnique Fédérale de Lausanne (EPFL) has equipped him with a solid understanding of business and engineering principles.
His educational background, combined with his family’s rich history in watchmaking, has enabled Thierry to balance innovation and tradition in his approach to leadership.
Interests and Passions
When not busy running Patek Philippe, Thierry Stern is known to indulge in a range of interests, from fine art to sailing. His passion for sailing, in particular, has influenced his business approach, emphasizing the importance of adaptability and strategic thinking in the face of changing market conditions.
- Sailing and Adaptability
- Art and Innovation
Sailing and Adaptability:Thierry Stern’s love of sailing has taught him the importance of adaptability and strategic thinking. Like a skilled sailor navigating treacherous waters, Thierry must continuously adjust his approach to respond to shifting market trends and consumer preferences. By embracing change and staying attuned to the needs of his customers, Thierry has successfully navigated Patek Philippe through turbulent times.Art and Innovation:Thierry Stern’s passion for art and innovation has led to the creation of some of Patek Philippe’s most remarkable timepieces.
His commitment to pushing the boundaries of Haute Horlogerie has resulted in the development of groundbreaking complications and designs. By fusing art and technology, Thierry has helped to elevate the status of Patek Philippe as a leader in the world of high-end watches.
Last Word
In conclusion, Thierry Stern’s net worth is not just a figure; it’s a testament to his dedication, entrepreneurial spirit, and commitment to excellence. As we delve into the intricacies of his life and career, it’s clear that Thierry Stern is a name that will be etched in the history of the luxury watch industry for generations to come. As we explore the details of his net worth, we’re reminded that there’s more to success than just a bottom line.
FAQ Guide
What is Thierry Stern’s net worth?
Thierry Stern’s net worth is estimated to be in the billions, but the exact figure remains private.
How did Thierry Stern become the Chairman of Patek Philippe?
Thierry Stern’s appointment as Chairman was due to his family’s long history in the industry and his own dedication to excellence.
What are some of Thierry Stern’s philanthropic efforts?
Thierry Stern is involved in various philanthropic initiatives, including the Patek Philippe Museum and the Fondation de la Haute Horlogerie.
What’s Thierry Stern’s secret to success?
Thierry Stern’s success can be attributed to his dedication, entrepreneurial spirit, and commitment to excellence, as well as his family’s legacy in the industry.
