I read that Frank Newman retired as CEO of The Stow Company, although he remains a board of advisors member for the company. The company is owned by Dick and Betsy DeVos, and Dick has already appointed a new CEO: Phil Dolci. The company is a subsidiary of Amway’s holding company, The Windquest Group, based in Grand Rapids, Michigan. Dolci has excelled as a business leader for more than 23 years in marketing and product manufacturing. He was CEO at Crosman Corp before this, a world class design, manufacturing, and distribution company that produces products for shooting sports. So, in my opinion, Newman is certainly quite qualified to lead the company.
Dick DeVos remains the Chairman of the Board at The Stow Company. He made a statement in which he praised Phil Dolci as being the exactly right person to drive the company’s presence and future growth in the home organization products sector. He also thanked Frank Newman for his years of good leadership. Dolci has an MBA from Northwestern University’s Kellogg School of Management. He first obtained his BA in economics at the University of Chicago. He has worked in executive positions in several other companies, including Sanford – a Newell Rubbermaid company, Kraft Foods, Dean Food, and U.S. Playing Cards – a Jarden Corporation company.
Amway was founded by Dick DeVos’ father, Richard DeVos, Sr., in 1959. This is where Dick DeVos, Jr., got his entrepreneurial chops and also his first model of a philanthropist in action. He was the CEO of Amway and headed the operations of the consumer products company starting in 1993 and continuing up until 2002. He ran for the office of Governor of Michigan in 2006. He attended the renowned Harvard Business School, from Northwood University he earned his degree in Business Administration, and he holds a number of honorary doctorates. He graduated from Forest Hills public school and has always been very involved, along with his wife, in education initiatives. He also completed the Executive Study Programs at the University of Pennsylvania’s Wharton School. He is one of the wealthier American businessmen with a net worth of $5 billion.
Both Dick and his wife Betsy have promoted many education causes, especially in the area of education reform. The couple’s philanthropy continues a DeVos family tradition of giving generously to schools, such as Michigan’s Christian school, the Potter’s House. They also have donated to a Grand Rapids aviation trade school, called the West Michigan Aviation Academy. Their Education Freedom Fund gifts low-income students with tuition scholarships to private schools. Read the Dick DeVos Wikipedia Page.