If you’re a fan of sports, then you may have heard of the Phoenix Suns. They’re a team in the NBA. But you probably didn’t know much about their founder and CEO, John Teets. Here’s a little information about the man who founded the team. You’ll learn about his career, personal life, and investments in the team.
Founder
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John Teets, the former CEO of the Dial Corporation, died on Sunday, August 5, 2011 at his home in Paradise Valley, Arizona. He was 77. His wife, Nancy, and four daughters survive him.
The Dial Corporation was an American consumer goods manufacturer based in Scottsdale, Arizona.
Its services companies, which contributed 47 per cent of the company’s revenues, included airline catering, travel and leisure, and convention service. In 1997, it led the antibacterial soap market.
Dial Corporation was split into two publicly traded entities in 1996. One company, Dial Consumer Products Group, retained the company name and product lines.
Another, Viad Corporation, was a $2.5 billion service business composed of former Dial companies.
Before becoming CEO of the Dial Corporation, Teets was a partner in a suburban entertainment complex.
The complex included a shopping center and restaurant. It was damaged by fire in November 1964.
Teets served as vice chairman of Greyhound Corporation in 1981 and was elected to the board the next year. He also became the first corporate investor in the Arizona Diamondbacks.
Business career
In the heyday of the ’80s, John Teets was a leading lights in the industry. He was a hands-on CEO who was known for his ability to turn around a sagging business.
The company that he helped lead was a multi-billion dollar conglomerate with over 48,000 employees. His work restructured the company into a streamlined entity.
One of his accomplishments was the creation of GFC Financial Corp. which later became Finova Capital Corp.
Aside from his work, Teets was a community leader. He contributed to several charitable organizations. He was also involved in cultural activities such as the Phoenix Open.
As part of his community service, Teets participated in the Boys & Girls Club’s 50th anniversary campaign. He also sponsored TV rights for the Phoenix Open.
Another notable feat was his successful campaign to keep the NBA Phoenix Suns in the Valley. By 1987, the team was up for sale. Teets invested in the team and was one of the founding shareholders.
Investments in the Phoenix Suns
The Phoenix Suns are a big draw in Arizona and the Dial Corporation is one of their investors. This multi-faceted company is comprised of several different business segments, including consumer products, financial services, airline catering, and convention service.
The Dial Corporation has a hefty price tag. They spent $83 million on their 24-story corporate headquarters tower in the northeastern suburb of Scottsdale.
It is estimated that eight out of ten homes in the United States have a Dial product in them.
In early 1996, John W. Teets, the chief executive officer of the company, restructured the business and divided it into two separate publicly traded entities.
One was a consumer products firm, while the other was a conglomerate containing the same businesses.
Henkel acquired the company in April 2004. The company has grown into a multi-billion dollar enterprise. Today, there are more than 48,000 employees.
In 1996, John Teets’ contract was not renewed. After that, he dabbled in real estate and threw his hat into the sports arena. He was a minority investor in the NBA’s Phoenix Suns.
Personal life
If you are interested in a successful corporate career, you’ve probably heard of John Teets. A self-made man, Teets was the chief executive officer of several companies in the 1980s.
He has been a leader in Arizona and served as chairman of the board of Greyhound and Dial.
Teets began his career in the restaurant business. When he was a teenager, he grew up in a blue-collar family in Chicago. His father was a crane operator who later began a construction company.
In the mid-1960s, Teets was a member of a large corporation in suburban Chicago.
The company owned a shopping center and a 300-seat restaurant. It was called the Winter Garden. An ice-skating rink was also part of the complex.
The Winter Garden was damaged by a fire in November 1964. Teets bought an interest in the property. However, he had to close the plant when unions refused to lower wages.
After a period of successful growth, GFC Financial Corp. became Finova Capital Corp. In 1996, Dial was split into two publicly traded entities.
