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succession

November 12, 2015

The bulk of successful family businesses place responsibility for succession planning with the board of directors, according to a new report, with shareholder councils and the chief executive the next most popular options.

The bulk of successful family businesses place responsibility for succession planning with the board of directors, according to a new report, with shareholder councils and the chief executive the next most popular options.

Preparing or procrastinating?, released by EY, also found that boards of directors are more likely to prioritise next generation education and preparation.

July 30, 2015

When it comes to handing over the reins to successors, the odds are stacked against family businesses. Around 70% of families fail to properly pass their business or wealth to the next generation. One of the biggest reasons is that half of families lack a succession plan: a process for identifying and nurturing people to become leaders in the business.

When it comes to handing over the reins to successors, the odds are stacked against family businesses. Around 70% of families fail to properly pass their business or wealth to the next generation. One of the biggest reasons is that half of families lack a succession plan: a process for identifying and nurturing people to become leaders in the business.

June 22, 2015

More than four-fifths of Asian family businesses do not have a succession plan in place despite the majority expecting to handover to the next generation within five years, new research has revealed.

More than four-fifths of Asian family businesses do not have a succession plan in place despite the majority expecting to handover to the next generation within five years, new research has revealed.

June 12, 2015

Rupert Murdoch, the second-gen head of media empires 21st Century Fox and News Corp, has stepped back as chief executive of the former so his son James can step into the spotlight.

Rupert Murdoch, the second-gen head of media empires 21st Century Fox and News Corp, has stepped back as chief executive of the former so his son James can step into the spotlight.

The US media tycoon will remain chairman of both companies. James has been working as co-chief operating officer at the movie studio since last year.

His brother, Lachlan, who was last year appointed non-executive co-chairman of 21st Century Fox, will now be an executive co-chairman. He will move from Sydney to Los Angeles to take up the role.

April 17, 2015

Shares in family-controlled Australian business Seven Group Holdings dropped over 5% on the news second-gen Ryan Stokes would be taking over as chief executive and managing director in August.

Shares in family-controlled Australian business Seven Group Holdings dropped over 5% on the news second-gen Ryan Stokes would be taking over as chief executive and managing director in August.

Existing non-family executive Don Voelte had been part of the holding group for seven years, and chief executive since 2013, but said he wanted to dedicate more time to his family in the US.

Seven Group has interests in the media, mining and construction industries, and last year had revenues of AU$3.1 billion.

March 26, 2015

Hong Kong family business New World Development has announced third-gen Adrian Cheng will become executive vice chairman next week, indicting he could be the anointed heir to run the property empire.

Hong Kong family business New World Development has announced third-gen Adrian Cheng will become executive vice chairman next week, indicting he could be the anointed heir to run the property empire.

Cheng, 34, sits on the board of directors with his sister, Sonia, 33, who is chief executive of subsidiary Rosewood Hotel Group. Their brother Brian, 31, sits on the board of another subsidiary, NWS Holdings.

The siblings’ father, Henry Cheng, is chairman of New World Development.

February 13, 2015

Leadership has been passed on to a non-family executive this week in a surprise announcement at Canadian family business Bombardier, as the company posts a big loss for the fourth quarter.

Leadership has been passed on to a non-family executive this week in a surprise announcement at Canadian family business Bombardier, as the company posts a big loss for the fourth quarter.

Pierre Beaudoin, grandson of the company’s founder, has been chief executive of the Montreal-based aerospace company since 2003, but on Thursday announced he was stepping down to make way for Alain Bellemare, a former United Technologies Corp (UTC) executive.

February 3, 2015

More than a third of Malaysian family businesses plan to install non-family managers when passing ownership to the next generation, new research has revealed.

More than a third of Malaysian family businesses plan to install non-family managers when passing ownership to the next generation, new research has revealed.

The PwC survey of 50 Malaysian family businesses found that families were increasingly opting to give key operating roles to non-family executives as they thought individuals should be appointed on merit.

January 23, 2015

2014 was a lively year for family businesses, from Abigail Johnson’s succession at Fidelity, to the Market Basket ownership struggle and of course Korean Air’s infamous ‘nut rage’ incident. Here we take a look at some of the issues we think will remain top-of-mind for 2015 and the family businesses to watch.

2014 was a lively year for family businesses, from Abigail Johnson’s succession at Fidelity, to the Market Basket ownership struggle and of course Korean Air’s infamous ‘nut rage’ incident. Here we take a look at some of the issues we think will remain top-of-mind for 2015 and the family businesses to watch.

1: Shareholder revolts

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