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Eldest son out at Linfox amid billionaire sibling rivalry
Billionaire businessman Lindsay Fox approved his son Peter Fox’s departure as executive chairman of the family’s logistics empire Linfox after years of sibling rivalry in a move one insider said was about “future proofing the business”.
Peter Fox quit as executive chairman on Wednesday after months of extended leave from his role with the family-owned group, the main source of Lindsay Fox’s $5.7 billion fortune, in the first step of a major reorganisation of the conglomerate’s leadership.
“The two shareholders are Lindsay and [his wife] Paula and this is very much their decision,” the insider said, adding that tensions between Peter and his younger brothers Andrew and David were “a known element but not the driving force”.
‘How could they say that?’ Paula Fox denies husband Lindsay has dementia amid tension over family empire
The matriarch of the billionaire Fox family has expressed anger at what she says are false suggestions that husband Lindsay Fox has dementia and can’t make significant decisions about his multibillion-dollar logistics empire.
Paula Fox spoke to this masthead from Paris to vehemently defend the trucking magnate, vowing to find out “what is going on” with eldest son Peter Fox, who it was announced on Wednesday would not return as Linfox executive chairman after a lengthy sabbatical.
Paula Fox said that Peter had done no work for seven months and the desire for new leadership was a family decision.
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