Rothschild puts next gen in charge

PARIS: Rothschild & Co heir Alexandre de Rothschild will become the investment bank’s top executive, putting a seventh generation of the family in charge.

The younger Rothschild takes over from his 75-year-old father, David, who will become chairman of the bank’s supervisory board at the shareholders’ meeting on May 17, the company said in a statement yesterday. Alexandre will be appointed executive chairman of Rothschild & Co Gestion, Rothschild & Co’s managing partner.

Alexandre, 37, joined the family company a decade ago to focus on the merchant-banking division after working at other financial firms and has been groomed to run Rothschild. His appointment follows his father’s efforts to change the bank’s corporate structure. Bloomberg reported the succession plan in February, citing sources.

“Alexandre, with 15 years of experience, has demonstrated deep knowledge of all our businesses and his ability to build relationships,” David said in the statement. “I believe that those who make our firm so successful are as delighted as I am about the family continuity at the head of the firm.” — Bloomberg