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October 13, 2014

India’s largest privately held company is introducing the third generation into the fold, with twins Isha and Akash Ambani joining the board of two of Reliance Industries’ subsidiaries.

India’s largest privately held company is introducing the third generation into the fold, with twins Isha and Akash Ambani joining the board of two of Reliance Industries’ subsidiaries.

Their father Mukesh Ambani is chief executive of the family-controlled business, which had revenues of $75 billion (€59 billion) in the last financial year.

The 23-year-old twins will each become directors of Reliance Jio Infocomm and Reliance Retail Ventures.

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.

October 9, 2014

A family member will not take the helm of Fiat when existing professional chief executive Sergio Marchionne steps down in four years’ time, fifth-gen chairman John Elkann has told media.

A family member will not take the helm of Fiat when existing professional chief executive Sergio Marchionne steps down in four years’ time, fifth-gen chairman John Elkann has told media.

The Italian family business head says the company will stick to its current arrangement of having a family member as chair, and a non-family member as chief executive.

Bloomberg reported this week that Marchionne would retire in 2018, having been at the helm of the automaker since 2004.

October 8, 2014

The billionaire founder of Europe’s largest shoe retailer, Heinz-Horst Deichmann, has died in Essen, Germany, at the age of 88.

The billionaire founder of Europe’s largest shoe retailer, Heinz-Horst Deichmann, has died in Essen, Germany, at the age of 88.

A keen philanthropist who had an estimated net worth of $4.2 billion (€3.3 billion), Deichmann transformed his father’s cobblers business into the best-known footwear seller on in Europe, with estimated sales of $6 billion in 2013.

October 3, 2014

The family behind global hospitality and travel company Carlson Companies own some of the world’s most recognisable brands, including hotel chains Radisson Blu and Country Inns & Suites.

The family behind global hospitality and travel company Carlson Companies own some of the world’s most recognisable brands, including hotel chains Radisson Blu and Country Inns & Suites. But it was in 1938 that the family founded their progenitor business, the Gold Bond Stamp Company, which pioneered consumer loyalty programmes based on trading stamps. Today, Carlson Companies is one of the largest family-held corporations in the US with revenues of $4.4 billion (€3.4 billion).

October 1, 2014

Rupert Murdoch’s daughter Elisabeth is set to leave the family media empire, stepping down from the helm of 21st Century Fox subsidiary Shine Group, which she founded in 2001.

Rupert Murdoch’s daughter Elisabeth is set to leave the family media empire, stepping down from the helm of 21st Century Fox subsidiary Shine Group, which she founded in 2001.

She served as chief executive of the British television production company, which delivers shows such as MasterChef and The Biggest Loser, until 2011, when her father’s company bought the business.

She has since served as a chairwoman.

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 10, 2014

Third-gen chairman of Santander Emilio Botin has died of a heart attack on Tuesday, at the age of 79 – with the board set to decide on a successor to the iconic Spanish businessman as early as this afternoon.

Third-gen chairman of Santander Emilio Botin has died of a heart attack on Tuesday, at the age of 79 – with the board set to decide on a successor to the iconic Spanish businessman as early as this afternoon.

Botin is credited with turning the domestic bank into the eurozone’s largest lender – something that would shield the family business from Spain’s future economic woes.

He was still actively involved in the family business right up to his death, reportedly even scrutinizing individual loans made through the lender.

September 8, 2014

The deeply religious founder of US fast-food chain Chick-fil-A, S Truett Cathy, has died in Atlanta, Georgia, at the age of 93.

The deeply religious founder of US fast-food chain Chick-fil-A, S Truett Cathy, has died in Atlanta, Georgia, at the age of 93.

Cathy, a devout Southern Baptist, was born into poverty, but died a multi billionaire due to the success of his family-owned empire, which had annual sales of $5 billion in 2013.

Cathy launched his first diner in 1946 with his brother, and two decades later opened his first Chick-fil-A store in Atlanta.

Today the company has 1,600 stores.

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