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Succession

October 29, 2012

American media mogul Sumner Redstone has hinted his daughter Shari could succeed him, but even if she doesn’t, the 89-year-old still wants to keep his business interests in the family. 

American media mogul Sumner Redstone has hinted his daughter Shari could succeed him, but even if she doesn’t, the 89-year-old still wants to keep his business interests in the family.

Redstone, who has controlling interests in Viacom and CBS Corp through holding company National Amusements, told the Wall Street Journal that no decision had been made on who would succeed him. But he dismissed suggestions that current Viacom chief executive Philippe Dauman was a shoo-in.

August 31, 2012

The family behind Pernod Ricard, whose patriarch Patrick Ricard died two weeks ago, looks set to take back control of the French drinks company, despite holding just 14% of the business.

The family behind Pernod Ricard, whose patriarch Patrick Ricard died two weeks ago, looks set to take back control of the French drinks company, despite holding just 14% of the business. 

August 30, 2012

The long-running guessing game over who will succeed Edward “Ned” Johnson III in family-run Fidelity Investments appears to be over. 

The long-running guessing game over who will succeed Edward “Ned” Johnson III in family-run Fidelity Investments appears to be over. 

On 28 August, his daughter, Abigail Johnson, was promoted to president of Fidelity Financial Services, a move, the US mutual fund manager said in a statement, consolidates “all of the company’s core businesses under her leadership”.

January 30, 2012

Sigma Corporation, the Japanese camera and lens maker, will remain under the founding family's control despite the death of the company’s patriarch and chief executive, Michihiro Yamaki, who died of cancer on 18 January at the age of 78.

Sigma Corporation, the Japanese camera and lens maker, will remain under the founding family's control despite the death of the company’s patriarch and chief executive, Michihiro Yamaki, who died of cancer on 18 January at the age of 78.

In a statement released on 27 January, Sigma Corporation said the ownership and management of the firm will remain with the Yamaki family.

"Yamaki will be sadly missed but his energetic, capable and compassionate leadership style will be carried forward by his son, Kazuto Yamaki," the company said.

December 23, 2011

The third-generation of Australia’s Grollo family is set to take over the management of the family business, as second-generation and family patriarch Bruno Grollo is retiring from the development and construction company his father founded 60 years ago.

The third-generation of Australia’s Grollo family is set to take over the management of the family business, as second-generation and family patriarch Bruno Grollo is retiring from the development and construction company his father founded 60 years ago.

The company, which is still 100% owned by the founding family and intends to remain private, is best known for building some of Melbourne’s tallest buildings including the Eureka Tower and Rialto Towers.

November 3, 2011

A change in Italian inheritance regulations may affect the way family businesses in the country deal with a generation shift, making it easier for owners to transfer the majority of a company’s shares to a selected member of the family.

A change in Italian inheritance regulations may affect the way family businesses in the country deal with a generation shift, making it easier for owners to transfer the majority of a company’s shares to a selected member of the family.

Under current quota rules called legittima, direct decedents are entitled to 50% or 75% of family assets, depending on whether they have to share the inheritance with the deceased’s spouse or not.

October 18, 2011

Only 40% of Canadian privately-owned companies have a clear succession plan in place and would be prepared in unforeseen circumstances, but the situation is better among family business owners, as 60% of them have identified their successor.  

Only 40% of Canadian privately-owned companies have a clear succession plan in place and would be prepared in unforeseen circumstances, but the situation is better among family business owners, as 60% of them have identified their successor.

These are the main findings of a new study by research institute Canadian Financial Executives Research Foundation, which carried out a survey of more than 100 financial executives working in Canadian companies.

October 18, 2011

“Third-generation hereditary succession is as grotesque at Samsung as it is in Pyongyang,” wrote a correspondent to The Economist recently. The writer was making a slightly odd comparison between one of South Korea’s most successful chaebols – the state-supported manufacturing giants that continue to dominate the country’s economy – and the bizarre personality cult of Kim il-sung that lies beyond the demilitarised zone to the north.

“Third-generation hereditary succession is as grotesque at Samsung as it is in Pyongyang,” wrote a correspondent to The Economist recently.

The writer was making a slightly odd comparison between one of South Korea’s most successful chaebols – the state-supported manufacturing giants that continue to dominate the country’s economy - and the bizarre personality cult of Kim il-sung that lies beyond the demilitarised zone to the north.

June 7, 2011

Family businesses are not well prepared for succession despite plans to change hands within the next five years, reveals a survey by PricewaterhouseCoopers released on 5 June.

Family businesses are not well prepared for succession despite plans to change hands within the next five years, reveals a survey by PricewaterhouseCoopers released on 5 June.

Kin in the game, a survey of 1600 family businesses around the world, showed that over half of the respondents don’t have a succession plan in place, although 30% of the families expect to transfer control over the next five years.

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