Succession

Salaries for top executives at family offices jumped 10% in the past year but women are still unrepresented in C-suites, according to the new Global Family Office Report 2017.

Family offices recovered from a year of low investment returns, which averaged 0.3% in 2015, to climb to 7% in 2016, the report by Campden Wealth, in partnership with UBS, said.

When it comes to succession, some business families plan well and some don’t, whether the next generation is ready or not. Scott McCulloch reports.

Here is a scenario: What if a patriarch–a maverick whose family firm, built over four decades and turning over more than €100 million ($105 million) annually–dies in office without leaving his children a set of instructions on how to run the show?

CK Hutchison Holdings patriarch to step aside

Hong Kong billionaire Li Ka-Shing, 88, has announced he will step down as the chairman of multinational conglomerate CK Hutchison Holdings, which he founded more than 60 years ago.

Li turns 89 in July and said he was unlikely to resign before his 90^th birthday. A story by MarketWatch named son and deputy president Victor Li as his likely successor. The younger Li has spent more than 30 years working under his father.

Molina Healthcare dumps family executives due to poor financial performance

US family-run Molina Healthcare has replaced the two brothers who have run the health insurer since 1996, replacing them with a non-family director due to poor financial performance.

Mario Molina, its second-generation chief executive, and John Molina, its chief financial officer (CFO), have been replaced by current chief accounting officer Joseph White who becomes interim chief executive while the company recruits a new chief executive, and CFO.