succession

Why Asian family businesses continue to dominate markets

SINGAPORE (Sept 12): The financial performance of Asia’s family-owned businesses is far superior to their peers in terms of growth and profitability, finds a recent report published by the Credit Suisse Research Institute (CSRI).

According to the Credit Suisse Family 1000 in 2018 report, family-owned businesses outperformed broader equity markets across every region and sector on a long-term basis, be it in terms of revenue growth or EBITDA margins, or cash flow returns and gearing.

Jack Ma to step down as Alibaba's chairman in 2019; announces CEO Daniel Zhang as successor

SINGAPORE (Sept 10): Jack Ma today announced his plans to step down as the Chinese e-commerce giant’s board chairman, one year from today on Sept 10, 2019.

In an open letter issued by Ma today to Alibaba’s customers, employees and shareholders, Ma named the company’s CEO Daniel Zhang, who has been with Alibaba for 11 years, as his intended successor.

As part of the handover, Ma says he will continue as an executive chairman of the company over the next twelve months from the effective date to ensure a smooth transition of chairmanship.

Saudi King names new crown prince, upending succession

Crown prince, Mohammed bin Salman

(June 21): Riyadh, Saudi Arabia (AP) -- Saudi Arabia's King Salman on Wednesday appointed his 31-year-old son Mohammed bin Salman as crown prince, placing him firmly as first-in-line to the throne and removing the country's counterterrorism czar and a figure well-known to Washington from the royal line of succession.

Money, not legacy, makes Singapore’s family businesses go round

SINGAPORE (March 29): A growing number of Singapore’s homegrown enterprises are becoming increasingly practical such that the traditional family business model may be going extinct, suggests new research jointly conducted by KPMG and CPA Australia.

This is what’s holding Singapore family businesses back from growth

SINGAPORE (Nov 2): The growth outlook for Singapore’s family businesses is looking grimmer than ever.

According to the latest global survey by PricewaterhouseCoopers (PwC), Singapore family businesses reporting sales growth have hit a low of 47% this year, down almost a third from 72% in 2014.

PwC’s biennial study, entitled ‘The Missing Middle: Bridging the strategy gap in family firms’, interviewed 2,800 family businesses across 50 countries with turnovers ranging from US$5 million to over US$1 billion ($7 million to over $1.4 billion).

PM Lee completes address after illness forced halt

SINGAPORE (Aug 22): Singapore’s Prime Minister Lee Hsien Loong returned from a one-hour break forced by illness to finish a nationally-televised speech on Sunday evening, apologising for giving the crowd a “scare” and using the incident to stress the importance of succession planning.

Lee, 64, had been speaking on and off for more than two hours in multiple languages when he physically stumbled and abruptly stopped. The live broadcast of his main annual National Day rally address was halted while the prime minister was attended to by a medical team.

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