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Ownership and Management

October 24, 2014

Family-owned eyewear group Luxottica has announced a new co-chief executive this week in an attempt to resolve a tense management crisis that has seen two leaders quit in just over six weeks.

Family-owned eyewear group Luxottica has announced a new co-chief executive this week in an attempt to resolve a tense management crisis that has seen two leaders quit in just over six weeks.

The Italian company said Adil Mehboob-Khan, a former Procter & Gamble executive, would join the firm in January and become part of a new management structure comprised of three top executives.

October 17, 2014

Taittinger was a favourite tipple of Ian Fleming’s James Bond and became the first ever official champagne Fifa served to VIPs at the World Cup in Brazil. Despite its glamorous image, however, the French champagne house adheres to a set of humble family values.

Religion is never far from the surface at Champagne Taittinger. The Gothic spires of Reims’ Notre-Dame Cathedral are clearly visible only a mile from the office of Pierre-Emmanuel Taittinger, the president of the eponymously-named champagne house and figurehead for what he calls “the champagne mission”.

October 16, 2014

More than 80% of family businesses do not have a robust succession plan and 75% of firms with CEOs aged 65 or older still have no succession process in place, new research has revealed.

More than 80% of family businesses do not have a robust succession plan and 75% of firms with CEOs aged 65 or older still have no succession process in place, new research has revealed.

The biennial PwC Global Family Business Survey of 2,800 family businesses found just over half (53%) have succession plans in place for some, if not all senior roles, but only 30% of these ‘plans’ are properly documented.

October 8, 2014

The billionaire founder of Europe’s largest shoe retailer, Heinz-Horst Deichmann, has died in Essen, Germany, at the age of 88.

The billionaire founder of Europe’s largest shoe retailer, Heinz-Horst Deichmann, has died in Essen, Germany, at the age of 88.

A keen philanthropist who had an estimated net worth of $4.2 billion (€3.3 billion), Deichmann transformed his father’s cobblers business into the best-known footwear seller on in Europe, with estimated sales of $6 billion in 2013.

September 3, 2014

A luxury fashion expert says Luxottica’s founder most likely had his business’s future at heart when ousting the sunglass empire’s non-family chief executive last week, despite media speculation that the exit was personal.   

A luxury fashion expert says Luxottica’s founder most likely had his business’s future at heart when ousting the sunglass empire’s non-family chief executive last week, despite media speculation that the exit was personal.

The Italian eyewear firm, which has annual revenues of €7.3 billion and includes brands such as Oakley and Ray-Ban, was brought to prominence during Andrew Guerra’s decade-long tenure. 

September 3, 2014

The last member of the family that owned US newspaper Washington Post for eight decades, before its sale to Amazon founder Jeff Bezos last year, is to step down as publisher of the former family business by the end of this month, the company has this week revealed.

The last member of the family that owned US newspaper Washington Post for eight decades, before its sale to Amazon founder Jeff Bezos last year, is to step down as publisher of the former family business by the end of this month, the company has this week revealed.

Katharine Weymouth had been part of the business, bought by her great-grandfather in 1933, for 17 years and had been in her current role as chief executive and publisher for seven years.

August 29, 2014

Business-owning family members become less focused on financial wealth with age and increase the value they place on relationships within the company, new research out of the US has revealed.

Business-owning family members become less focused on financial wealth with age and increase the value they place on relationships within the company, new research out of the US has revealed.

The academic paper, published in a recent edition of Family Business Review, also revealed the results had knock-on effects for the type of people families go to for advice about their business, which could affect their companies’ ability to meet challenges down the road.

August 22, 2014

The future of Luxottica’s non-family chief executive is up in the air due to reported tension with the family-owned firm’s founder over the strategic direction of the company.

The future of Luxottica’s non-family chief executive is up in the air due to reported tension with the family-owned firm’s founder over the strategic direction of the company.

Luxottica, which has annual revenues of €7.3 billion, includes brands such as Oakley, Ray-Ban and Oliver Peoples among its empire. It also has over 7,000 retail outlets operating under different banners including Sunglass Hut and OPSM.

August 4, 2014

Portugal’s government has announced a €4.9 billion plan to save family-controlled Banco Espirito Santo, the country’s largest listed bank, after a series of financial scandals threatened to run the 94-year-old lender into the ground. 

Portugal’s government has announced a €4.9 billion plan to save family-controlled Banco Espirito Santo, the country’s largest listed bank, after a series of financial scandals threatened to run the 94-year-old lender into the ground.

But while taxpayers and senior creditors will be protected in the package, shareholders, particularly the Espirito Santo family, and junior bondholders will be left with toxic assets.

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