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Succession

September 3, 2009

Every family has a figurehead, a patriarch or matriarch who provides guidance and leadership. The influence of such a person is significant in any family but it is even greater when he or she has led the family to great wealth and success. Such people weald substantial power over the rest of the family and are therefore able to ensure that it maintains its integrity as a unit. But death poses a problem: how can a figurehead ensure that family unity is maintained once they are gone?

Yuelin Yang: Generational transition still looms as the key issue in Asia

August 26, 2009

In this time of economic turmoil, some people are questioning the Anglo-Saxon model of capitalism, which emphasises shareholder value.

In this time of economic turmoil, some people are questioning the Anglo-Saxon model of capitalism, which emphasises shareholder value. In searching for an alternative model, others have extolled the virtues of family capitalism. At the same time, the economic climate has imposed a stress test on some families and their businesses, which has fractured family unity.

Ex-Samsung chairman convicted in succession scam

August 18, 2009

The former chairman of Samsung, second-generation Lee Kun Hee, has been convicted of breach of trust over a bond deal carried out in 1999 that was aimed at transferring ownership of the group to his son.

The former chairman of Samsung, second-generation Lee Kun Hee (pictured), has been convicted of breach of trust over a bond deal carried out in 1999 that was aimed at transferring ownership of the group to his son.

The 67-year-old was given a three-year prison sentence that has been suspended for five years because of his contribution to Samsung's growth.

Schnucks promotes family member in management restructure

July 24, 2009

Schnuck Markets Inc, the US family-owned supermarket chain, today announced the promotion of third generation Todd Schnuck to the position of chief operating officer.

Schnuck Markets Inc, the US family-owned supermarket chain, today announced the promotion of third generation Todd Schnuck (pictured left) to the position of chief operating officer. Six other executives were also promoted as part of the management restructure.

Estée Lauder’s son retires to be replaced by daughter

July 22, 2009

Ronald S Lauder has retired from the Estée Lauder Co’s board of directors. The 65-year-old steps down after 41 years and is replaced by his daughter, Jane Lauder.

Ronald S Lauder has retired from the Estée Lauder Company's board of directors. He will continue to serve as chairman of Clinique Laboratories and as an officer of Estée Lauder Co. The 65-year-old steps down after 41 years and is replaced by his daughter, Jane Lauder.

What the young generation can teach you during the downturn

July 9, 2009

We are all aware of the merits of listening to our elders, especially within family businesses, but Stephanie Brun de Pontet advocates paying attention to the ideas of the younger generations too

Marriott trusts succession to non-family CEO

June 26, 2009

Family-run hotel giant Marriott International has named Arne Sorenson as its next president and CEO according to US media reports.

Family-run hotel giant Marriott International has named Arne Sorenson as its next president and CEO according to US media reports. It is the first time the Bethesda, Maryland-based company has turned to non-family management.

The move is part of a wider initiative by CEO Bill Marriott (pictured), son of the company's founder, who is introducing modernisation and cost cutting initiatives to adapt to the more difficult economic climate.

Toyota scion formally steps into president's role

June 23, 2009

Akio Toyoda, great-grandson of Toyota dynasty founder Sakichi Toyoda, began his new job as Toyota president today.

The 53-year-old begins amid extremely difficult trading times for the automobile industry. The beginning of the month saw one of Toyota's biggest rivals for the title of world's largest carmaker, General Motors, file for bankruptcy. Toyoda also starts with words of warning from his predecessor still ringing in his ears.

A cautionary succession tale from Kim Jong-il

June 18, 2009

Surprising news comrades! Our Dear Leader has appointed the youngest of his three sons, Kim Jong-un, as his heir apparent. The succession of the family dynasty will be completed in due course!

The revelation about the ruling Kim family of North Korea, reported last week in a Japanese newspaper, is unusual for many reasons – not least because the country's state media has reportedly never told the population at large that its leader, the infamous Kim Jong-il, has offspring.

Murdoch plays it safe with new appointment

June 4, 2009

Rupert Murdoch has unveiled News Corporation veteran Chase Carey as his new right hand man. Carey replaces Peter Chernin, described as being “a trusted friend” by Murdoch, who leaves on 1 July.

Rupert Murdoch has unveiled News Corporation veteran Chase Carey as his new right hand man. Carey replaces Peter Chernin, described as being "a trusted friend" by Murdoch, who leaves on 1 July.

Carey, who spent 15 years as a senior executive at News Corp before becoming CEO of The DIRECTV Group in 2003, becomes deputy chairman, president and COO. Reporting to Murdoch, he will have an oversight of the group's global operations and join the board of directors.