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Petalstone Group: Difference between revisions
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| owner = {{ubl|[[Juno (company)|Juno]] (51%)}} | | owner = {{ubl|[[Juno (company)|Juno]] (51%)}} | ||
| parent = | | parent = | ||
| divisions = {{ubl| | | divisions = {{ubl|Electronics|Music Entertainment|Pictures Entertainment|Petalstone C&T}} | ||
| subsid = | | subsid = [[Petalstone_Group#Organization|List of subsidiaries]] | ||
}} | }} | ||
'''Petalstone Group, Inc.''' (stylized as '''PΞTALSTONΞ GROUP'''), commonly known as '''Petalstone Inc.''', is a multinational electronics and media conglomerate based in [[Caphiria]]. Comprising numerous affiliate businesses, Petalstone operates as a ''[[sodesteri|sodesterium]],'' a special central holding company with interlocking businesses in a cross-shareholding relationship which are controlled through a complex ownership structure. Petalstone is separated into 6 core business groups - [[Petalstone Electronics]], [[Petalstone Pictures]], [[Petalstone Music]], [[Petalstone Life]], [[Rosewood-Meranti Worldwide]], and [[Petalstone Heavy Industries]], however the organization also contains numerous privately-held companies that are loosely affiliated, such as Petalstone Engineering and Petalstone C&T (the world's 13th and 36th largest construction companies, respectively), [[Vescor]] (operator of the international luxury company [[Certi Resorts]]), and [[Petalstone Medical Center]] (4th-largest medical center in [[Audonia]]), among others. | '''Petalstone Group, Inc.''' (stylized as '''PΞTALSTONΞ GROUP'''), commonly known as '''Petalstone Inc.''', is a multinational electronics and media conglomerate based in [[Caphiria]]. Comprising numerous affiliate businesses, Petalstone operates as a ''[[sodesteri|sodesterium]],'' a special central holding company with interlocking businesses in a cross-shareholding relationship which are controlled through a complex ownership structure. Petalstone is separated into 6 core business groups - [[Petalstone Electronics]], [[Petalstone Pictures]], [[Petalstone Music]], [[Petalstone Life]], [[Rosewood-Meranti Worldwide]], and [[Petalstone Heavy Industries]], however the organization also contains numerous privately-held companies that are loosely affiliated, such as Petalstone Engineering and Petalstone C&T (the world's 13th and 36th largest construction companies, respectively), [[Vescor]] (operator of the international luxury company [[Certi Resorts]]), and [[Petalstone Medical Center]] (4th-largest medical center in [[Audonia]]), among others. | ||
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== Corporate information == | == Corporate information == | ||
=== Corporate governance === | === Corporate governance === | ||
Since 2011, Petalstone Group is under direct governance and receives oversight from | Since 2011, Petalstone Group is under direct governance and receives oversight from Juno's co-chairs, [[Alexandus Venio II]] and [[Sando Porza]]. Their "pilot/co-pilot" management system of a two-person team of a President (or Principal) and Vice President (or Vice Principal) sharing responsibilities was implemented in the first part of its "Vision MMXX" reorganization and restructuring process. Consequently, the day-to-day affairs are executed by Giovari Parofantone, Principal Executive, and Navia Reschetta, Vice Executive. They are supported by the executive management team, which includes the heads of each organization and division. | ||
Phase II of Vision MMXX saw the | Phase II of Vision MMXX saw the reorganization of Petalstone Electronics, its flagship company. The company's logistics and operations were streamlined, and various divisions across Petalstone Group such as digital imaging, existing display, IT solutions, wireless, networking, semiconductor, and more were merged into Petalstone Electronics. Petalstone Music and Petalstone Pictures went through similar streamlining processes. | ||
Phase III Vision MMXX came in 2016, with the acquisition of a prominent textile firm, [[Cambicenti Company]]. This led to Petalstone's fashion, food, housing, leisure, and bio businesses merging with its Engineering & Construction, Trading & Investment, Fashion, and Resort & Construction subsidiaries. The resulting merger established Petalstone C&T (Construction & Trading). Petalstone C&T was then organized into four working groups (Engineering & Construction, Trading & Investment, Fashion, and Resorts). | Phase III Vision MMXX came in 2016, with the acquisition of a prominent textile firm, [[Cambicenti Company]]. This led to Petalstone Group's fashion, food, housing, leisure, and bio businesses merging with its Engineering & Construction, Trading & Investment, Fashion, and Resort & Construction subsidiaries. The resulting merger established Petalstone C&T (Construction & Trading). Petalstone C&T was then organized into four working groups (Engineering & Construction, Trading & Investment, Fashion, and Resorts). | ||
