Asian Family Business, Family Succession, Generational Change, China, General Management/Strategy, Organizational Behaviour/Leadership, International
The Wang Group was created by Alfred Wang in Hong Kong after fleeing China during the turbulence at the beginning of the Communist regime. After successfully building up a diversified trading business and expanding to various other Asian countries, the business was taken over in 1995 by his second son, Charles Wang, a charismatic leader. Charles wished to create a more sustainable family business, attuned to global trends and run by non-family members. To this end, Charles hired an outside CEO to carry out his vision after implementing a far-reaching corporate change program. The global economic crisis that started in 2008, however, affected the company halfway through this reorganization, and brought losses and the departure of the newly hired CEO. Charles Wang had no other option than to again take up the top job himself, and he had to reconsider the path towards a sustainable future for the family firm.
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