Born in 1951 in Steinsel, François Tesch He joined Foyer as secretary general in 1983, before being appointed CEO three years later. In 2014, Marc Lauer succeeded him as head of the company and François Tesch was appointed chairman of the board of directors. A year later, he was appointed executive chairman of Luxempart. He finally stepped down from the board of directors in 2026. John Penning will take over as chairman of the Foyer Finance executive committee as soon as a successor has been appointed to head Luxempart, as part of the new governance structure that has been put in place. Interview.

What do you think a “national champion” is?

François Tesch. – “I believe it is, first and foremost, a long-standing company with a name that is instantly recognisable. In our case, we have been insuring a very large number of people in Luxembourg for a very long time, and we also have a large workforce of employees and agents, which means we are also a major employer in this country.

How does a private company become a state institution?

“It takes perseverance, and there needs to be a human face behind the business. We’re not a public limited company; we’re a family business. All of this helps to build trust, which is key—especially in our sector—to becoming a national leader.

Foyer has evolved alongside the country. At what points did their two paths truly cross?

“We have certainly consciously followed the country’s example and strategy. I believe what inspired us was that, from a political perspective, Luxembourg has always championed Europe; this has been particularly evident since the steel crisis, with the rise of the financial centre, which is very open to Europe and the wider world. We have followed the same path, notably by setting up Wealins, which markets products in most European countries, and by launching our private banking business through CapitalatWork, with operations in Belgium as well as Luxembourg. More recently, we have developed Global Health, a health insurance scheme for expatriates marketed across Europe. Furthermore, population growth has, of course, driven our expansion. When I started at Foyer, Luxembourg had around 350,000 residents…

If you had to sum up your 43 years at the helm of Foyer in a single decision, what would it be?

“A truly pivotal moment came in 1990, when we established Foyer Finance. Previously, all our shareholders were shareholders of Foyer Compagnie Luxembourgeoise d’Assurances. We asked them to exchange their shares for shares in the newly created Foyer Finance. This enabled us to implement a strategy to diversify the group, particularly beyond our national borders. This process came to fruition in 1992 with our acquisition of a stake in Bil Participations, now known as Luxempart.

Today, Foyer Finance is built primarily on two main pillars: on the one hand, Foyer SA, which operates in the insurance and wealth management sectors, and on the other, Luxempart, which specialises in private equity and investment. More recently, we have developed Foyer Finance Avenir, which focuses on innovation, sustainability and investment in the industries of the future.

Here, communication is easy. […] There is a dialogue aimed at solving problems collectively.

François Tesch, former board member, Foyer

When you run a company that forms part of the country’s economic heritage, do you make decisions like an entrepreneur… or as a “steward” of a collective legacy?

“We stay true to our roots; we are Luxembourgers and proud of it. When you run a business, you have to take into account the context in which we live. Here, communication is easy. I believe this closeness is conducive to business development because there is a dialogue to resolve problems collectively. We must never lose this Luxembourgish culture; for a small country, it is fundamental. That said, I have always acted as an entrepreneur who had to innovate and take risks to grow his business.

In what ways can family businesses serve as role models for others?

“Firstly, their decision-making centre is here in Luxembourg. They are loyal to their country and have been here for a long time. They contribute to its development. I believe it is important for the government to recognise that this potential exists and to foster it, especially at a time when questions may be being asked about the state of European integration. Our country can only develop if it returns to growth, especially if we want to maintain the social welfare we have always enjoyed and to which we are deeply attached. I believe that family businesses can play a very significant role in this regard.

Are you concerned about the current climate?

“I am optimistic, but I am also concerned because we have never experienced a situation like the one we are facing today. And what worries me a little is that there isn’t really a full realisation yet of the challenges we will have to face. The world is reorganising itself and I fear that Europe is lagging behind somewhat. It must take responsibility.

Do family businesses face difficulties that are inherent to their family nature?

“As far as Foyer is concerned, I would say that, since our strategy depends heavily on that of the country, the greatest vulnerability would arise if Europe were to stagnate or even become more insular. For family-owned businesses, a weakness could be that the family no longer gets on, as the number of descendants increases over the generations, there may be a greater risk of interests diverging. In our case, we have been developing our family governance for 20 years. We are aligned; the young talents of the fourth generation know the group and have the opportunity to build a career there if they are capable and well-trained, as the company’s interests take precedence.

If family members are too involved [in the business], it can put off outsiders.

François Tesch, former board member, Foyer

Are you in favour of limiting the number of family members in the company? Why?

“I believe that a family business needs to be mindful of the role it should play. It absolutely needs competent people, not all of whom come from within the family. If the family is too involved, this can put off outsiders.

But if there are fewer family members, isn’t there a risk of losing the founder’s values?

“Above all, values need to be put into practice. For example, we asked ourselves whether we wanted to remain entrepreneurs, just as the founder was. We want to create and grow businesses, just as we have been doing for three generations. There was broad consensus within the family on this value.

At what point should a family business accept that it may no longer be able to operate “like a family”?

“Today, when you look at our group, it has become much more complex than it was 40 years ago. When I joined the Foyer, we were a monolithic organisation, in the sense that we only dealt with insurance. Today, our diversification creates complexity that requires specific skills. At this point, we need to strike the right balance between the role the family must play and the responsibilities we must entrust to external parties whom we absolutely need. In other words, we must combine long-term family governance with the governance of a listed company, which demands discipline and rigour.

Ultimately, in a large family business, who makes the decisions? The family? The board? The shareholders?

