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January 26, 2015

Not one but two family business dynasties are in court this week, in generational battles questioning the decision-making ability of aging family members. 

Not one but two family business dynasties are in court this week, in generational battles questioning the decision-making ability of aging family members.

In the US, Tom Benson, the billionaire owner of pro-American football team the New Orleans Saints, will be in court over the future control of his sports and business empire.

And starting today in Southern France, 10 people will be answering to allegations that they capitalised on the mental frailty of L’Oreal heiress, Liliane Bettencourt.

January 16, 2015

Hari Harilela, who went from struggling entrepreneur to international businessman through his eponymous hotel empire, has passed away. He was 92.

While many wealthy families today are spread across continents, the Harilela family of Hong Kong is anything but multi-jurisdictional, with up to 100 members of the family occupying a 70-bedroom sprawling mansion in upmarket Kowloon Tong. Patriarch Hari Harilela said the living arrangement was based on a promise once made to his mother, to keep the whole family under one roof. The family patriarch, who went from struggling entrepreneur to international businessman through his eponymous hotel empire, passed away at the property on December 29. He was 92.

January 15, 2015

Mexican billionaire Carlos Slim has become the largest shareholder in fourth-generation family business The New York Times Company, increasing his stake to nearly 17%, but the Sulzberger family will retain control of the media giant through its dual-class share structure.

Mexican billionaire Carlos Slim has become the largest shareholder in fourth-generation family business The New York Times Company, increasing his stake to nearly 17%, but the Sulzberger family will retain control of the media giant through its dual-class share structure.

It follows a bumpy year for the 164-year-old company, in which it continued to find its feet in the digital era, and also saw a mishandled staff changes at the senior editorial level.

January 13, 2015

A $1.25 billion share sale at a subsidiary of South Korean family-owned conglomerate Hyundai has flopped, potentially stalling succession between the second and third generations.

A $1.25 billion (€1.06 billion) share sale at a subsidiary of South Korean family-owned conglomerate Hyundai has flopped, potentially stalling succession between the second and third generations.

Despite a discount on the share price of up to 12%, the Chung family failed to reduce its 43% in Hyundai Glovis, the group’s logistics subsidiary.

December 18, 2014

David Luke III, who served as the fifth-generation chief executive of US paper and packaging giant Westvaco, has died in New York, aged 91.

David Luke III, who served as the fifth-generation chief executive of US paper and packaging giant Westvaco, has died in New York, aged 91.

Luke joined the family business in 1953, becoming chief executive in 1963, and stepping aside for his brother John to take over in 1988. He remained chairman of the company until 1996.
Six years later the family business became MeadWestvaco following a $3.29 billion merger. The new company had total sales of $5.4 billion in 2013.

December 10, 2014

The third-gen vice president of Korean Air has resigned after she delayed one of its flights because an air steward served her macadamia nuts in a bag, rather than on a plate.

The third-gen vice president of Korean Air has resigned after she delayed one of its flights because an air steward served her macadamia nuts in a bag, rather than on a plate.

Heather Cho, 40, is the eldest daughter of Cho Yang Ho, who is chairman of the airline, and its parent company Hanjin Group.

In a flight from New York on 5 December, Cho berated a junior steward for the way he had presented the nuts, and insisted the plane taxi back the terminal so he could be removed from the flight.

December 9, 2014

Six months after the death of First Allied Corporation founder Malcolm Glazer, his son Edward has put his inherited stake in Manchester United up for sale, worth almost £30 million (€38 million).

Six months after the death of First Allied Corporation founder Malcolm Glazer, his son Edward has put his inherited stake in Manchester United up for sale, worth almost £30 million (€38 million).

December 3, 2014

The French businesswoman who has headed the Pinault family’s investments for the last 25 years has been appointed chief executive of auction house Christie’s, which is wholly owned by the family.

The French businesswoman who has headed the Pinault family’s investments for the last 25 years has been appointed chief executive of auction house Christie’s, which is wholly owned by the family.

Patricia Barbizet will replace Steven Murphy as chief executive, following his surprise departure announced this week by Christie’s and effective from the year’s end.

November 27, 2014

A scion of the Mellon banking dynasty has been appointed chairman of a new trade association for Bitcoin and other digital currencies.

A scion of the Mellon banking dynasty has been appointed chairman of a new trade association for Bitcoin and other digital currencies.

Matthew Taylor Mellon II, a sixth-gen of the family behind the predecessor bank to BNY Mellon, is the founder of two digital currency companies, Coin.co, which processes payments, and Coin Apex, an incubator for start ups in the industry.

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