The succession plans of Melbourne’s billionaire Fox family are in disarray after Lindsay Fox’s eldest son Peter abruptly resigned this week from family-owned logistics group Linfox.
Peter Fox stepped down as executive chairman on Wednesday after months of extended leave from his role with the group that is the main source of Lindsay Fox’s $5.7 billion fortune.
The Australian Financial Review An email to staff on Wednesday, from Lindsay Fox, said Peter would not return to the executive role, and the family would “establish a new governance model, starting with the appointment of independent chairs for the operating businesses”.
Peter has been executive chairman since the 1990s and will remain on the board.
More to come.
Colin Kruger is the senior business reporter for the Sydney Morning Herald and The Age.Connect through email address.
