Billionaire Joe Lewis Places a 34-Year-Old Atop Besieged Empire
Succession should be a top-of-mind issue for any wealthy individual or family running a business. The question of who is capable and deserving enough to lead an enterprise should not be answered lightly, and generally years of experience working in the business – what we call “sweat equity” – is valued. That’s why UK billionaire Joe Lewis’ recent naming of his former business partner’s 34-year-old son Josh, who has been heading a UK bridge-financing firm backed by Lewis, is raising eyebrows. Lewis, who recently pled guilty to insider trading, seems to have placed high value of a network of close family friends, including the young Josh.
This article by in Bloomberg discussing the Joe Lewis saga quotes Wingspan’s Christina Wing on why this choice could be questionable: “He’s appointed someone who has been head of a division. But that doesn’t mean he knows how to run a multibillion-dollar empire.”
Read more about Joe Lewis’ empire and unorthodox succession planning in Bloomberg.
.
