She oversees family estate planning, tax planning, financial planning, shareholder education and family gatherings and retreats. Fourth-generation member Gillian MacLean Growdon took over in 2016 as executive vice president of shareholder relations and head of the family office. The family office, established about 10 years ago to support Barry, is changing to support all six shareholders and other family members. The committee also meets with the fourth-generation shareholders twice a year to provide a bridge between the family and the business - an element that had previously been lacking. A governance committee, formed in 2018, is assessing how the board might evolve. The board currently consists of four family directors and seven independent directors. MacLean-Fogg is preparing to refresh its board by bringing on directors with the skillsets to support Duncan and his strategy for the business. Under Duncan’s leadership, the company is investing in technology and implementing what he calls “modern ways of thinking.” He has brought a new leadership style and a culture shift to the business, based in part on his experience working in Germany from 1999 to 2003. The G4s are now taking on more responsibility, and the family is in the midst of multiple transitions.īarry’s son, Duncan MacLean, became CEO in 2017. Barry’s five children have been shareholders for years, but Barry has held the majority of the voting shares. MacLean III, and his middle brother, David, who still serves on the board. Third-generation chairman Barry MacLean bought out the shares of his late older brother, John A. To celebrate its 30th anniversary, Family Business honored 30 outstanding family businesses:
MacLean-Fogg has two main businesses: MacLean-Fogg Power Systems, which serves the electric utility, telecom and civil markets, and MacLean-Fogg Component Solutions, which serves the automotive and heavy truck industries. The company, which generates $1 billion in annual revenues, operates 23 factories around the world.
MacLean-Fogg, founded in 1925 in Mundelein, Ill., as a manufacturer of nuts and bolts, primarily for railroad cars, now makes engineered components for the electrical, telecommunications and automotive industries.
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