AUB 2025
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XVII Edition of the Observatory

The choice of NextGen in generational transitions
Structure of owner families, changing skills and current trends

The AUB Observatory on Italian family businesses – promoted since 2008 by AIDAF (Italian Family Business), UniCredit, the AIDAF-EY Chair in Family Business Strategy at Bocconi University, with the support of Angelini Industries, Borsa Italiana and EY – represents the most comprehensive survey of family-controlled Italian companies.
The 17th edition of the AUB Observatory (AIDAF, UniCredit, Bocconi) expands its monitoring of generational transitions to include forward-looking estimates on the number of companies that will be called upon to manage generational transitions in the coming years. This edition also explores a particular type of generational transition, characterised by a mentoring process between the senior generation and the next generation. It also expands the analysis of the profiles of the next generation that has taken over the leadership of family businesses and explores the educational and professional paths of the incoming successors.

The survey also introduces a new and unprecedented focus on owner families, analysing their composition – number of children, educational backgrounds, roles – and the decision-making process that guides the choice of successor within the family.
The picture that emerges allows for a more comprehensive interpretation of the evolutionary dynamics of family businesses, offering useful insights into the challenges of continuity, opportunities for renewal and implications for the future competitiveness of the Italian production system.
 

  • The results of the 17th edition of the AUB Observatory will be presented on 2 February 2026 at 5 p.m. at:

     

Borsa Italiana
Palazzo Mezzanotte Parterre
Piazza degli Affari 6 Milano

 

The event will consist of a preview presentation of the AUB Observatory data, followed by various speeches and a round table discussion with female entrepreneurs, male entrepreneurs and leaders of Italian family businesses.

  • 4:30 p.m. - Registration and welcome coffee

     

  • 5:00 p.m. - Introductory greetings

    Francesco Billari
    Rector of Bocconi University
    Cristina Bombassei
    President of AIDAF
     

  • 5:20 p.m. - Presentation of the 17th AUB Observatory

    Carlo Salvato
    ‘AIDAF-EY’ Chair of Family Business Strategy in memory of Alberto Falck, Bocconi University
     

  • 5:50 p.m. - Commentary on the research

    Sergio Marullo di Condojanni
    Chief Executive Officer, Angelini Industries and Angelini Pharma
     

  • 6:00 p.m. - Round table discussion

    Panel 1
    Andrea Giunti
    Chief Executive Officer, Giunti Editore
    Massimiliano Mastalia
    Head of Wealth & Large Corporates Italy, UniCredit
    Josè Rallo
    Chief Executive Officer, Donnafugata
     

    Panel 2
    Giovanna Franceschetti
    Vice President, Gefran
    Matteo Liberali
    Chairman and Chief Executive Officer, LU-VE
    Barbara Lunghi
    Head of Primary Markets, Borsa Italiana Euronext Group

  • 7:10 p.m. - Conclusions

    Massimo Meloni
    EY Italy Private Leader
     

  • 7:15 p.m. - Q&A
     

The meeting will be moderated by Andrea Cabrini, Director of Class CNBC
 

The event program is available here, and registration can be done here