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The Hero’s FarewellWhat Happens When CEOs Retire$
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Jeffrey Sonnenfeld

Print publication date: 1991

Print ISBN-13: 9780195065831

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780195065831.001.0001

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Parting Patriarchs of the Family Firms

Parting Patriarchs of the Family Firms

Chapter:
(p.237) 11 Parting Patriarchs of the Family Firms
Source:
The Hero’s Farewell
Author(s):

Jeffrey Sonnenfeld

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195065831.003.0011

The conflict and confusion that follow in the wake of monarchic departures can be found as well following the other leadership departure styles if they occur in a family firm. To gain further insights into the succession tensions that confront family firms, the chapter surveys a group of chief executives who belong to the Young Presidents' Organization (YPO). In addition, this chapter examines three very different family successions in detail. The first focuses on Dunkin' Donuts and explores an entrepreneur's ambassador-like departure and transfer of power of the chief executive to his son. The second concerns Corning Glass Works. Here, the chapter describes the transfer of command of a 130-year-old firm between brothers. The third example illustrates how Henry Ford II stabilizes the troubled firm founded by his namesake. Here, the passage of top office to non-family management is observed.

Keywords:   monarchic departures, family firm, succession tensions, Young Presidents' Organization, family successions, Dunkin' Donuts, Corning Glass Works, Henry Ford II

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