Rothschild grooming a successor
Seventh-generation member Alexandre de Rothschild, 32, is being groomed to succeed his 69-year-old father, David, at the family's banking dynasty within five years, Bloomberg reported. The firm's 2011 revenues were 1.14 billion euros ($1.42 billion), according to the report.
Alexandre worked at other financial firms before joining the family business four years ago. He is the only member of his generation with an operational role at the bank, the Bloomberg report noted. Speaking of his future ascension at the firm, he told Bloomberg:
"Whether it's chairman, CEO, one, the other, both -- it could take various forms and there's no timing pressure."
His father told Bloomberg: "[H]e's not under pressure to be more visible or add titles. Things are progressing as they should."
David de Rothschild has been developing "a new corporate structure that cements control of the firm within the Rothschild family," the Bloomberg report said. Shareholders approved the plan on June 8.
The article noted that Paris Orléans, the holding company for Rothschild operations in France, the U.K. and elsewhere, has been converted into a holding company; the family owns 47% but has 56% of voting rights. About 38% of the group's shares will be listed on the Paris exchange. Rothschild, which had become decentralized, will now establish its power base in Paris, where David and Alexandre are based, the Bloomberg report said. (Source: Bloomberg, July 19, 2012.)
Posted Friday, July 20, 2012 • Permalink