Peter Karmanos Jr. (l) receives his Hockey Hall of Fame blazer from the Chairman of the Hockey Hall of Fame Lanny McDonald prior to the Legends Classic game on November 8, 2015 at the Air Canada . Its a pretty big kick to go out and have dinner and smoke cigars, he says. Danialle Karmanos. He used his fortune from the company to purchase the Carolina Hurricanes, the Plymouth Whalers, and the Florida Everblades. If you think Peter Karmanos's age is not correct, please leave a comment about Peter Karmanos's real age and Peter Karmanos's actual birthday below. Avid hockey fan and CEO of the Compuware Corporation. [4] He was inducted to the Hockey Hall of Fame in the Builder Category in 2015.[18]. He has served continuously as a director of the Company since 1997, is Chair of the Nominating and Governance Committee and is a member of the Executive Committee. Occupation. Michigan winter storm: Live weather radar, traffic updates, Your California Privacy Rights / Privacy Policy, Are from Peter Karmanos Jr.'s marriage to the late Barbara Ann Karmanos. [20] He sold the Florida Everblades in August 2019. Age 79 years old. He is 79 years old and is a Pisces. Suzanne, who died of cancer at age 36 . We will continue to update information on Peter Karmanos Jr.s parents. Born: March 11, 1943, Detroit. Please check back soon for updates. Avid hockey fan and CEO of the Compuware Corporation. I n a bright, airy, second-floor walkup overlooking Pierce Street in downtown Birmingham, Peter Karmanos Jr. is working on a second act he believes will be . Zodiac Sign: Peter Karmanos Jr. is a Pisces. [16], Karmanos' Gale Force Holdings has a subsidiary dedicated to the NHL, Hurricanes Holdings, LLC, which includes the Hurricanes and their stadium, PNC Arena. The dispute centers on Karmanos's will, which stands to give substantial amounts of money to his sons. He was inducted into the United States Hockey Hall of Fame in 2013. Following 40 years at Compuware Corp., Peter Karmanos Jr. with a group of 25 technologists is out to revolutionize the $700-billion commercial automations systems industry. In a struggling Canadian economy, that's enticing. Karmanos attended Henry Ford High School and graduated from Wayne State University in 1973. You could learn full biography about Peter Karmanos Jr. from. Peter Karmanos' first foray into hockey franchise ownership occurred in 1984. He and National Football League executive Jerry Jones both owned major athletic teams. A box of those costs about $130. I would have bet on it. Jason Karmanos previously left the team in for around nine months in 2007-08, returning to the team in June 2008 and then taking on his current role in Dec. 2009. That group will then give a formal recommendation to the NHL Board of Governors, who will formally vote on an expansion decision on June 22 ahead of the NHL Awards, which will be held, as they have been for year, in Las Vegas. 1:24 pm ET. During his player career, Jason spent four years with Harvard University (1992-1996) and played for the United States at . And it doesnt seem like anyone minds it.. Karmanos had executedtwo previous promissory notes tothe family stock partnership, one for $180 million in 1999 and another for $69.7 million in 2009. Please test the article once more after few days. Karmanos owes his career to having borrowed a car from his girlfriend to go look for a job the summer after graduating from high school. "We are fortunate to have a passionate fan base that supports what we believe is a . I can remember about 100 of them," Cumming told me. This includes extensive skill and background dealing with the growth, operation and management of a large public company as its co-founder and Chairman. Peter Karmanos Jr. is a Sports Executive who was born on March 11, 1943 in United States. The strengths of this sign are being compassionate, artistic, gentle, wise, while weaknesses can be to be fearful, overly trusting and desire to escape reality. An investigation revealed Kilpatrick had received $240,000 in loans from Compuware co-founder Peter Karmanos Jr. and businessmen Roger Penske, Dan Gilbert and James Nicholson and spent the money . A philanthropist as well as a hockey team owner, he donated to the Michigan Cancer Foundation, which was renamed the Barbara Ann Karmanos Cancer Institute in memory of his first wife. Popularity . Notifications from this discussion will be disabled. Peter Karmanos Jr. age in 2022 is - 79 years old. By contrast, Microsoft raised $58 million when it went public in 1986. the outer planets, Uranus and Pluto, were not yet