Jacob D. Cox, Jr.
Jacob D. Cox, Jr. (Tuesday, November 1, 1881-Monday, February 16, 1953), president of the Cleveland Twist Drill Co., was a pioneer in profit sharing and employee stock participation planning. Born in Cleveland to Jacob D. Cox, Sr. and Ellen Atwood Cox, nee: Ellen Atwood Prentiss. Jacob, Jr.'s grandfather had served as governor of Ohio. Cox grew up in the family mansion on Euclid Avenue and attended Williams College. After college, Cox spent several years working in the western logging industry, but his work was often interrupted by poor health. In 1911, he became assistant to his father, and in 1919 succeeded him as president of Cleveland Twist Drill Co., holding that position until his death.
Cox was interested in relations between management and labor; while he was president, there was never a work stoppage due to a labor dispute. Cox introduced many employee benefits that are standard today, including 2 weeks of vacation (after 2 years' service); a share in the company's profits at Christmas; profit sharing and participation in the company's investment; old-age pension on retirement at age 65; a sickness and accident fund; payment for suggestions leading to better efficiency and increased production; group life insurance; discussion groups in the factory; and promotion from the ranks. Cox formulated his profit-sharing plan in 1915. He later wrote a book, The Economic Basis of Fair Wages.
Cox's innovative policies, which also included hiring handicapped persons whenever possible, served as models for similar programs throughout the country. Jacob D. Cox, Jr. married Phyllis Cox, nee: Phyllis Graves, on Tuesday, November 23, 1937. They had no children.
Cox died in Cleveland and was buried in Lake View Cemetery.