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March 26, 2015

Hong Kong family business New World Development has announced third-gen Adrian Cheng will become executive vice chairman next week, indicting he could be the anointed heir to run the property empire.

Hong Kong family business New World Development has announced third-gen Adrian Cheng will become executive vice chairman next week, indicting he could be the anointed heir to run the property empire.

Cheng, 34, sits on the board of directors with his sister, Sonia, 33, who is chief executive of subsidiary Rosewood Hotel Group. Their brother Brian, 31, sits on the board of another subsidiary, NWS Holdings.

The siblings’ father, Henry Cheng, is chairman of New World Development.

March 20, 2015

US philanthropist Marguerite Harbert, from the family behind Harbert Management Corporation (HMC), has died this week, aged 91.

US philanthropist Marguerite Harbert, from the family behind Harbert Management Corporation (HMC), has died this week, aged 91.

The Alabama-based family business started as construction firm Harbert Corporation, but diversified into financial services and investment management under the leadership of her son Raymond Harbert.

Harbert’s late husband started the business in 1949.

It was a number of large-scale projects such as the Riverchase Galleria in Birmingham and the Red Mountain Expressway.

February 27, 2015

Scotland’s Baxter Food Group, known for its soups and chutneys, has returned to the sole charge of fourth-gen businesswoman Audrey Baxter, following the sudden departure of a non-family chief executive.

Scotland’s Baxter Food Group, known for its soups and chutneys, has returned to the sole charge of fourth-gen businesswoman Audrey Baxter, following the sudden departure of a non-family chief executive.

Baxter, who has been chairwoman since 2002, will take over from Bill King, who had been chief executive since 2009 and joined the company in 2002.

The announcement coincided with the release of the company’s 2014 results, and news that it has acquired US convenience food and military ration company Wornick.

February 23, 2015

One of India’s greatest entrepreneurial success stories, the Ambanis, are also one of its most infamous dynasties, owing to a long-running public feud which broke out between the late patriarch’s sons.

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 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.

February 5, 2015

A co-founder of Polish family business Solaris has announced she is stepping down as chief executive of the bus manufacturer, but insists the company will remain in full family ownership.

A co-founder of Polish family business Solaris has announced she is stepping down as chief executive of the bus manufacturer, but insists the company will remain in full family ownership.

Solange Olszewska will step down in April, the company announced today, and will be replaced by Dr Andreas Strecker, the former president and chief executive of Daimler Buses North America.

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