discovered, since the telescope had not yet been invented. He maintainsa 34% ownership stake in the stockpartnership, whichhe set upfor thesons in 1996with Compuware stock to transfer assets "in atax-advantageous manner," according to the lawsuit. Peter has a graduation degree from high school. [7] He has since opened a new computer firm, Mad Dog Technology. Thethree sons in the partnership arePeter Karmanos III, Nick Karmanosand Jason Karmanos, who are from Karmanos' first marriage to Barbara Ann Karmanos. . CBS Sports is a registered trademark of CBS Broadcasting Inc. Commissioner.com is a registered trademark of CBS Interactive Inc. site: media | arena: nhl | pageType: stories | Shortly after graduating from Wayne State University, he, Allen Cutting, and Thomas Thewes founded Compuware. He wrote a loan contract for more than $100 million, agreeing to pay interest using installments until June 29, 2022, or one year after his death. Theycontend that their fatherstoppedmakingpayments nearlythreeyears agoon a $101-million promissory note to thestock partnership. Peter has made over 9 trades of the Worthington Industries stock since 2005, according to the Form 4 filled with the SEC. A window into the career of a brilliant Detroit. Karmanos also sponsors youth hockey programs in Michigan. Share with Us. On June 7, 2011, Karmanos announced that he will relinquish the CEO position on June 20 to become executive chairman. Karmanos bought the Hartford Whalers in 1994 and moved them to Raleigh in 1997, renaming them the . Karmanos, who says his arena deal is ``bountiful'' compared to Connecticut's last offer, jilted Whalers fans. He currently is involved in several tech start-ups based in Birmingham, including an all-onlinemortgage lending platformcalled Lenderful. Time's ticking for Chuck Greenberg to pony up to Peter Karmanos' asking price to purchase the Canes, and single-game tickets go on sale beginning August 22. Luck is on their side. Karmanos' desire to sell has fanned the flames of relocation speculation over the last two years. Not Activated Sections Karmanos flips it open, revealing a crushed red felt interior, stocked with his go-to cigars. Once more details are available on who he is dating, we will update this section. Karmanos started smoking cigarettes when he was 13 and, by the time he was 30, had developed a three-pack-a-day habit. Karmanos sat in the lobby waiting for her when the company owner came by and asked him what he was doing there. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Mr. Karmanos has the entrepreneurial spirit that built a billion-dollar company from a start-up and the business acumen of the Chairman and Chief Executive Officer of an S&P 500 corporation. All employees had unlimited sick days each year, and no boss had the unilateral right to fire anyone. Peter Karmanos' house. He was very aggressive and had a short fuse,' says an old friend. In 1965, Pete lied about his age when he applied to be a data processing manager at the Detroit architectural and engineering firm of Giffels & Rosetti. While its relatively simple to predict his income, its harder to know how much Peter has spent over the years. Expand. Peter Karmanos Jr. is current Chairman at Maddog Professional Services, a high-tech venture capital firm. The age of Peter is fifty-five. Mr. Karmanos is a Partner in MadDog Technology, LLC, a privately-held company that specializes in advanced technology and mobile device development. You could taste the difference? I asked in return. One day he thought she screwed up an order. Compuware went public in December 1992 at $22 and was a high flier that more than doubled that price to $47 in the next 15 months. The office is decorated more like a cozy apartment than a workspace, with plush furniture arranged around the boardroom and posters memorializing Karmanos many successes. In addition, his skills and expertise in information technology bring valuable insight to the Board. Peter Karmanos Jr., Compuware Corp. co-founder. Search Report. Don't Threaten. Forgotten in light of takeover battles for the company and long-time criticisms that it has been an underperformer with a languishing share price the stock opened Wednesday at $12.47 is how much money Compuware made for many local investors in the 1990s. Peter's mailing address filed with the SEC is 233 PIERCE, , BIRMINGHAM, MI, 48009. It cost about $120. Hartford sold less than 11,000 season tickets for the 199596 NHL season and Karmanos announced the team would leave Hartford if the Whalers were unable to sell 11,000 season tickets