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Succession

January 19, 2015

Shin Dong-joo, the eldest son of Lotte Group founder Shin Kyuk-ho, has been ousted from his position as vice chairman at Lotte Holdings, after disobeying his father and increasing his stakes in a subsidiary of the Korean conglomerate.

Shin Dong-joo, the eldest son of Lotte Group founder Shin Kyuk-ho, has been ousted from his position as vice chairman at Lotte Holdings, after disobeying his father and increasing his stakes in a subsidiary of the Korean conglomerate.

According to a company statement, the decision was made during a shareholders’ meeting last Thursday and puts Shin Dong-bin, the younger son of the group’s founder, in line to succeed control of the conglomerate.

December 2, 2014

Erramon Aboitiz, the fourth-gen chief executive officer of Filipino family business Aboitiz Equity Ventures, has postponed his retirement plans for three years in order to ensure a smooth leadership transition for his children.

Erramon Aboitiz, the fourth-gen chief executive officer of Filipino family business Aboitiz Equity Ventures, has postponed his retirement plans for three years in order to ensure a smooth leadership transition for his children.

According to a company statement, the board extended Aboitiz’s tenure in order to ensure the group’s long-term goals and said the 58-year-old would now retire in late 2019.

October 16, 2014

More than 80% of family businesses do not have a robust succession plan and 75% of firms with CEOs aged 65 or older still have no succession process in place, new research has revealed.

More than 80% of family businesses do not have a robust succession plan and 75% of firms with CEOs aged 65 or older still have no succession process in place, new research has revealed.

The biennial PwC Global Family Business Survey of 2,800 family businesses found just over half (53%) have succession plans in place for some, if not all senior roles, but only 30% of these ‘plans’ are properly documented.

October 15, 2014

Asia’s wealthy families are focused on the challenges of successful wealth transfer, while wealthy Mainland Chinese are increasingly looking at alternative investments and cross-border investment opportunities, new research suggests.

Asia’s wealthy families are focused on the challenges of successful wealth transfer, while wealthy Mainland Chinese are increasingly looking at alternative investments and cross-border investment opportunities, new research suggests.

October 10, 2014

Second gen Bob Fisher will become chairman of the clothing retailer Gap, which his parents founded more than 40 years ago, at the start of the next financial year.

Second gen Bob Fisher will become chairman of the clothing retailer Gap, which his parents founded more than 40 years ago, at the start of the next financial year.

The company announced on Friday that non-family chairman and chief executive Glenn Murphy, who has been at the helm since 2007, would be retiring next February.

Non-family member Art Peck, who joined the company a decade ago, will take over as chief executive, while Fisher, who joined the board in 1990, will become chairman.

September 11, 2014

Fourth generation Ana Botin has become the most powerful woman in European banking, following her unanimous appointment to the head of Banco Santander.

Fourth generation Ana Botin has become the most powerful woman in European banking, following her unanimous appointment to the head of Banco Santander.

The decision by the board of directors came less than 24 hours after the death of her father Emilio Botin, 79, who suffered a heart attack on Tuesday evening.

September 3, 2014

The last member of the family that owned US newspaper Washington Post for eight decades, before its sale to Amazon founder Jeff Bezos last year, is to step down as publisher of the former family business by the end of this month, the company has this week revealed.

The last member of the family that owned US newspaper Washington Post for eight decades, before its sale to Amazon founder Jeff Bezos last year, is to step down as publisher of the former family business by the end of this month, the company has this week revealed.

Katharine Weymouth had been part of the business, bought by her great-grandfather in 1933, for 17 years and had been in her current role as chief executive and publisher for seven years.

August 8, 2014

An expert on inclusivity and diversity in business has praised the leadership of a father who, having openly rejected his daughter’s sexuality in the past, has now announced he would like her to succeed him at the helm of the family-controlled Hong Kong property empire.

An expert on inclusivity and diversity in business has praised the leadership of a father who, having openly rejected his daughter’s sexuality in the past, has now announced he would like her to succeed him at the helm of the family-controlled Hong Kong property empire.

This week, Cheuk Nang chairman Cecil Chao announced he wanted his daughter, Gigi, to become vice chairwoman of the family business, and would be taking his proposal to next month’s board meeting.

August 6, 2014

Indian motorcycle manufacturer Hero MotoCorp, owned by the Munjal family, has elevated second-gen Pawan Munjal to the role of vice chairman, clarifying the family’s succession plans.

Indian motorcycle manufacturer Hero MotoCorp, owned by the Munjal family, has elevated second-gen Pawan Munjal to the role of vice chairman, clarifying the family’s succession plans.

The 59-year-old accepted the role at Hero MotoCorp this week – a move that many believe signals a forthcoming power shift wherein Pawan will soon succeed his father as chairman of the family business.

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