It’s a real-world counterpart to the TV series Succession – a billionaire boss prefers his younger child over the elder son who was expected to take over.
Lord Bamford, chairman of JCB, chose to name his third child, George, as the successor to the excavator manufacturer, putting an end to speculation about conflicts within the boardroom.
As reported by The Telegraph, the eldest son, Joseph, who is 48, had been attempting to persuade his 80-year-old father to hand over control of the family-owned business.
Lord Bamford apparently viewed this as a failed coup and has now confirmed that 45-year-old George, who is currently deputy chairman, will assume the highest position.
The Conservative peer, a significant contributor to both theConservativesAnd Reform, spoke to the newspaper, saying, “Regarding our continued existence as a family business, that is extremely significant, and we do have strategies in place.” When asked to identify his successor, he responded, “It will be George.”
The shift from father to son has not yet received approval at the board level, even though as the majority shareholder, Lord Bamford’s choice is expected to remain unchallenged. This is despite Joseph appearing to have been prepared for the role.
Following a short period in the City, he started working with a JCB affiliate in 2004 and gradually advanced through the management hierarchy, eventually becoming head of contracts.
In 2006, he became the first of the three Bamford siblings to step onto the board. George and Alice, who are 50 years old, work as a film producer in California, and joined three years later.
George operates his own high-end watch company under the Bamford label but has become more engaged with JCB recently.
The company was established in 1945 by his grandfather, Joseph Cyril Bamford. It now has over 19,000 employees and generates a sales revenue of £6.5 billion.
The internal conflicts at JCB resemble the storyline from Succession – reportedly inspired by the family power battles within Rupert Murdoch’s media company.
The MoS has reached out to JCB for a response.
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