for the 199697 season. View Details. Karmanos played soccer on an academic scholarship at Lee University in Cleveland, Tennessee. It is the right size. racist or sexually-oriented language. Earlier this month, Rutherford suggested change was possible with regards to the front office. They're creative thinkers, economic, cautitous and appreciate the arts, they can also be indecisive. Peter Karmanos Jr.s birth sign is Pisces and he has a ruling planet of Neptune. The league's board of governors unanimously approved the transaction Wednesday. ( 1973-05-10) May 10, 1973 (age 49) Garden City, Michigan, U.S. Danialle Karmanos (born May 10, 1973) is an American philanthropist, humanitarian, activist, and social entrepreneur. Don't knowingly lie about anyone It is because of this that his sons called in the lawsuit. The education details are not available at this time. Peter Karmanos Jr. was born in March 11, 1943. accounts, the history behind an article. Did you know: Karmanos' other awards include the 1998 Lester Patrick Trophy for outstanding . Early life. Peter Karmanos Jr. Age. The team later became the Detroit Junior Red Wings, Detroit Whalers and then Plymouth Whalers following a relocation to nearby Plymouth. I got to know Pete well in 1993 and 1994, spending a lot of time with him and his colleagues, tracking down old friends and even his high school counselor for a cover story I wrote for a now defunct monthly publication called Corporate Detroit. Peter Karmanos III worked for his father at Compuware, the software company Peter Karmanos Jr. founded in 1972, from 1988 to 2014, rising to the position of chief information officer. [3] . Glenn Tasker Net Worth, Age, Height, Bio, Birthday, Wiki! Please check back soon for updates. ", "I had 4,000 students during my career. Mr. Karmanos owns over 20,000 units of Worthington Industries stock worth over $3,908,921 and over the last 19 years he sold WOR stock worth over $2,953,260. Bettman even went as far to say that there Their preference would undoubtedly to be to keep the Hurricanes in Raleigh. Mr. Karmanos also served as a director for Taubman Centers, Inc. from 2000 and was a member of its Compensation Committee until January 2018 when he resigned from that board. Continue to the next page to see Peter Karmanos Jr. net worth, estimated salary and earnings. So why is the expansion decision important to the Hurricanes? Howie Roseman Net Worth 2023, Age, Height, Bio, Birthday, Wiki! Director, 1997. Peter Karmanos Jr. smokes an Ashton cigar during an interview on Wednesday, March 14 at his Mad Dog Technology office in Birmingham. Nine years after moving the Whalers out of Hartford, Peter Karmanos hoists the Stanley Cup in Raleigh, N.C. (Bruce Bennett / Getty Images) In Greater Detroit, he . Most recently he sold 20,000 units of WOR stock worth $876,400 on 7 November 2017. Avid hockey fan and CEO of the Compuware . The Flor de Las Antillas is more of a commitment, and Karmanos will smoke one if he has more time to kick back, relax and puff. Birth Sign Pisces. Peter Karmanos Jr. was born in 1940s. By the time I was halfway through college, I was making more than a high school teacher.". As of 2023, Peter Karmanos Jr.'s net worth is . Shortly after graduating from Wayne State University, he, Allen . He serves as a director for the Barbara Ann Karmanos Cancer Institute, Detroit Renaissance, and New Detroit Coalition, and on the Board of Governors for the National Hockey League. The lawsuit says Karmanos failed to make a single payment. Peter is a Pisces. [8], Karmanos was elected to the Wayne State University Board of Governors and served from 2011 to 2013. Karmanos retains a 39 percent minority stake; Dundon has an option to purchase the remainder in three years. The Company's brands, primarily sold in retail stores, include Coleman, Bernzomatic, Balloon Time, Mag Torch, Well-X-Trol, General, Garden-Weasel, Pactool International and Hawkeye. Lowell P. Weicker Jr. brought CompuPhony into our lives, he swore Peter Karmanos and Jim Rutherford were ``real good at hockey'' and had deep pockets. "Having lost my mother at just age 46 to cancer, I find peace and comfort knowing that, as a team, we have saved so many families from this same fate. For his day with the Cup, he brought it to Compuware headquarters in Detroit and allowed employees to get their photo taken individually with the Cup. [4] Karmanos served as Compuware's CEO until June 20, 2011, when he became executive chairman. that is degrading to another person. You could see him studying people.". If you see something