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The succession plans of Melbourne’s billionaire Fox family are in disarray after Lindsay Fox’s elder son Peter abruptly resigned this week from the family-owned logistics group Linfox.
Peter Fox resigned as executive chairman on Wednesday after months of extended leave from his role with the group which is the main source of Lindsay Fox’s $5.7 billion fortune.
The Australian Financial Review reports that an email to staff on Wednesday, from Lindsay Fox said Peter would not be returning to an executive role, and the family would “embark on a new governance model, beginning with the appointment of independent chairs for operational businesses”.
Peter has been executive chairman since the 1990s and will remain on the board.
More to come.
