Fear of the shareholders
Le Temps’ Difficult Search for an Independent Successor to David de Pury
Le Temps' difficult search for an independent successor to David de PuryBy Christophe BüchiThe sudden death of David de Pury has left the daily newspaper Le Temps in dire straits. It has to look for a new Chairman of the Board of Directors who is independent of the shareholder groups.
The former economic diplomat, "White Paper" exponent and ABB Vice Chairman David de Pury, who had been working as a private banker for some time, had another mandate. Although it was not very lucrative, it was particularly close to his heart: the chairmanship of the board of directors at Le Temps.
This was no accident, as de Pury was one of the main players in the merger of Nouveau Quotidien and Journal de Genève to form Le Temps, which, as is well known, was not without incident (see also In conversation, pages 45 and 46).
According to Le Temps editor-in-chief Eric Hoesli, the merger would hardly have been possible without de Pury: "This newspaper is therefore also his." For his job as publisher, de Pury was even prepared to give up his flirtatious mandate on the monitoring committee of the Fondation Sandoz. This foundation, which was set up by the heirs of the Sandoz pharmaceutical family, represents one of the largest concentrations of capital in French-speaking Switzerland. It owns a huge portfolio of shares, as well as hotels, watch companies and finance companies, and is also one of the largest cultural sponsors in French-speaking Switzerland.
Competition Commission wants independence from shareholders
In addition, Fondation Sandoz has been one of the major shareholders of the publishing house Journal de Genève for several years, which today publishes the merged newspaper Le Temps together with Edipresse (both groups each hold 47 percent of the share capital, the rest belongs to the journalists). However, as the Swiss Federal Competition Commission had only given its approval for the merger on the condition that the Chairman of the Board of Directors was independent of both shareholder groups, de Pury had to choose between the chairmanship of Le Temps and his mandate at the Sandoz Foundation. The fact that he opted for the former shows how much he cared about his publishing job.
De Pury has rendered outstanding services to Le Temps. He succeeded in shielding the newspaper, which was repeatedly attacked, from all challenges. At the same time, as Hoesli told WerbeWoche, he proved to be an extremely liberal president who was careful not to interfere in the interests of the editorial team.
This is anything but a matter of course. After all, not least the Geneva circles that were close to the old Journal de Genève are constantly criticizing the successor newspaper. And certain private bankers, who have to pay for the lavish newspaper, are also increasingly keen to force it onto a more economically liberal course.
Following de Pury's departure, Le Temps must now look for a new president who must have no connection with either Edipresse or the Journal de Genève publishing house. The search is therefore on for a man (or woman) with moral authority, guaranteed liberalism, diplomatic and political tact and a minimum of publishing expertise.
Finding this person may not be so easy. For Le Temps, however, it is a matter of vital importance. After launching several supplements, the newspaper is still in the red - Hoesli is not expected to be in the black until next year at the earliest. Whether the newspaper will be able to keep its shareholders in line depends largely on the person of the president.
The former economic diplomat, "White Paper" exponent and ABB Vice Chairman David de Pury, who had been working as a private banker for some time, had another mandate. Although it was not very lucrative, it was particularly close to his heart: the chairmanship of the board of directors at Le Temps.
This was no accident, as de Pury was one of the main players in the merger of Nouveau Quotidien and Journal de Genève to form Le Temps, which, as is well known, was not without incident (see also In conversation, pages 45 and 46).
According to Le Temps editor-in-chief Eric Hoesli, the merger would hardly have been possible without de Pury: "This newspaper is therefore also his." For his job as publisher, de Pury was even prepared to give up his flirtatious mandate on the monitoring committee of the Fondation Sandoz. This foundation, which was set up by the heirs of the Sandoz pharmaceutical family, represents one of the largest concentrations of capital in French-speaking Switzerland. It owns a huge portfolio of shares, as well as hotels, watch companies and finance companies, and is also one of the largest cultural sponsors in French-speaking Switzerland.
Competition Commission wants independence from shareholders
In addition, Fondation Sandoz has been one of the major shareholders of the publishing house Journal de Genève for several years, which today publishes the merged newspaper Le Temps together with Edipresse (both groups each hold 47 percent of the share capital, the rest belongs to the journalists). However, as the Swiss Federal Competition Commission had only given its approval for the merger on the condition that the Chairman of the Board of Directors was independent of both shareholder groups, de Pury had to choose between the chairmanship of Le Temps and his mandate at the Sandoz Foundation. The fact that he opted for the former shows how much he cared about his publishing job.
De Pury has rendered outstanding services to Le Temps. He succeeded in shielding the newspaper, which was repeatedly attacked, from all challenges. At the same time, as Hoesli told WerbeWoche, he proved to be an extremely liberal president who was careful not to interfere in the interests of the editorial team.
This is anything but a matter of course. After all, not least the Geneva circles that were close to the old Journal de Genève are constantly criticizing the successor newspaper. And certain private bankers, who have to pay for the lavish newspaper, are also increasingly keen to force it onto a more economically liberal course.
Following de Pury's departure, Le Temps must now look for a new president who must have no connection with either Edipresse or the Journal de Genève publishing house. The search is therefore on for a man (or woman) with moral authority, guaranteed liberalism, diplomatic and political tact and a minimum of publishing expertise.
Finding this person may not be so easy. For Le Temps, however, it is a matter of vital importance. After launching several supplements, the newspaper is still in the red - Hoesli is not expected to be in the black until next year at the earliest. Whether the newspaper will be able to keep its shareholders in line depends largely on the person of the president.
