Tom Knox
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Tom Knox is an American businessman and politician. He is currently a candidate for the Democratic nomination for Mayor of Philadelphia. He is notable for his pledge to spend up to $15 million of his own money in the race. [1]
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[edit] Business Career
Knox initially was a successful entrepreneur building an insurance advisory firm and selling it for nearly $6 million in 1986. In the late 1980's he began buying and turning around underperforming companies.
Among his targets was Crusader Savings which he later sold to Royal Bank of Pennsylvania for $17 million. He was credited with significantly increasing the bank's income, although has been criticized for his methods. The bank's income increased significantly through the use of payday loans which charge high interest rates and are under fire in a number of states. The Office of Thrift Supervision, one of the country's bank regulators, later expressed concerns over several of the bank's businesses, including the payday lending business. [2] [3]
In the 1990's, he acquire the Maryland Life Insurance Company, which he later sold to UnitedHealth Group and gaining over $20 million. After the acquisition, he became the Chief Executive Officer of UnitedHealthcare of Pennsylvania, a UHG subsidiary. He resigned his position in 2006 in order to run for mayor. [4]
[edit] Political career
Knox briefly interrupted his business career to serve as Deputy Mayor for Management and Productivity under then-Mayor Ed Rendell. He served for one and a half years, accepting only $1 a year in salary. Rendell credited Knox for helping to save the city $7 million on better leases for office space. He also was involved in negotiating lower health care costs for city employees. [5]
In December 2006, he announced his campaign for mayor and lent $5 million to his campaign. In response to criticism that he was trying to buy City Hall, Knox replied that he was trying to "buy City Hall back for the people of Philadelphia." [6] Thanks to his cash advantage, Knox was one of the first candidates to go on the air with television commercials. [7] The early advertising, which attacked city corruption and high business taxes, proved to be significant in raising Knox's poll numbers from 1% to 25%, placing him in first place for the first time in March 2007. [8].
Knox was the first candidate to file a challenge to the candidacy of Rep. Bob Brady, who omitted a city pension on his financial disclosure with the city. [9] Brady's removal from the ballot would leave Knox as the only white candidate in an election that could split along racial lines. [10].
[edit] Personal
Knox was raised in public housing in the East Falls neighborhood of the city. He currently lives at Rittenhouse Square.
