Heir apparent: Team Penske has room on the inside groove
Posted by: in Companies Competitive StrategyFiled under: Management, Competitive strategy
This post is one of several on business heirs apparent. Let us know in the comments whether you think Roger Penske, Jr., should take up the reigns of Penske, and be sure to check out the other heir apparent posts.
Roger Penske is as much a fixture of the auto racing world as any person could claim to be. At 70 years old, he’s still an effective if not brilliant leader, with his hands on the wheel of a carefully built, racing world success. You’ve to wonder though, if Roger Penske is getting ready to step aside and let some new talent slip into the driver’s seat. If a change in leadership fits into his immediate or mid-range plans, who might his replacement be?
With four sons and one daughter, Roger has no shortage of Penske offspring who might be considered for stepping into the racing patriarch’s formidable shoes. The question is, are any of them fit for the job? We might have gotten just a glimmer of what’s to be expected by the recent stepping down of Roger Penske, Jr., from his position as president of Penske Automotive Group Inc. (NYSE: PAG). Roger, Jr., is reported by Crain’s Detroit Business to be retiring from Penske Automotive and purchasing four California auto dealerships from Penske Corp. Is this change to facilitate his being groomed to step into his dad’s position? No source I’ve seen appears to be sure if that is the case.
Roger, Jr.’s buy of Penske dealerships may lighten the workload for his brother Greg. As president of Penske Motor Group, Greg W. Penske might also be a natural choice to be his dad’s replacement. However, when given the Penske Racing tradition of promoting from within, would putting one of the sons at the helm of Penske Racing be too huge a departure from the norm? Central to the matter are two significant dynamics. First, we can believe that Roger Penske shall conduct personnel adjustments in the best long-term interests of Penske Racing. Second, we have the ability to be certain that Mr. Penske considers taking care of business as an essential precursor to taking care of family.
Roger Penske doesn’t toss around idle speculation. He also doesn’t disclose details before their time. If there is a plan to hand the Penske Racing baton to his offspring, with the exception of Roger, Jr.’s current career adjustments, the tale is being kept well concealed. For now, it’s my best bet that Roger, Jr., will be taking over his father’s responsibilities at Penske Racing some time down the road. As always in the world of auto racing, we won’t know the final standings until the finish line is crossed.
Also be sure to check out the other heir apparent posts.
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