“Pretty much everyone, certainly not just one person. The board is the final authority on decisions, but in practice, if you have highly competent people, the board often approves what is put to it. We have also set up an executive committee at Foyer Finance (the parent company that houses Foyer and Luxempart), comprising three members, two of whom are family members: John Penning and my son Owen. This committee is intended to act as a professional shareholder and support the management of the various companies in their development strategy.

Would it be possible today to rebuild a company like Foyer?

“On paper, perhaps, but in reality, I think it would take a long time. Nothing is impossible, but the context is very different. It’s not the business plan I would propose to my shareholders, in any case.​ On the other hand, I think a player like Foyer is now very well positioned to tackle the technological challenges it faces. Rather than looking to the past, we must above all look to the future.

It is a great source of satisfaction to pass this responsibility on to younger members of the family who wish to continue this journey.

François Tesch, former board member, Foyer

After 43 years at the helm of the company, how are you finding the handover?

“I am extremely pleased to be able to hand over a financially sound and diversified group, equipped with the resources needed to face the future, which is sure to be challenging. Furthermore, knowing that we are passing this responsibility on to younger members of the family who wish to continue this journey is also a great source of satisfaction. And I say to them: above all, don’t hesitate to make changes if necessary. Personally, I have thoroughly enjoyed myself over the past 43 years.

You’re also stepping down from the board and don’t want an office any more – what are you going to do?

“I certainly won’t be retreating to the seaside or the mountains – that wouldn’t be my cup of tea! I’ll be keeping a close eye on what’s going on. My intention is really to hand over full responsibility and to support young people in their efforts. My involvement will mainly be occasional and positive. What interests me most is knowing how our country will develop, because I love this country very much; it has developed very well and has always made intelligent choices, but today it faces challenges that exceed its own capabilities because they depend heavily on our neighbours, on Europe. If I can contribute, with certain ideas, to this discussion, to restoring or accelerating growth in our country – which is essential to our well-being – I would obviously be very keen to champion this cause.

Looking back, what was your worst experience?

“It was when we [Luxempart, ed.] invested in a listed company in Spain, in the fishing and aquaculture sector. That company turned out to be a massive fraud. I was deeply disappointed because we would never have made that investment if the auditor had done their job properly. We found ourselves in a difficult situation, which still hasn’t been resolved today. I was on the board, and I felt I was being treated unfairly. It served as a lesson to me and I learnt a great deal from it, such as the fact that, when you’re not in your own country, you have to be doubly careful about who you’re dealing with when investing or expanding your business.

To end on a more positive note, what do you take away from this experience?

“Above all, it’s a human journey. What stays with you are the people you’ve met and the talents you’ve seen flourish. The whole group becomes one big family that you grow attached to. If I have one piece of advice to offer, it is not to forget to nurture that special quality which gives family businesses extra strength and motivation—that ‘affectio societatis’ which must be fostered throughout the company. If we have succeeded in making our group what it is today, it is thanks to this teamwork, for which I express my deepest gratitude today.”

Foyer: over a century of history

1922. On 28 October, “Le Foyer Compagnie d’assurance luxembourgeoise SA” was founded by Léon Laval, Max Lambert, Joseph Bach and Max Menager, with a capital of 5 million francs.

1925. The Foyer has diversified its activities in Germany, France and Belgium.

1970. Le Foyer, then headed by Marc Lambert, has grown considerably. Its turnover exceeds one billion francs.

1990. Foyer Finance was established as the group’s parent company, and the entities Foyer Assurances and Le Foyer Vie were created.

1992. Foyer Finance has acquired a significant stake in Bil Participations, which will subsequently become Luxempart.

1996. Establishment of Foyer International, a wealth management life insurance company operating in Europe.

1997. Establishment of Foyer Asset Management, which manages the group’s financial assets.

2000. Foyer SA is opening up its share capital to investors and listing on the stock exchange (Luxembourg and Brussels).

2006. The company’s head office was moved from Kirchberg to Leudelange, on Rue Léon Laval, in honour of the company’s founder.

2009. Acquisition of CapitalatWork, which merged with Foyer Patrimonium (founded in 1998) to form the CapitalatWork Foyer Group.

2014. Foyer is launching a public share buyback scheme and is delisting from the Luxembourg and Brussels stock exchanges to return to private ownership. This is also the year in which the Global Health business, providing health insurance for expatriates, was launched.

2016. Foyer SA acquires International Wealth Insurer (IWI), which merges with Foyer International to form Wealins.

2022. The Foyer Group is celebrating its 100th anniversary. This year, Foyer is also acquiring Nexfin, a broker specialising in mortgages.

2024. Foyer has acquired Globality, which is merging with Foyer Santé to form Foyer Global Health. This new entity strengthens the group’s position in the international health insurance market.

2025. Marie-Hélène Massard succeeds Marc Lauer as CEO of Foyer Group, marking a new stage in the group’s governance.

2026. In February, Luxempart announced that it had launched a succession process for its Chief Executive Officer, John Penning, as part of a wider overhaul of its governance structure within its shareholder base. John Penning will remain a member of the board of directors. In early May, the board of directors of Foyer Finance confirmed on 6 May the appointment of John Penning as chairman of its executive committee. He will take up his post as soon as his successor at the helm of Luxempart has been appointed.

This article was written for the June 2026 issue of Paperjam magazine, published on 20 May. The content is produced exclusively for the magazine. It is published on the website to contribute to Paperjam’s comprehensive archive. Click on this link to subscribe to the magazine.

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