 The corporation again faced severe financial crisis, and had to be reorganized.The Illinois Springfield Watch Company was reorganized in the fall and winter of 1878, and was renamed the "Illinois Watch Company" (the final name of the corporation).Chief executive leadership of the corporation was assumed by Jacob Bunn, Sr. (1814–1897), an Illinois industrialist, railroad financier, railroad reorganizer, wholesale grocer, commission merchant, newspaper publisher, land developer, coal operator, political advisor and financier, banker, and rope manufacturer.