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Forbes.Nepotism so bad

Forbes.Nepotism so bad -...

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http://www.forbes.com/2009/06/19/ceo-executive-hiring-ceonewtork-leadership-nepotism.html Forbes. Is Nepotism So Bad? Klaus Kneale , 06.20.09, 06:00 AM EDT It's a very touchy matter, and it can work wonders--or wreak havoc. Nepotism--playing professional favorites with family members in business or politics--is a controversial subject. But is it really so bad? Executives disagree. (Forbes obviously has no problem with it: The company was founded by B. C. Forbes, handed down to his son Malcolm, and then to Malcolm's four sons, Steve, Robert, Christopher and Timothy.) Why such a bad rap, then? Well, keeping it in the family could lead to very public meltdowns. Witness, for example, the turbulence between the entertainment billionaire Sumner Redstone and his daughter Shari (see "Family Fued" ). Redstone, 86, made it clear several years ago that he wanted his daughter to succeed him in running the businesses he owns. Then he started a public feud and has left his stock not to her but to his grandchildren. Bur at its best, mixing family with business? People do it because at its best it can be more than worth it and less than dangerous. In Pictures: Is Nepotism So Bad? Nepotism is the culture for Oil-Dri, a producer of absorbent materials. Dick Jaffee was chief executive officer there until his son took over in 1992, when the company had about $150 million in yearly revenues. His son was in no way a questionable choice. Daniel Jaffee had worked at the business advisory company PricewaterhouseCoopers and gotten an MBA from the Kellogg School of Management at Northwestern University. He was already running an Oil-Dri subsidiary in Quebec.
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