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Governance

May 26, 2015

While a good reputation can bolster consumer loyalty and even increase sales, one slip up in the public eye can set a family name back generations. A new report by Campden Wealth and Credit Suisse looks at the increasing importance of reputation management in Asia

When Korea Air vice president Cho Hyun-ah delayed a flight on her family’s airline last year after becoming enraged by a flight attendant who served her nuts in a bag rather than on a plate, the public fallout was immediate. Twitter hashtags were created and newspaper editorials criticised her entitlement. Within a month the 40-year-old had resigned from all her positions within the family holding company Hanjin Group and is facing criminal charges, while her family’s airline is looking at a $2 million fine and possible flight bans.

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 30, 2015

Investors have backed the second-generation chief executive of Otsuka Kagu in a feud with her father, who wanted her ousted from the family business.

Investors have backed the second-generation chief executive of Otsuka Kagu in a feud with her father, who wanted her ousted from the family business.

Kumiko Otsuka, 47, succeeded her father to the helm of the Japanese furniture retailer in 2009, and has been attempting to give the company more mass market appeal in order to compete with brands like Ikea.

However, her father, company founder Katsuhisa Otsuka, has accused her of taking the firm down market.

February 18, 2015

A family-owned supermarket chain based in upstate New York has taken out multinational behemoths such as Google and Apple to be ranked the number one company for corporate reputation in the US.

A family-owned supermarket chain based in upstate New York has taken out multinational behemoths such as Google and Apple to be ranked the number one company for corporate reputation in the US.

Wegmans Food Markets knocked last year’s winner Amazon from the top spot in the annual Harris Poll reputation survey of more than 27,000 US consumers.

February 17, 2015

A third-gen of South Korean conglomerate LG Group appears to have cracked the glass ceiling at her family’s business, becoming the first female family member appointed to top management.

A third-gen of South Korean conglomerate LG Group appears to have cracked the glass ceiling at her family’s business, becoming the first female family member appointed to top management.

Koo Ji-eun, who is also a next gen of the Samsung empire through her mother’s side, was appointed vice president of LG Group's catering subsidiary Ourhome this month, 11 years after she joined the company.

Koo is the daughter of Ourhome chairman Koo Cha-hak, and her uncles are LG Group chairman Koo Bon-moo and vice-chairman Koo Bon-joon.

February 16, 2015

Italian confectioner Michele Ferrero, who created Kinder eggs and Ferrero Rocher for his eponymous family business, died over the weekend, aged 89. 

Italian confectioner Michele Ferrero, who created Kinder eggs and Ferrero Rocher for his eponymous family business, died over the weekend, aged 89.

The second gen passed away in Monaco, where he lived, on Valentine’s Day – one of the chocolate industry’s most important dates of the year. He had been suffering from illness for the past couple of months.

Although the business has been in the third generation for almost two decades, Ferrero was considered the main decision maker.

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 12, 2015

A measure introduced by the Italian government to incentivise partial listing of family businesses and encourage long-term shareholdings has been amended after institutional investors raised concerns that it unfairly benefited controlling shareholders.

A measure introduced by the Italian government to incentivise partial listing of family businesses and encourage long-term shareholdings has been amended after institutional investors raised concerns that it unfairly benefited controlling shareholders.

Last year the Matteo Renzi-led government allowed listed companies to introduce “loyalty shares”, which grant shareholders double voting rights if they hold stock for more than two years.

February 10, 2015

Months after Subway founder and president Fred DeLuca returned to work following chemotherapy for leukaemia, the fast-food chain has this week confirmed his sister has taken on increased leadership responsibilities at the fast-food chain.

Months after Subway founder and president Fred DeLuca returned to work following chemotherapy for leukaemia, the fast-food chain has this week confirmed his sister has taken on increased leadership responsibilities at the fast-food chain.

Suzanne Greco is already senior vice president, a member of the board of directors, and the strategic planning committee, and has been involved with the US food business since it was founded in 1965.

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