In business and family dynamics, the concept of succession has significant importance. Like the popular TV show “Succession,” which delves into power struggles and transitions within a wealthy family-owned media conglomerate, real-life examples of succession often captivate our attention.
These real-life stories reveal the complexities, challenges, and sometimes even the drama that unfolds when a prominent figure or business leader passes the reins to the next generation.
One such true story is from the Open Society Foundation.
Following the transfer of control of the Open Society Foundation from George Soros to his son, Alexander Soros, the foundation has decided to lay off 40% of its staff.
According to statements by Alexander Soros and the foundation’s president, Mark Malloch-Brown, the move comes as the organization is undergoing substantial changes to its operating model.
“Through this new model, the Board aims to transform operations across the global network, to create an organization that is leaner and better able to build on past achievements and meet urgent and emerging challenges.” they added.
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George Soros, with a net worth of about $6.7 billion, has generously donated $32 billion to his foundation since 1984. The foundation, a nonprofit organization, employs approximately 800 people worldwide.
Regarding the job cuts, a spokesperson for the Open Society Foundations told CNN that the organization needed to make “tough decisions” to implement its new vision.
Agencies
They further stated that the foundation plans to reduce its global workforce by 40 percent as part of this process.
The Open Society Foundations is recognized as the foremost private supporter of independent groups focused on justice, democratic governance, and human rights, as noted on its website. George Soros, the founder, initially had no intention of handing the foundation over to any of his five children.
However, in June of this year, he changed his mind and announced the delivery. George Soros said that his son, Alexander Soros, had earned the responsibility.
At 37, Alexander Soros described himself as more politically engaged than his father. According to a Wall Street Journal report, he intends to continue donating family funds to left-wing political candidates in the United States.
Furthermore, Alexander Soros established the ‘Alexander Soros Foundation’ in 2012 to promote social justice and human rights.
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Source: vtt.edu.vn