The Wallenbergs start succession to sixth generation

The Wallenberg family of industrialists has begun its transition to a sixth generation as the power behind companies worth $700bn such as Ericsson, ABB, AstraZeneca and Saab breaks with tradition and considers 30 relatives for its succession planning.

Cousins Jacob and Marcus Wallenberg, both 68, who together with fellow 65-year-old cousin Peter represent the fifth generation, told the Financial Times that they had started offering observer roles on their foundation and corporate boards to the next generation, whose members are aged 12 to 45.