Molina Healthcare dumps family executives due to poor financial performance
US family-run Molina Healthcare has replaced the two brothers who have run the health insurer since 1996, replacing them with a non-family director due to poor financial performance.
Mario Molina, its second-generation chief executive, and John Molina, its chief financial officer (CFO), have been replaced by current chief accounting officer Joseph White who becomes interim chief executive while the company recruits a new chief executive, and CFO.
“In light of the company’s disappointing financial performance, the board has determined to change leadership in order to drive profitability through operational improvements,” the company said in a statement.
The Molina brothers will continue to serve as directors on the board.
Founded in 1980, Molina is a specialist in Medicaid and the individual health insurance markets created by the Affordable Care Act and posted revenues of $17.8 billion in 2016.
Olayan family could launch multi-billion dollar listing
One of Saudi Arabia’s largest family-controlled conglomerates could list one of its subsidiaries Olayan Financing, according to media reports.
Olayan Financing which controls the family’s investments in the Middle East, may set up a new holding company for as many as 20 of its units, which could be worth as much $5 billion when listed as a public company.
Run by prominent second-generation Saudi businesswoman Lubna Olayan, Olayan Financing handles products from more than 200 suppliers and principals and is part of Olayan Group which represents dozens of world-wide brands in Saudi Arabia, including Coca-Cola and Burger King.
Founded by Suliman Olayan in 1947 whose first customer was US family firm Bechtel, Olayan Group does not publicly disclose its revenues, although estimates put it at between $500 million - $1 billion.
Family-owned watchmaker Breitling sells 80% stake to private equity
The Schneider family who controlled Breitling is to sell a majority stake in the Swiss luxury watch maker to private equity house CVC Capital Partners.
Europe’s largest private equity group will take an 80% stake in the company, which is famous for its celebrity endorsements, for an undisclosed sum.
According to media reports, Breitling’s chief executive Theodore Schneider will hold the remaining 20%. His father Ernest bought the company from the Breitling family in 1979.
The deal is expected to close by the end of June, subject to regulatory approval.
Breitling has about 900 employees and had estimated revenues of about CHF370 million ($375 million) in 2015.