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June 23, 2014

The third-generation chief executive of Portugal’s largest listed bank, Banco Espirito Santo (BES), is set to stand down and be replaced by a non-family member.

The third-generation chief executive of Portugal’s largest listed bank, Banco Espirito Santo (BES), is set to stand down and be replaced by a non-family member. 

The 94-year-old bank’s announcement came shortly after a rights offering earlier this month that cost the Espirito Santo family their controlling stake in the Lisbon-based company.

The family had had a 54% stake, but this dropped to 46% after the €1 billion rights issue.

May 1, 2014

The non-family chairman of an international facilities management company has been appointed chairman of the Institute for Family Business (IFB).

The non-family chairman of an international facilities management company has been appointed chairman of the Institute for Family Business (IFB).

Peter Armitage, who has been the chairman of OCS Group since 2005, will take up the IFB chairmanship in June. He joined the company in 1979, and became managing director of OCS International in 2001.

During that time the company has transformed from a largely UK-based business to a group operating in 40 different countries.

March 24, 2014

French family firm PSA Peugeot Citroen has appointed its first non-family chairman, following the announcement of its recapitalisation last month, but there could be future family-member leaders waiting in the wings, according to a business and corporate governance expert based in France.

French family firm PSA Peugeot Citroen has appointed its first non-family chairman, following the announcement of its recapitalisation last month, but there could be future family-member leaders waiting in the wings, according to a business and corporate governance expert based in France.

Last week, the carmaking firm confirmed French civil servant Louis Gallois would be its new chairman, and the family’s board presence would halve to two voting members, due to the family diluting its share in the family business.

March 19, 2014

Second-generation Pierre Karl Peladeau has resigned as vice chairman and board member of Canadian family business Quebecor to stand in upcoming provincial elections for a local separatist party seeking independence from the North American country.

Second-generation Pierre Karl Peladeau has resigned as vice chairman and board member of Canadian family business Quebecor to stand in upcoming provincial elections for a local separatist party seeking independence from the North American country.

The family business head, who stepped down as chief executive of Quebecor in March last year, has also resigned from positions at two of its subsidiaries Quebecor Media and TVA Group.

February 5, 2014

Bechtel Corporation, one of the largest family businesses in the US, is to appoint its first non-family chief executive and president, after fourth-geneneration Riley Bechtel announced he was stepping down due to health problems.

Bechtel Corporation, one of the largest family businesses in the US, is to appoint its first non-family chief executive and president, after fourth-geneneration Riley Bechtel announced he was stepping down due to health problems.

January 23, 2014

The second-gen managing director of Singapore property developer City Developments Limited has announced he will step down next month to take up the role of deputy chairman.

The second-gen managing director of Singapore property developer City Developments Limited has announced he will step down next month to take up the role of deputy chairman.

Kwek Leng Joo, 60, has held the post since 1995, but now Grant L Kelley, the first non-family member to head the executive management team, will become the company’s first chief executive.

City Developments Limited (CDL) is one of the largest private developers in Singapore, and saw revenues of $3.4 billion (€2.5 billion) in 2012.

January 2, 2014

Italian family business Fiat has welcomed in the New Year by signing an agreement to purchase the remaining stake it does not already own in US carmaker Chrysler.

Italian family business Fiat has welcomed in the New Year by signing an agreement to purchase the remaining stake it does not already own in US carmaker Chrysler.

The $3.65 billion (€2.67 billion) agreement ends a stand off between Fiat, which is owned by family-controlled holding company Exor, and a retiree healthcare trust over the value of the company.

Veba, associated with the United Auto Workers union, argued its 41.5% stake was worth $5 billion, while Fiat said it was worth half that amount.

July 17, 2012

More and more family businesses are hiring outside chief executives. CampdenFB asks whether a family or non-family CEO is better.

Tempted to promote your son or daughter to the chief executive position? You shouldn’t, at least if you believe current research. Family-owned companies with a family member as chief executive are among the worst managed, says a 2012 international study. Another, by British academics at Leeds and Aberdeen Business Schools, found that a company’s operating performance increased after a family chief executive left. Yet another found the stock prices of listed family-controlled businesses reacted favourably to the appointment of a non-family chief.

July 26, 2010

Fuller, Smith and Turner PLC, the UK family-controlled brewer, has announced the promotion of a non-family head to run the business.

Fuller, Smith and Turner PLC, the UK family-controlled brewer, has announced the promotion of a non-family head to run the business.
 
Simon Emeny, currently managing director of the pub side of the business, will assume the new position of group managing director on 1 November.
 

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