that doesnt look right, contact us. Peter Karmanos Jr. is part of the Baby boomers generation. [13], "Corporate Yellow Book: Who's who at the Leading Listed U.S. Companies", "10 things you may not know about Pete Karmanos Jr., who retires from Compuware on Sunday", Hurricanes' Karmanos a true hockey builder, "Karmanos stepping down as Compuware Corp.'s CEO", "A golden parachute will gently carry Pete Karmanos into retirement", "Departure of Directors or Certain Officers", "Peter Karmanos starts new company Mad Dog Technology in Birmingham", "It's official: Ontario Hockey League approves Plymouth Whalers' move to Flint", "USAH Foundation Completes Compuware Arena Purchase", "Hartford rally to save the Whale a so-so event", "Burnside: What moves have worked, what moves should be made", "Hockey Hall of Fame - Stanley Cup Journals: 15", "Hertz Arena, Everblades being sold to Naples businessman David Hoffmann", "Legends of Hockey - Induction Showcase - Peter Karmanos Jr", "Dundon Becomes Majority Owner of Hurricanes", "Dundon Assumes Full Ownership of Hurricanes", https://en.wikipedia.org/w/index.php?title=Peter_Karmanos_Jr.&oldid=1133458094, This page was last edited on 13 January 2023, at 22:23. [14] Even though they surpassed 11,000 season tickets, the team was moved to Raleigh, North Carolina, and renamed the Carolina Hurricanes following the 199697 season. Sports Executive #28. [5] Karmanos retired from Compuware on March 31, 2013, but maintained a consultant role within the company. Karmanos, the owner of the Carolina Hurricanes, said of Fedorov that it was "pretty obvious that . The Vainutis K. Vaitkevicius Community Services Center is dedicated in Southfield, Michigan. Shortly after graduating from Wayne State University, he, Allen Cutting, and Thomas Thewes founded Compuware. When Compuware went public in December 1992, it set an all-time record for an IPO by a tech company, the Google of its day. Discrimination, including harassment, because of age, race, color, national or ethnic origin, religion, sex, sexual orientation, gender identity or expression, veteran status, physical attributes, marital or familial status . Laura A Karmanos, N A Karmanos, and five other persons are also associated with this address. Peter Karmanos III was once thechief information officer at Compuware, according to his LinkedIn profile. `He'd have to take off his glasses, then grope to figure out which guy he was supposed to fight. Worthington Industries executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. As first reported by WDIV in Detroit, Karmanos was named in a lawsuit by three of his adult sons, one of whom is Jason Karmanos, the vice president of hockey operations for the Pittsburgh Penguins who are competing for the Stanley Cup presently. Compuware was well ahead of the curve when it came to employee benefits. It lasts about 30 minutes of steady smoke, and you dont have to smoke it all day long. On average, Peter trades about 1,107 units every 35 days since 2003. Top 3 Results for Peter Karmanos. Be Truthful. Lives in: Beverly Hills MI. But his tastes arent too ritzy. It has been known for a few years now that Peter Karmanos is trying to sell a majority stake in the Hurricanes for about two years, but has a desire to remain involved with the team in an ownership capacity. I agree to receive the "CBS Sports HQ Newsletter" and marketing communications, updates, special offers (including partner offers), and other information from CBS Sports and the Paramount family of companies. They established a research fund to help others with cancer and to begin a legacy of research into creating more effective . Peter was born on 11 March, 1943 in Detroit. MORE: The NHL is political, whether you like it or not The two were hanging out, Karmanos recalls, when Rock asked Karmanos if he wanted a cigar. Today, he hasfour youngsons withhis third wife,Danialle Karmanos. Tweet. So has Nick and so has Jason,"wrote Peter Karmanos III, a former chief information officer at Compuware. Nick Karmanos is anexecutive at the Barbara Ann Karmanos Cancer Institute. There arent many people bustling around the office today, but Karmanos administrative assistant Jennifer Fournier smiles as he lights up another Enchantment. Carlo Furletti Net Worth 2023, Age, Height, Bio, Birthday, Wiki! That is one reason I smoke this cigar, he says, when I mention the pleasant aroma filling the office. The Barbados company was dissolved in September 2011. Peter Karmanos has been a passionate builder and supporter of hockey at all levels of the game in the United States for more than five decades. Annual payments of principal and interest were due in June 2014 and 2015; the lawsuit says Karmanos failed to make those payments, at which point the three sons called in the loan. Peter Karmanos Jr. Peter Karmanos Jr. This page is updated often with new details about Peter Karmanos Jr.. Bookmark this page and come back often for updates. 