Phase IV of Vision MMXX started in 2018 with the formation of Petalstone Life Insurance, which originally provided life, health insurance, and annuities to its employees ( | Phase IV of Vision MMXX started in 2018 with the formation of Petalstone Life Insurance, which originally provided life, health insurance, and annuities to its employees (through Juno, it would additionally represent employees of [[Quicksilver Industries]]). Petalstone Life remained private until late 2024 when it was announced that it would go public via a reverse merger and offer its products and services to the public. Petalstone Life quickly grew and attained a market-leading position after just 18 months of operations and is in the top ten-largest life insurance companies in the world. | ||
=== Executive management === | === Executive management === | ||
{| class="wikitable" | {| class="wikitable" | ||
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!Name | !Name | ||
!Position(s) | !Position(s) | ||
|- | |- | ||
|Giovari Parofantone | |Giovari Parofantone | ||
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|Principal Executive of Petalstone Pictures Entertainment | |Principal Executive of Petalstone Pictures Entertainment | ||
|} | |} | ||
====== Board of Directors ====== | |||
Petalstone Group's board of directors consists of 6 members selected by Venio II, 6 members by Porza, and 4 | |||
* Alexandus Venio II, (Co-chairman of Petalstone Group) | |||
* Sando Porza, (Co-chairman of Petalstone Group) | |||
* Giovari Parofantone, (Principal Executive of Petalstone Group) | |||
* [[Ronan Rentius]], (non-executive director) | |||
* Sarino Antellion, (Founder of [[Valtari]]) | |||
* Marcus Geminus, (CEO of [[Aestrum Group#Corporate & Investment Banking|CIB Aestrum]]) | |||
* Ludoro Edonsere, (non-executive director) | |||
* [[Julian Hassler]], (CEO of [[Axiom S.A.|Axiom Communications]]) | |||
== Organization == | == Organization == | ||
Petalstone employs 335,100 across its three core divisions and an additional 120,000 throughout its various affiliated businesses. | Petalstone employs 335,100 across its three core divisions and an additional 120,000 throughout its various affiliated businesses. | ||
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|Petalstone Engineering | |Petalstone Engineering | ||
|- | |- | ||
|Petalstone Music Entertainment Inc. | |[[Petalstone Music|Petalstone Music Entertainment Inc.]] | ||
|Petalstone C&T | |Petalstone C&T | ||
|- | |- | ||
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Isatus Ossonia has been Principal Executive of Petalstone Pictures Entertainment since his appointment in 2002 and is due to retire at the expiration of his contract in 2040. | Isatus Ossonia has been Principal Executive of Petalstone Pictures Entertainment since his appointment in 2002 and is due to retire at the expiration of his contract in 2040. | ||
==== Petalstone Music ==== | ==== Petalstone Music ==== | ||
[[Petalstone Music|Petalstone Music Entertainment Inc'''.''']] is the music entertainment business unit of Petalstone. It is one of the largest global recorded music companies and one of the largest music publishers in the world. Petalstone Music owns the publishing rights to over 5 million compositions. | [[Petalstone Music|Petalstone Music Entertainment Inc'''.''']] is the music entertainment business unit of Petalstone. It is one of the largest global recorded music companies and one of the largest music publishers in the world. Petalstone Music owns the publishing rights to over 5 million compositions. Petalstone Music operates 5 flagship record labels: Petalstone Records, Vescona Music, Molată Entertainment, Devecus Records, and Pegasus Records. Petalstone Music also operates over 20 genre-specific sub-labels | ||
Petalstone Music operates 5 flagship record labels: Petalstone Records, Vescona Music, Molată Entertainment, Devecus Records, and Pegasus Records. Petalstone Music also operates over 20 genre-specific sub-labels | |||
From 2009 to 2023, PME invested approximately $300 million into music streaming company [[Songbird]]. In Q4 2023, PME [[Songbird#Failed acquisition from Petalstone|attempted to leverage a full acquisition of Songbird in a $5 billion deal]]. Negotiations of the deal went on for some time, and a failure to reach an agreement on licensing deals as well as an antitrust investigation put the acquisition on indefinite hold. Today, Petalstone holds a 10% stake in Songbird and continues to advocate for its innovative approach to music distribution and artist empowerment. | From 2009 to 2023, PME invested approximately $300 million into music streaming company [[Songbird]]. In Q4 2023, PME [[Songbird#Failed acquisition from Petalstone|attempted to leverage a full acquisition of Songbird in a $5 billion deal]]. Negotiations of the deal went on for some time, and a failure to reach an agreement on licensing deals as well as an antitrust investigation put the acquisition on indefinite hold. Today, Petalstone Music holds a 10% stake in Songbird and continues to advocate for its innovative approach to music distribution and artist empowerment. | ||
Sorio Dianvecco has been the Principal Executive of Petalstone Music Entertainment since 2020. PME has posted revenues of $15 billion in 2030. | Sorio Dianvecco has been the Principal Executive of Petalstone Music Entertainment since 2020. PME has posted revenues of $15 billion in 2030. | ||