Alexandre de Rothschild said his father always told him to "do what you want -- if you want to play tennis, go ahead." Alexandre, now 32, did not devote his life to perfecting his serve, breeding horses, or the other pursuits one might imagine are available to a scion of the world's biggest family-owned bank.
Instead, he took jobs at other financial firms before joining the family business four years ago, becoming the seventh generation of a banking dynasty that can be traced to the 18th century.
Today, as the firm undergoes a generational shift to younger bankers, he's being groomed to run Rothschild and succeed his 69-year-old father, David, within five years, according to three people with direct knowledge of the plan.
"Whether it's chairman, CEO, one, the other, both -- it could take various forms and there's no timing pressure," said Alexandre in his first interview. His father, David de Rothschild, isn't worried about his readiness. "What I observe of Alexandre's attitude and behavior and what colleagues tell me is very comforting," he said. "But again, he's not under pressure to be more visible or add titles. Things are progressing as they should."
The comments by David and Alexandre are the most explicit yet to spell out succession plans at Rothschild, a storied name in finance that reported revenue of 1.14 billion euros ($1.42 billion) last year and ranks 10th among banks worldwide in advising on deals, according to data compiled by Bloomberg. It advised Nestle, the world's biggest foodmaker, on its $11.9 billion takeover of Pfizer's infant nutrition unit this year.
Presumed Ascension
Alexandre's presumed ascension is part of his father's long-sought goal to establish a new corporate structure that cements control of the firm within the Rothschild family. The plan, approved by shareholders on June 8, converted Paris Orléans, the holding company for Rothschild operations in France, the U.K., and elsewhere, into a limited partnership. The family now has 56 percent of voting rights, though its ownership stake is 47 percent. About 38 percent of the group's shares will be listed on the Paris exchange.
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