3 Peter Karmanos, Jr. : Age, Height & Weight; 4 Peter Karmanos, Jr. Dead or Alive? Soon, she got an unusual run of orders for omelettes. The league's executive committee will reportedly meet Tuesday in New York to discuss the possibilities of expansion. Atop an end table near the common-area couch is a small, carved wooden box with a latch. She received the American Heart Association's "Cor Vitae Award" for community service; The Matilda R. Wilson Award from Boys & Girls Clubs of Southeastern Michigan; the MBPA Women and Leadership's "Distinguished Leadership Award for Philanthropy;" and the Greater Wayne County Chapter of The Links' "Innovator in Health and Wellness" award. His father, Peter Karmanos, is a minority owner of the Carolina Hurricanes. each comment to let us know of abusive posts. The 79-year-old sports executive was born in Michigan, United States. The greatest overall compatibility with Pieces is Virgo and Taurus. Following the end of the war, it was the start of the Baby Boomer years and technology advancements such as the jet engine, nuclear fusion, radar, rocket technology and others later became the starting points for Space Exploration and Improved Air Travel. Dundon, who became majority owner in January 2018, has now bought out Peter Karmanos entirely. Peter J. Karmanos Jr. serves as Independent Director of the Company. The honorees for this year's Partners Events are Danialle and Peter Karmanos Jr. At its height, Compuware's annual revenues totaled $2.2 billion (inflation . [14], From 2002 to 2005, Karmanos produced and directed concept car reveals for North American International Auto Show. $100,000 - $1M. The early 1940s were dominated by World War II. [19], Karmanos has also received numerous awards for her community service, philanthropy and contributions to the metropolitan Detroit community. He once incited a mini-brawl by challenging an economics teacher to a fight, and thereafter was banned from the school cafeteria. Lets test it out! The trusts are valued at over $100 million, but . Karmanos Jr. was born in Detroit, the oldest of three children of a Greek immigrant family who owned a small restaurant in Detroit. Peter Karmanos Jr. (born March 11, 1943) is famous for being sports executive. Last updated: 3 October 2022 at 12:03pm EST. It created a lot of wealth for those smart enough to buy low and sell high. Peter Karmanos, Jr. is a famous people who is best known as a Ice Hockey Player. Chinese Zodiac: Peter Karmanos Jr. was born in the Year of the Tiger. Peter Karmanos Jr. net worth is $1.4 Billion in [year]. You have permission to edit this article. The current promissory note was executed in June 2013 for $101.3 million, to be paid in installments with2.1% interest untilJune 2022 orayear after Karmanos' death, if it occurs before then. When youre buzzed into the business offices of Mad Dog Technology, the company founded in 2014 by Compuware co-founder and former CEO Peter Karmanos Jr., the first thing you notice is the nostalgic aroma. Back the early 2,000 B.C. Majority of Peters money comes from being a sports executive. Popularity . He was awarded $16.5 million last yearby an arbitration judgefrom Compuware for stock options that the company abruptly cancelledfollowing Karmanos'obscenity-laced criticisms of the firm'sboard members and its management at the time. As of 2023,Peter Karmanos Jr.s net worth is, Peter Karmanos Jr. is a Pisces and was born in The Year of the Goat. As of January 12, 2023, Peter Karmanos Jr.s will not be dating anybody. CelebsMoney has recently updated Peter Karmanos Jr.s net worth. Peter Karmanos, Jr. is chairman, CEO and co-founder of Compuware Corporation. Karmanos thereafter sued Compuware for conversion, breach of contract, and unjust enrichment, and was awarded $16.5 million in arbitration. As the Independent Director of Worthington Industries, the total compensation of Peter Karmanos at Worthington Industries is $233,268. A box of 22 can be purchased online for about $260. [6] Compuware terminated his post-retirement consulting agreement, effective October 1, 2013. has lived in Birmingham, MI Bay Harbor, MI Petoskey, MI Naples, FL Orchard Lake, MI Oakland, MI Cherry Hill, NJ . Pin. [4] In 2015, Karmanos sold the Whalers to the owners of Flint's Perani Arena and Event Center, and the franchise was renamed Flint Firebirds. While attending Fairlane Christian, she was honored by the Daughters of the American Revolution and Who's Who Among American High School Students for written essays. FamousBirthdays.com - use subject to the practices disclosed in our privacy policy. Peter Karmanos Jr. is a member of Richest Celebrities and Sports Executives. Karmanos has . He used his fortune from the corporate to buy the Carolina Hurricanes, the Plymouth Whalers, and the Florida Everblades. Andrzej Towpik Net Worth 2023, Age, Height, Bio, Birthday, Wiki! Enjoy unlimited articles at one of our lowest prices ever. Like many famous people and celebrities, Peter Karmanos Jr. keeps his personal life private. Karmanos retired the following year. Thepartnership filed itslawsuit two days after themissed deadline. OAKLAND COUNTY - Compuware chairman and chief executive officer Peter Karmanos Jr. quietly ended his 13-year marriage in Oakland County Circuit Court. He was joined in a three-man ownership group by Thomas Thewes, his longtime business partner, . She is contributing on Top Celeb Info as a freelance writer. Homes - Celebrity - Business, Homes - Celebrity - Sports - Ice Hockey. [19] On June 30, 2021, Karmanos sold his remaining shares in the Carolina Hurricanes to Dundon, making him the sole owner of the Carolina Hurricanes. Here are 10 things you may not know about this complex, entirely original and fascinating one-of-a-kind Detroiter, or about his Detroit-based company: 1. Salman Bin Ibrahim Al Khalifa - Net Worth, Age, Height, Bio, Birthday, Wiki! Peter Karmanos Jr. is suing Compuware, the IT company he founded, over its $2.4 billion sale last year to Thoma Bravo LLC, a Chicago-based private-equity firm.. Shareholders of Detroit-based . Compuware is one of the world's largest independent software vendors and professional services organizations. Some trust terms may even waive the duty of the trustee having to pay the money borrowed back. There are challenges, but the team does seem to be on the upswing after an improved 2015-16 season. How much money is Peter Karmanos Jr. worth at the age of 79 and what's his real net worth now? Awards. The lawsuit says Karmanos has previouslypledged the family stock partnership as collateral to help support theNHL hockey team that he owns, the CarolinaHurricanes. [16], Karmanos was an auto show narrator for Acura from 1997 to 1999 and Chrysler Corporation from 1999 to 2002.[17]. Astrologers and astronomers could only work with planets visible to the eye. He skipped school at Henry Ford High so much that he was headed for expulsion, until he posted the best SAT scores in the class. Select this result to view Peter Karmanos's phone number, address, and more. Peter Karmanos Jr. Is A Member Of . Peter is related to Peter Karmanos and Sophie Karmanos as well as 1 additional person. In there now, he has about 10 Enchantments and a few My Father Flor de Las Antillas. The first time I had one of these, I said, Oh, I like this, Karmanos says. Mr. Karmanos has a wealth of public company management and information technology experience. As Cumming recounted to me years later, he gave them to Pete and told him: "I didn't want you getting kicked out of school, but I don't want you to think I'm an idiot, either. [20], She has been featured in Hour Magazine's Best-Dressed list. Peter Karmanos, Jr., donates $15 million to the Center, which is named for his wife, Barbara Ann, to become the Barbara Ann Karmanos Cancer Institute. . That friend? Age in 2023 is 80 years old. Follow him on Twitter@JCReindl. [4], In 2005, Karmanos founded Danialle Karmanos Work It Out (DKWIO). Pete bragged to everyone that came in about how good the omelettes were looking that day. 9. Peter Karmanos is 77, he's been the Independent Director of Worthington Industries since 1997. There are no older and 26 younger executives at Worthington Industries. March 11, 1943 (age 79) Detroit, Michigan, U.S. 8. In this article, we covered Peter Karmanos Jr.'s net worth, wiki, bio, career, height, weight, pics, family, affairs, car, salary, age, facts, and other details in 2022. Danialle Karmanos (born May 10, 1973) is an American philanthropist, humanitarian, activist, and social entrepreneur. Former CEO of Compuware Corporation. Karmanos, Brush . Brush, who was part of the original ownership group along with owner Peter Karmanos Jr. and the late Tom Thewes, was offered a contract for five years, and agreed to stay on.