Rockford, Illinois News

Billionaire Diane Hendricks among four to resign from Beloit College Board of Trustees

BELOIT — Billionaire Diane Hendricks is one of four members of the Beloit College Board of Trustees to resign their positions.

Hendricks, who joined the board in 2011, is the co-founder and chair of ABC Supply and major benefactor of downtown Beloit redevelopment. According to Forbes, her net worth is north of $7 billion. Hendricks the richest self-made woman in America.

Neither Hendricks or the college has given a reason for her departure aside from the school’s statement that “regular turnover on college and university boards is the norm.”

“We thank them for their invaluable service,” the board said in a release. “All have been exceptionally generous with their time, talent, and treasure. All fully understand the importance of an even stronger relationship between the City of Beloit and the College and will be active in supporting that further.”

The other trustees to step down are Jim Packard, Chuck McQuaid and Jim Sanger.

Packard is a retired Regal Beloit Executive who has worked closely with Hendricks in the development organization, Beloit 200.

McQuaid is president of Columbia Wagner Asset Management in Chicago. He also joined the board in 2011.

Former president of Rath Manufacturing, Sanger served on the Beloit Board of Trustees for more than 20 years.