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succession

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

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.

December 2, 2014

UK medium-sized businesses, many of which are family owned, need to be rebranded like the German Mittelstand so that their importance to the country’s economy is recognised, business leaders heard at an event in London this week.

UK medium-sized businesses, many of which are family owned, need to be rebranded like the German Mittelstand so that their importance to the country’s economy is recognised, business leaders heard at an event in London this week.

Mittelstand companies are widely credited with pushing German economic growth in the post-War era, and, although there is no formal definition, family ownership is often a defining characteristic, although the term can be applied broadly to all SMEs.

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.

August 29, 2014

Business-owning family members become less focused on financial wealth with age and increase the value they place on relationships within the company, new research out of the US has revealed.

Business-owning family members become less focused on financial wealth with age and increase the value they place on relationships within the company, new research out of the US has revealed.

The academic paper, published in a recent edition of Family Business Review, also revealed the results had knock-on effects for the type of people families go to for advice about their business, which could affect their companies’ ability to meet challenges down the road.

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