Philadelphia business leader recognized
Check out the press release below:
WINNER CHOSEN FOR 2011 EDWARD POWELL AWARD
Recipient named once every four years receives $100K cash prize
Philadelphia, December 30, 2011 – Mayor Michael A. Nutter and The Board of Directors of City Trusts announced that Richard A. Hayne, Co-Founder, Chairman and President of Urban Outfitters, Inc. will receive the 2011 Edward Powell Award. This honor is presented once every four years to the Philadelphia business leader recognized for outstanding contributions to the economic prosperity of the city.
"The selection of Richaed Hayne as the 2011 recipient of the Edward Powell Award is a terrific choice. His story is a perfect example of what Philadelphians can accomplish when they strive for greatness," said Mayor Nutter. "The City of Philadelphia is committed to helping local businesses thrive. I encourage every business owner, regardless of the size of enterprise, to utilize the resources available in our city – from the City operated Small Businesses Service Portal to the Office of Business Services – we are working to help every Philadelphia-based company achieve the same level of success as Urban Outfitters, Inc."
Established in 1941 by Philadelphia manufacturer Edward Powell, the award is funded by Powell's Trust and provides a $100,000 cash prize for "the person whose individual efforts and personal application to the Manufacturing and Commercial interest of the City of Philadelphia has produced the best results during the past four years, for the benefit and prosperity of the City of Philadelphia."
Powell emigrated from France to Philadelphia as a child and ultimately founded a successful knitting mill in the Fairmount section of the city. He created the award to honor future business leaders whose contributions reflected the appreciation he had and the love he felt for his adopted city. The Board of Directors of City Trusts administers the Powell Trust along with more than 110 other trusts bequeathed for charitable purposes to the City of Philadelphia.
Like Powell, Hayne's story of business success began with a modest beginning. He launched the Urban Outfitters brand in West Philadelphia with an initial investment of $4,500 in 1970. Hayne built his company from that location into the internationally recognized Urban Outfitters, Free People and Anthropologie brands sold at over 200 retail locations across the globe. Hayne is known for encouraging his employees to take risks and to never look in the rear view mirror.
Chairman of the Selection Committee, William P. Hankowsky, said, "After receiving over one hundred nominations, our committee chose Richard Hayne because of his business and civic contributions to Philadelphia. He founded Urban Outfitters in Philadelphia and grew it into an international retail success story, now housed in a critically acclaimed headquarters at the Navy Yard. He has taken that success and given back to his hometown in numerous ways including the Children's Fund. Richard fully embodies the type of business leader Mr. Powell envisioned."
In addition to Mr. Hankowsky, the other selection committee members include Feather O. Houstoun and Rosemary Turner.
Ronald R. Donatucci, Register of Wills and President of The Board of Directors of City Trusts, added that, "It is our honor to see the philanthropic wishes of the late Edward Powell recognized in the selection of Richard Hayne – an outstanding business leader who embodies the spirit of this award – a creator of jobs, developer of opportunities for advancement, and a man whose company helps power Philadelphia's economy and broaden its reach by building a successful homegrown brand here in Philadelphia."
Previous recipients of the Edward Powell Award include Kenneth Gamble, Founder and Chairman, Universal Companies; Richard C. Bond, President, Board of Trustees of John Wanamaker, Inc.; G. Stockton Strawbridge, Chairman of the Board, Strawbridge & Clothier; and Ralph Roberts, Chairman of Comcast Corporation.
Mr. Hayne will be presented with the $100,000 cash prize at the Annual Greater Philadelphia Chamber of Commerce luncheon on February 6, 2012.