Source of Wealth:Coal
Birth Place:Hazard, Kentucky
Marital Status:Divorced to Kathy
Full Name:Joseph W. Craft III
Date of Birth:1950
Occupation:President, Chief Executive Officer and Director of Alliance Resources Partnership
Education:University of Kentucky (BA/BS and J.D.)
About Joseph W. Craft III
Joseph Craft is an entrepreneur, attorney, and energy industry leader who has an estimated net worth of $1.4 billion as of March 2012 according to Forbes. He was the 913th richest person in the world during that year. In 2011 “Forbes 400” list, he was the 331st richest person in the United States.
Joseph W. Craft III was born in Hazard, Kentucky and graduated in high school in 1968. He holds a bachelor of science degree in accounting and a Doctor of Jurisprudence both from the University of Kentucky. He is also a graduate of the Senior Executive Program of the Alfred P. Sloan School of Management at the Massachusetts Institute of Technology.
Mr. Craft began his professional career as lawyer and later, he moved to Oklahoma. In 1980, he joined MAPCO, a diversified coal company, as an assistant general counsel. He became the president of the company in 1987. In 1996, he was responsible for leading the firm’s leveraged buy-out (LBO) and conversion into a tax-efficient public master limited partnership. As a reward, he given a big stake at the company.
Three years later, MAPCO was renamed Alliance Resources Partnership L.P. Since August 1999, he has been the President, Chief Executive Officer and Director at ARLP. As the CEO, he was responsible in overseeing the subsequent expansion across the Appalachia and the Midwest as the revenues increased to $390 million.
Joseph Craft has been awarded the 2008 Outstanding Business Leader by The University of Tulsa, Collins College of Business. He was also inducted in 2007 in the City of Tulsa, Oklahoma Hall of Fame. He was also the Ernst & Young Entrepreneur of the Year for the Southwest Region for energy, chemical, and mining category.
Mr. Craft has donated $6 million to finish the basketball practice facility at the University of Kentucky. In January 2012, he also donated around $500 thousand to Restore Our Future, a Super PAC supporting Mitt Romney.
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