The Family Business CEOs to Watch Class of 2023 recognizes 23 exceptional business leaders. The CEOs honored run the gamut of family business leadership, from entrepreneurial founders to fifth-generation stewards of a multifaceted enterprise to non-family executives trusted by the family ownership group to lead and expand their operations.
Steve Henn
CEO | Non-family | IDEAL Industries, Sycamore, Ill.
Steve Henn spent 29 years with Illinois Tool Works before joining IDEAL Industries in 2019. IDEAL is a global enterprise with companies serving technicians and workers across a wide range of industries, including electrical, construction, aerospace and automotive.
Henn is a board member of Construction Specialties. He holds a B.A. in accounting and finance from Seattle Pacific University and an MBA from Georgia State University.
“Not only did Steve manage the COVID crisis exceptionally well, keeping our family values firmly in place and using them as decision-making guardrails, but he also implemented a new strategy of focusing on the core businesses and our core strengths,” says Meghan Juday. chairman of the board at IDEAL. “This focus has resulted in record-breaking operating income and EBITDA and poised the company for further growth.
“In addition, he recast the management team; implemented a Belonging, Inclusion and Diversity program; and changed our hiring practices to ensure we attract and promote diverse talent throughout the business. He works closely with the board, bringing strategic questions and conversations to the forefront for robust and groundbreaking discussions.
“Steve is an excellent communicator, guiding and reassuring the family through COVID and sharing the team's successes as we have pivoted into growth. He works tirelessly to ensure that all stakeholders, including the family, employees and community, share in the success of IDEAL.
“The IDEAL family is lucky to have Steve guide our company. We couldn’t be in better hands.”
“We are a global, growing, multinational corporation focused on creating in-demand electricity and connectivity solutions, yet at our heart we are a family business,” Henn says. “We plan in generations, not quarters.
“Our name comes from our founding principle. When J. Walter Becker started this company in 1916, he based it on an unshakeable belief in ideal relationships with his employees, his community and, of course, his customers. These are relationships built on fairness, transparency, trust and fellowship.
“People are the foundation of IDEAL Industries Inc. We strive to ensure that every member of the IDEAL family and the family ownership group is valued as an individual — treated with fairness, dignity and respect. IDEAL prioritizes creating a safe and inclusive workplace while delivering high-quality products and giving back to the communities where we operate. This commitment to social responsibility creates value for all stakeholders as we focus on ‘Building an IDEAL World' for both current and future generations.”