'Millennials' Take Control of Two of Carlos Slim's Companies

Mexican telecom mogul Carlos Slim, the world’s fourth richest person, has appointed two of his grandsons to the boards of his companies, giving way to a new generation of millennials businessmen 

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Daniel and Rodrigo Hajj Slim, both under 25, are the children of Slim’s eldest daughter Vanessa and Daniel Hajj, the chief executive of America Movil, the most precious asset of the family conglomerate Grupo Carso.

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America Móvil provides services to 289.4 million wireless subscribers, 34.3 million landlines, 22.6 million broadband access and 21.5 million PayTV units in all the Americas and Europe. 

Daniel was appointed to the board of Minera Frisco, a mining company in which Slim owns an 80 percent stake, and Rodrigo to the board of Soinmob Inmobiliaria Espanola, a Spanish real estate business also own by Slim.

The 76-years old tycoon has publicly said that his succession plan is made after appointing his three sons and his three son-in-laws in key positions of his banking and telecommunications empire, valued at about US$50 billion.

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A son of Lebanese immigrants, Slim said he always wanted to be a businessman and began to develop his business and investment acumen when he was 13 years old. A father of six children, he is a widower who never married again and who considers family as the most essential thing to a successful career in business.

Most of Mexican companies are family businesses, but only 5 percent of them manage a successful transfer to the third generation.