E.W. Kelley

KELLEY, E.W., Indianapolis, Indiana, July 4, 2003. The Co-Chairman of The Steak n Shake Company, E. W. "Ed" Kelley, considered to be the modern day founder of the Indianapolis based restaurant chain, died today at the Krannert Pavilion of the Indiana University Medical Center after a long battle with cancer. He was 86 years old. Mr. Kelley continued as Co-Chairman of The Steak n Shake Company even after the reoccurrence of prostate cancer in January of 2002. "Ed will always be an inspiration to all of us at The Steak n Shake Company," said Alan B. Gilman, Co-Chairman and Chief Executive Officer of The Company. He was a motivating leader, a visionary businessman and a great friend. He will be missed, but his commitment to excellence and continuous improvement will live on. "The legacy of Estel Wood Kelley goes beyond taking a small Midwestern restaurant chain of 125 units in 1981 to a company with 412 restaurants located in 19 states now traded on the New York Stock Exchange under the designation of SNS. He was a loving husband, devoted father, grandfather and great grandfather. Ed Kelley remained close to the family farm and was still involved in agribusiness as a landowner and farmer both in Indiana and Florida at the time of his death. He was an internationally recognized philanthropist for funding projects such as the Jerusalem YMCA as well as being a large benefactor of Indiana University whose elite scholarship program and business school bear his name. In addition, he was a well-known entrepreneur whose business acumen and knowledge was respected by his peers in numerous industries. He was responsible for the development or domestic introduction of many familiar products such as Tang, Cool Whip, Grey Poupon Mustard, Smirnoff Vodka, Klondike bars and A-1 Steak Sauce. The story of the Kelleys in Indiana really began in 1837 when the Kelley family purchased an 80 acre farm from the United States Government at the corner of US 31 and Sharpsville Road in Tipton County. The Kelleys were industrious, prospered and passed the farm down to each generation. On March 24, 1917 Ed was born to Floyd and G. Maude Wood Kelley. He grew up farming the land with his brother Bill and attending a one room schoolhouse. Kelley went on to play basketball and participate in the band at Prairie Township High School. At Indiana University he excelled in both the classroom and numerous extracurricular activities, graduating 17th out of a class of 260 students. Ed earned a Bachelors Degree in Accounting in 1939. After graduation, he married Wilma Lippert on June 17, 1939. Mr. Kelley began his illustrious business career in Chicago after his departure from Bloomington. His 40 year business career was spent at companies such as Standard Brands, R. H. Macy, General Foods, Heublein, Consolidated Cigar, Gulf and Western, and Fairmont Foods. Kelley was elected mayor of Leawood, Kansas in 1955. He was named Marketer of the Year by Advertising Age Magazine in 1967. After his tenure as CEO of Fairmont Foods, Kelley founded a group of investors called Kelley & Partners. The Partnership demonstrated sound business practices when it purchased underperforming companies, applied appropriate business strategies, making the companies competitive in the marketplace. The last of these companies purchased in 1981 is The Steak n Shake Company. Ed recognized the national brand potential of the Steakburger and Milk Shake chain. He was determined to keep the company based in Indiana. Kelley remained directly involved in the ownership and management of the company for the last 20+ years. Part of his legacy will be the continuing growth and prosperity of The Steak n Shake Company. Estel Wood "Ed" Kelley had many roles - husband, father, grandfather, great grandfather, son, brother, uncle, friend, partner, teacher, innovator, entrepreneur, visionary, farmer, landowner, benefactor, CEO, mayor, philanthropist, director, consultant, and chairman. He excelled in these roles and was proud of all of them. He was also proud of one description that encompasses all of these - Hoosier. Visitation will be at the Leatherman-Morris-Boyer Funeral Home, 314 North Main Street, Tipton, IN (765-675-7449) on Wednesday, July 9 from 2-4 p.m. and 5-7 p.m. The funeral service will be at the First Friends Church, 1801 West Zartman Road, Kokomo, IN (765-453-9490), Thursday, July 10 at 10:00 a.m., afterwhich Mr. Kelley will be interred in the family burial plot in Sharpsville,IN. There will be a Memorial Service mid September in Indianapolis, IN. The family requests that in lieu of flowers, contributions be made to the operating fund of the Kelley Scholarship Program at Indiana University. Contributions should be sent to the Indiana University Foundation, P.O. Box 500, Bloomington, IN 47402.