Catherine Lozick is a Billionaire Despite Living by the Code “Secrets is Success, Success is Secrecy”
Fred Lennon established a trust in 1986 for most of his estate, specifying that Catherine Lozick would inherit it 21 years after his death, although trustees could choose to transfer them sooner if desired.
Lozick is the only woman from Southwest Florida on Forbes’ billionaires list, having inherited equity in valve maker Swagelok from her father.
Early Life and Education
Catherine Lozick was born in Fort Lauderdale on n/a and currently lists herself as a homemaker on official filings, having been married for several years. Politically she identifies as Republican while owning a large stake in Swagelok (an Ohio-based industrial valve maker) along with operating a charitable foundation which makes donations to right-wing groups.
Fred Lennon co-founded industrial valve manufacturer Swagelok in the 1940s, remaining so discrete with his wealth that even his family were unaware of how much it was worth until after he passed away in 1998. Lennon left small inheritances to his son John and Lozick as beneficiaries; William sued Lozick and her trustees in 2002 for inheriting it all.
William was not entitled to pursue this case and in 2003 Lozick settled out of court; her trustees transferred all assets in her trust directly to her – making her an instant billionaire.
Fred Lennon died at age 92 in 1998, leaving no clear beneficiaries behind him. Known for building Swagelok into a billion-dollar enterprise since its invention in 1940s, Lennon lived by the code that dictates “Secrets is Success, Success is Secrecy”; never sharing his will publicly with anyone.
Forbes estimates Lozick’s wealth at approximately $1.7 billion, as her fortune stems from her 65% ownership in Swagelok which generates annual revenues estimated at roughly 1.8 billion plus cash, stock, and real estate assets. Lozick lists herself as a homemaker on official forms but makes no public statements regarding her wealth.
Her trustees paid out all assets from her trust ahead of schedule, making her a billionaire. She then agreed to provide each of Fred Lennon’s grandchildren including William with $1.25 million while each great grandchild (including those yet-to-be born ) with $15,000.
Achievement and Honors
Once Fred Lennon died in 1998, the inheritance trust he established distributed $50,000 to each of his grandchildren before awarding most of his assets to Catherine Lozick – far ahead of when its terms stated she’d inherit them according to Forbes. William Lennon attempted to challenge this arrangement but eventually settled with Lozick by agreeing to pay each grandchild an extra payment of $1.25 million as compensation.
Catherine Lozick may appear as a homemaker on official forms, yet has become a billionaire due to her 65% stake in Swagelok – the Cleveland-based water valve maker she co-founded with Fred Lennon and remains his only will executor (his motto being “secrecy is success, success is secrecy”). Unfortunately it wasn’t revealed until 2002 when John Lennon filed a lawsuit against Catherine and her trustees and revealed their finances.
Fred Lennon had left John only $25 million and each of his grandchildren $50 million each, leaving the majority of his estate to Lozick in trust terms which stipulated she would inherit it 21 years after his death, or sooner should she predecease this date. If she died prior to that point then Lozick’s grandchildren would become beneficiaries.
Catherine Lozick of Fort Lauderdale has strong ties to Naples; she inherited a 65% share in Swagelok valve-making company her father co-founded with just $500 loaned at its inception in 1947.
At all times during his success as America’s most prolific political donor, Lozick maintained an extremely strict code of confidentiality. Even at age 92 when he died, his estate went directly to Lozick without specifying how it should be distributed.
William Lennon filed a civil suit in 2002 that exposed some details about their family finances. Lozick then settled and agreed to give each grandchild, including William, $1.25 million more as their share of Lennon’s estate – this settlement ultimately resulted in her receiving most of its assets by April 2003.