Greenville, S.C. (April 7, 2020) Pacolet Milliken Enterprises, LLC today announced that William P. Crawford, Jr. has assumed the role of Pacolet Milliken’s CEO, succeeding longtime company leader and co-founder, Richard C. Webel. Crawford will assume the role immediately; Webel will continue to serve the Company in a consultant capacity through December 31, 2020. This appointment and retirement was in keeping with a transition plan that was implemented in January 2019.

“We embarked on a transition plan in January 2019 to elevate William to President of Pacolet Milliken, with the intent of naming him CEO at the end of 2020, upon Rick’s retirement,” noted Philip W. Norwood, Pacolet’s Board Chair. “I am pleased to say that William has proven himself to the complete satisfaction of the board to assume those additional responsibilities in advance of our initial schedule. He has our full support as he steps into these responsibilities at a time of unprecedented events in our world, our nation and our company.”

Norwood continued, “This transition was possible through the efforts of Rick Webel to see that the business he co-founded and grew into a diversified and profitable enterprise, would continue under strong leadership. From the outset of our succession plan, he dedicated himself to facilitating William’s assumption of increasing responsibility and visibility. Rick’s contributions are too lengthy to mention in this brief release, but all of us who have worked closely with him over the years appreciate that Pacolet could never have become the substantial business it is without his dedication, creativity and leadership.

Webel noted, “When we founded Pacolet in 2007, we were guided by a few simple ideas: directly owning high quality real assets, demonstrating operating competence – and  finding and being great partners. Through 35 years of working for the Milliken family of companies, no effort has been more rewarding than building out our platform and recruiting some extraordinarily talented people who, I am certain, will take the enterprise to new heights. I thank the Board and shareholders for the privilege of serving them.”

“Pacolet is an exceptional company, and Rick has laid a great foundation for us as a team, both through his actions and his assemblage of a first rate management team,” said Crawford. “I’m deeply appreciative of the confidence that the Board has placed in me, and I look forward to continuing Pacolet’s success and supporting the long term objectives of our ownership families, both in terms of performance, and in the types of investments we make.”

Crawford joined the company in 2013, first as General Counsel and then later as Chief Operating Officer and President. Prior to that, he was a partner with the Wyche Law Firm and Chief Legal and Risk Officer of The South Financial Group, Inc., the parent company of Carolina First Bank.  He holds undergraduate and graduate degrees from Indiana University and a law degree from Harvard Law School.