Fred A. Lennon (November 26, 1905 – July 23, 1998) was an American manufacturer and philanthropist. He was the founder and chairman of
Swagelok Company.
Known for avoiding attention, Forbes magazine once described him as "the shiest billionaire".
Early life
Fred Lennon was born in
Providence, Rhode Island
Providence is the capital and most populous city of the U.S. state of Rhode Island. One of the oldest cities in New England, it was founded in 1636 by Roger Williams, a Reformed Baptist theologian and religious exile from the Massachusetts ...
, to Patrick and Catherine Lennon, as the youngest of their nine children. By the age of 42, he was living with his wife in an apartment in
Cleveland, Ohio, when he borrowed US $500 from his wife's uncle to buy The Crawford Fitting Company later to be renamed Swagelok Company. Running the small business from the kitchen in his home, he bought out his partner, Cullen B. Crawford and the patent of the Swagelok Tube Fitting, a revolutionary two-ferrule compression-type fitting for fluid handling systems.
Business leadership
Moving the company to
Solon, Ohio
Solon ( ) is a city in southeastern Cuyahoga County, Ohio, United States. A suburb of Cleveland, it is part of the Cleveland metropolitan area. According to the 2020 census, the population of Solon was 24,262.
The city has been recognized by ' ...
, it steadily expanded into a large, international manufacturing corporation. Under Lennon's leadership, Swagelok gradually became a Fortune 500 Privately Held Company, producing thousands of products, and holding over
US$
The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...
1 billion in assets and employing a staff of 3,000. In leading the company for over 50 years, Lennon never missed a day of work.
Personal life
Lennon was an enthusiastic supporter of private business interests and an active member of the
Republican Party. He counted among his personal friends former President
Ronald Reagan and former
Ohio Governor George Voinovich (he helped both with their election campaigns). Though playing a public role, he preferred to stay a private man, generally preferring to stay out of the limelight whenever possible. He lived with his wife, Alice, and their two children in
Hunting Valley, Ohio.
Philanthropy
Lennon was active in, and contributed much to, a variety of charitable and nonprofit organizations in Ohio. He was a founder and chairman of The Ashbrook Center for Public Affairs at
Ashland University, and president of
Gilmour Academy
Gilmour Academy is an independent, Catholic, coeducational, college-preparatory day and boarding school in the Cleveland suburb of Gates Mills, Ohio, United States. Founded in 1946 by the Brothers of Holy Cross, Gilmour Academy has three division ...
in
Gates Mills. He created the Fred A. Lennon Foundation, which between its establishment in 1965 and its dissolution in 1995, donated millions to a variety of schools, nonprofit foundations and charities. Following his death in 1998, The Fred A. Lennon Charitable Trust was created to honor him posthumously, and has continued to fund and assist schools and charities in the region.
The Fred A. Lennon Foundation
The Encyclopedia of Cleveland History. Retrieved on 2008-01-26.
50th Anniversary
As part of Swagelok's 50th Anniversary in 1997, Lennon rented out the Rock n Roll Hall of Fame and Science Center for all Swagelok employees and their families.
References
Sources
Swagelok Company. Retrieved on 2008-01-26.
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* Keister, Lisa A. (2000) ''Wealth in America: Trends in Wealth Inequality''
{{DEFAULTSORT:Lennon, Fred A.
1905 births
1998 deaths
Ashland University people
American billionaires
American chief executives of Fortune 500 companies
Businesspeople from Providence, Rhode Island
20th-century American businesspeople