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succession

October 18, 2013

The third-gen chief executive of Italian confectioner Ferrero has rejected speculation the company is to be sold to Nestle, as questions about succession loom over the family firm.

The third-gen chief executive of Italian confectioner Ferrero has rejected speculation the company is to be sold to Nestle, as questions about succession loom over the family firm.

Giovanni Ferrero released a statement on Thursday saying the company had been approached by rival foods conglomerate Nestle, but that it was not for sale.

Commentators, however, think the company's future is far from decided, especially since the death of Ferrero's co-chief executive, Giovanni's elder brother Pietro, in 2011 from a heart attack at the age of 47.

September 16, 2013

Successful family business in their fourth generation "prune" out next gens to ensure that only family members committed to the longevity of the business remain within the ownership structure, according to research. 

Successful family business in their fourth generation "prune" out next gens to ensure that only family members committed to the longevity of the business remain within the ownership structure, according to research.

In a recently published report – Good Fortune: Building A Hundred Year Family Enterprise – Massachusetts-based research firm Wise Counsel, aimed to uncover the unifying characteristics underpinning the success of long-term family businesses.

September 10, 2013

Volkswagen chairman, Ferdinand Piech, 76, has refuted speculation he is soon to step down due to poor health and has said he will serve out the rest of his contract.

Volkswagen chairman, Ferdinand Piech, 76, has refuted speculation he is soon to step down due to poor health and has said he will serve out the rest of his contract.

He made the statement to reporters at the Frankfurt car show in response to reports last week that company chief executive Martin Winterkorn was soon to takeover.

Piech’s contract, extended last year, runs into 2017.

It was rumoured that Volkswagen finance chief Hans Dieter Poetsch would replace Winterkorn until a longer-term solution was found.

August 21, 2013

A second-gen Californian winegrower, who, as a child, helped his father plant the family’s first vineyards in Monterey County, has now been appointed chief executive and chairman of the family’s wine empire.

A second-gen Californian winegrower, who, as a child, helped his father plant the family’s first vineyards in Monterey County, has now been appointed chief executive and chairman of the family’s wine empire.

J. Lohr Vineyards & Wines, founded by Jerry Lohr in the early 1970s, announced Steve Lohr’s promotion this week. For the past four years he has been executive vice president and chief operating officer.

August 8, 2013

Family businesses with succession plans in place are more likely to achieve a better credit rating and as such able to borrow easier than those with no plan, according to report from the ratings agency Standard & Poor’s.

Family businesses with succession plans in place are more likely to achieve a better credit rating and as such able to borrow easier than those with no plan, according to report from the ratings agency Standard & Poor’s.

June 17, 2013

Entrepreneurship has superseded inheritance as the main source of wealth creation in developed economies, according to a global survey of high net worth individuals.

Entrepreneurship has superseded inheritance as the main source of wealth creation in developed economies, according to a global survey of high net worth individuals, while in developing economies many entrepreneurs are now dealing with succession and inheritance planning for the first time.

The Barclays survey – Origins and Legacy: The Changing Order of Wealth Creation – found that there has been a big shift in the way the world’s wealthiest are spending and sharing their money due to changing patterns of wealth creation.

June 13, 2013

German headphones and electronics company Sennheiser has announced the appointment of two third-gens to take control of the family business.

German headphones and electronics company Sennheiser has announced the appointment of two third-gens to take control of the family business.

Daniel and Andreas Sennheiser will take over as joint chief executives and speakers of the executive management board, effective 1 July.

Their father, Jorg, is the current chairman of the supervisory board. His father, Professor Fritz Sennheiser, founded the company in 1945.

June 6, 2013

More than a quarter of US family businesses questioned in a Deloitte survey do not have a board of directors, and of those that do, the majority lack diversity in terms of non-executives, non-family members and female representation.

More than a quarter of US family businesses questioned in a Deloitte survey do not have a board of directors, and of those that do, the majority lack diversity in terms of non-executives, non-family members and female representation.

The report, Perspectives on Family-Owned Businesses, also found succession planning was a large area of inactivity when it came to governance of family businesses.

June 5, 2013

The founder of Ikea, Ingvar Kamprad, has stepped down from the board of Inter Ikea Holding, the holding company of the iconic Swedish flatpack furniture chain.

The founder of Ikea, Ingvar Kamprad, has stepped down from the board of Inter Ikea Holding, the holding company of the iconic Swedish flatpack furniture chain. The chairman of the board, Per Ludvigsson, has also stepped down, aged 70, to be replaced by Kamprad’s son Mathias.

In a statement issued by Ikea, the changes in the board are described as a generational shift that has been prepared for over several years.

Kamprad, who turned 87 in March, said in a statement his retirement from the board did not mean he would stop working.

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