Tom Knox
| Tom Knox | |
|---|---|
 |
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| Personal details | |
| Political party | Democratic |
| Spouse(s) | Linda |
| Children | Two sons |
| Residence | Rittenhouse Square, Philadelphia |
| Occupation | Businessman |
| Religion | Catholic |
Tom Knox is an American businessman and politician. Knox became a millionaire through businesses in software, banking and health insurance. A Democrat, Knox ran for Mayor of Philadelphia in 2007.
A high school dropout who later earned a GED in the United States Navy, Knox was a successful entrepreneur who built an insurance advisory firm and sold it for nearly six million dollars in 1986. In the late 1980s he began buying and turning around underperforming companies.
Among his targets was Crusader Savings which he later sold to Royal Bank of Pennsylvania for seventeen million dollars. Knox was credited with significantly increasing the bank's income, though has been criticized for his methods. The bank's income increased through the use of payday loans which charge high interest rates and are under fire from 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.
In 1999, Knox acquired Fidelity Insurance Group, a Maryland health insurance firm which he sold to UnitedHealth Group in 2004 for a gain of over twenty million dollars. After the acquisition, Knox became the CEO of UnitedHealthcare of Pennsylvania, a UHG subsidiary. He resigned his position in 2006 in order to run for mayor.
In April 2013, Knox sued Table 31, a steakhouse at the Comcast Center, in part because the restaurant discontinued his meal discount. Knox, an investor in the restaurant, said that the discounted meals were part of the original partnership agreement.
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 one dollar a year in salary. Rendell credited Knox with helping to save the city seven million dollars on better leases for office space. Knox was also involved in negotiating lower health care costs for city employees. Knox has been a major contributor and fund-raiser for various local politicians.
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