News Direct mourns the passing of Lorry I. Lokey, an industry icon who transformed how organizations worldwide communicate with the media and investment community, and who used his substantial wealth to fund education and medical research initiatives.
Lokey died October 1 at the age of 95, almost 61 years to the day he founded what became the world's second-largest newswire service, Business Wire.
A classic American success story, Lokey started Business Wire in a 9x12 office in San Francisco in October 1961 with only seven clients. He sold the company to Warren Buffett's Berkshire Hathaway in 2006 for a reported $500 million.
A signatory to The Giving Pledge, Lokey consistently ranked among the world's most prolific philanthropists. He donated in excess of $700 million to charitable causes, with a strong focus on schools and universities, as well as nanotechnology and stem cell research.
In many ways, News Direct is a direct descendent of Business Wire, having been built by several significant former BW longtime executives, including former president, and now News Direct CEO and founder, Gregg Castano.
“I worked under Lorry for more than 21 years, and there is no question that I drew inspiration for News Direct from the innovative, fearless and groundbreaking approach he took in building Business Wire from a distant also-ran among newswires to the equal of industry pioneer and powerhouse, PR Newswire,” noted Castano.
“Here at News Direct, we view ourselves as picking up that mantle to once again revolutionize the industry using the most current technology, as Lorry did, which seemed to have become much less of a priority in the years following his departure from the company,” Castano continued. “It really shines a light on how truly visionary he was, and how he boldly embraced, rather than resisted, change, which is something I greatly respect, admire and strive to emulate at News Direct.”
About News Direct
News Direct provides news and content distribution for PR, IR, Corporate Communications and Marketing professionals. Our automated platform delivers a completely-reimagined, intuitive workflow, industry-leading security, transparent, flat-rate pricing and actionable analytics. Further, News Direct has deployed an array of innovation including advanced automation, isolation cloud technology and custom software for the most dynamic, efficient and flexible platform available today. To learn more visit newsdirect.com or follow us on LinkedIn, Twitter, Facebook, Instagram or YouTube.
View source version on newsdirect.com: https://newsdirect.com/news/news-direct-and-its-business-wire-alumni-pay-tribute-to-newswire-pioneer-business-wire-founder-lorry-i-lokey-996651042