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Succession

February 5, 2014

Bechtel Corporation, one of the largest family businesses in the US, is to appoint its first non-family chief executive and president, after fourth-geneneration Riley Bechtel announced he was stepping down due to health problems.

Bechtel Corporation, one of the largest family businesses in the US, is to appoint its first non-family chief executive and president, after fourth-geneneration Riley Bechtel announced he was stepping down due to health problems.

January 23, 2014

The second-gen managing director of Singapore property developer City Developments Limited has announced he will step down next month to take up the role of deputy chairman.

The second-gen managing director of Singapore property developer City Developments Limited has announced he will step down next month to take up the role of deputy chairman.

Kwek Leng Joo, 60, has held the post since 1995, but now Grant L Kelley, the first non-family member to head the executive management team, will become the company’s first chief executive.

City Developments Limited (CDL) is one of the largest private developers in Singapore, and saw revenues of $3.4 billion (€2.5 billion) in 2012.

November 28, 2013

Hong Kong-based real estate developer Wheelock & Co has appointed third-gen Douglas Woo, 35, to succeed his father, Peter Woo, 67, as chairman of the board.

Hong Kong-based real estate developer Wheelock & Co has appointed third-gen Douglas Woo, 35, to succeed his father, Peter Woo, 67, as chairman of the board.

Woo, who graduated in architecture from Princeton University, has only been a director on the board since July, when he was also appointed managing director of the company.

Wheelock & Co was founded in 1857, but has only been under the existing family’s ownership since 1985, when Woo’s maternal grandfather Yue-Kong Pao acquired it.

October 23, 2013

With many companies nearing the first-to-second generation transfer phase, Asian family businesses have been forced to learn the art of succession planning quickly. CampdenFB looks at what the region is doing to meet the challenge.  

With many companies nearing the first-to-second generation transfer phase, Asian family businesses have been forced to learn the art of succession planning quickly. 

August 8, 2013

Family businesses with succession plans in place are more likely to achieve a better credit rating and as such able to borrow easier than those with no plan, according to report from the ratings agency Standard & Poor’s.

Family businesses with succession plans in place are more likely to achieve a better credit rating and as such able to borrow easier than those with no plan, according to report from the ratings agency Standard & Poor’s.

August 2, 2013

Roshni Nadar Malhotra, the only child of HCL Corporation founder, Shiv Nadar, has been appointed a non-executive director on the board of the group’s software services firm, HCL Technologies.

Roshni Nadar Malhotra, the only child of HCL Corporation founder, Shiv Nadar, has been appointed a non-executive director on the board of the group’s software services firm, HCL Technologies.

Revealed in the company’s annual report, released this week, the appointment is being touted by the Indian media as a preparatory step in Nadar’s succession plan for the multi-billion dollar company.

July 11, 2013

Sixth gen to take over at Hermes, Maxime Carmignac takes over the family business’s UK office, and M&S family member says the retailer needs to modernise.

Sixth gen to take over at Hermes, Maxime Carmignac takes over the family business’s UK office, and M&S family member says the retailer needs to modernise.

June 13, 2013

German headphones and electronics company Sennheiser has announced the appointment of two third-gens to take control of the family business.

German headphones and electronics company Sennheiser has announced the appointment of two third-gens to take control of the family business.

Daniel and Andreas Sennheiser will take over as joint chief executives and speakers of the executive management board, effective 1 July.

Their father, Jorg, is the current chairman of the supervisory board. His father, Professor Fritz Sennheiser, founded the company in 1945.

June 7, 2013

The chairman of Paris-based advertising and communications group Havas, Vincent Bollore, has told shareholders he would like his son Yannick to take over his role at the company, which is majority owned by the family’s eponymous holding company.

The chairman of Paris-based advertising and communications group Havas, Vincent Bollore, has told shareholders he would like his son Yannick to take over his role at the company, which is majority owned by the family’s eponymous holding company – now in its sixth generation, with Bollore at the helm.

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