Third-generation Saputo to succeed founding father
Lino Saputo Jr is to succeed his father, Emanuele (Lino), as chairman of his family’s eponymously named dairy company - one of the top ten dairy processors in the world.
Currently chief executive and vice chairman, third-generation Saputo Jr will replace the founding chairman from 1 August and also retain his responsibilities as chief executive.
Lino convinced his father, a master cheesemaker, to found the Canadian company in 1954 after his family emigrated from Sicily, Italy after the Second World War. He was chairman and chief executive until 2004.
Saputo posted revenues of CAD$11 billion ($8.37 billion) in 2016.
Slim and Servitje subsidiaries to launch ‘made-in-Mexico’ e-cars
Two of Mexico’s most powerful family businesses are collaborating on the production of a made-in-Mexico electric vehicle.
Giant Motors, controlled by Carlos Slim's financial services conglomerate, Inbursa, will design the car that will be manufactured in a joint venture with Moldex, a subsidiary of Grupo Bimbo according to media reports.
Grupo Bimbo, the world’s largest bread maker, is headed by second-generation chairman Daniel Servitje which reported annual revenues of $13.8 billion in 2015. Servitje’s father, Lorenzo, who founded Bimbo died on 6 February.
Giant Motors expects to complete a working prototype late this year to be able to market it in 2018. The company said it plans to introduce the car as an electric taxi in Mexico City.
Slim’s conglomerate, Carso, posted revenues of $4.3 billion in 2015.
Tata removes Mistry, set to install Chandrasekaran
Indian family behemoth Tata Sons has completed the ouster of former chairman Cyrus Mistry (above) in preparation for the appointment of N Chandrasekaran on 21 February.
Mistry, whose family holds an 18.4% stake Tata, was voted off Tata’s board this week following his controversial replacement by Tata’s patriarch Ratan Tata in October last year.
Chandrasekaran is chief executive of the group’s most profitable company, Tata Consultancy Services, and is to take over from interim chairman Ratan Tata (above left, photographed with Mistry in 2012).
The revenue of Tata companies, India’s oldest and largest family-controlled conglomerate, taken together, was $103.51 billion in 2015.