KC Crain, group publisher of Automotive News, has been named president of parent Crain Communications Inc. after a change in the company’s family ownership structure.
Crain, 37, who was also named COO, was promoted from executive vice president and director of corporate operations. He succeeds his uncle Rance Crain, who had held the president’s title for 45 years.
The changes follow Crain Communications’ acquisition of Rance Crain's 50 percent stake in the company, giving Chairman Keith Crain, along with his wife, sons and daughter, full control of the Detroit publishing company. Terms of the deal were not disclosed.
Rance Crain and Keith Crain, editor-in-chief of Automotive News, are brothers and the sons of founder G.D. Crain Jr.
As part of the buyout, Rance Crain will also step down as editorial director and member of the board of directors. Rance Crain's daughter, Cindi Crain, also relinquishes her position on the board, the company said in an internal email.
"My mom and dad worked right up to the end of their lives at the company, and at 78 I want to explore new opportunities," Rance Crain told Crain's Detroit Business in an email. "I am designating myself the family historian, and I am looking forward to exploring our legacy and the fascinating people who shaped it. I leave the company in good hands, and I wish Keith and his family continued success and prosperity."
Keith Crain's son Chris is now senior executive vice president, promoted from executive vice president and director of strategic operations.