Discover the Waystar Royco structure after Season 4 Episode 4

The Lexchart Team -
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Spoiler alert. Important plot details revealed.

Season 4, Episode 4 ("Honeymoon States") of HBO's Succession delivered a bombshell for the company structure. Logan Roy's death spurs a variety of scenarios for who will control the company.

Potential successors to Logan Roy

Two facts in the plot directly relate to Logan's immediate successor. First, the siblings control less than 50% of the company. The Board of Directors will need to vote on the management successor to close the GoJo acquisition and spin out of ATN.

Second, Frank discovers a document in Logan's papers which contemplates several potential CEOs. The document stirs the pot for three candidates:

  • Kendall Roy with the mysterious underline / cross out,
  • Roman Roy with Logan's plan to bring Roman in to run the resulting company, and
  • "Surprise, surprise" Greg Hirsch with a question mark.

The management groups appears too fractured to offer a single one of their own as an alternative. Carl Muller, Gerri Kellman, and the ever "Ready to Serve" Tom Wambsgans all make self-interested pitches.

Navigate the Complex Ownership Structure of Waystar Royco in HBO’s Succession
Dive into the intriguing world of Waystar Royco, the fictional media conglomerate at the heart of HBO’s hit series, “Succession.” Unravel the intricate web of ownership shares that fuel the power struggles within the Roy family, shaping the dramatic narrative of this critically acclaimed show.
LexchartThe Lexchart Team

Kendall and Roman lead Waystar Royco

The siblings cannot control the outcome of the board vote because they do not control the major of shares. To get to majority, Kendall pleads with Stewy to vote for him on behalf of Maesbury Capital.

To Shiv's disappointment, the siblings agree to put Kendall and Roman forward as joint leaders. That decision is based on the document that underlines or crosses out Kendall's name and the preexisting corporate succession plan for the COO to take over.

Connor Roy Entertainment and Leisure Shenzen Sun Les Temps du Paris Public Shareholders Ewan Roy Waystar Royco Broadcast Media Greg Hirsch North Star Publishing Roman Roy Cincinnati Standard NCN Kendall Roy Family Trust Journal Quebecoise Furness Media Groups StarGo Beneficiaries Stewy Hosseini Caroline Collingwood Waystar Studios Print Media Sandy Furness Vaulter Management LNN The Boston Daily Express Domestic Brightstar Adventure Park The Correspondent Marcia Roy Maesbury Capital Ownership International Tom Wambsgans Trustee? Shiv Roy NY Globe Sandi Furness Deutschland Heute The London Journal ATN Logan Roy Brightstar Cruise Lines The Chicago Daily lexchart.com

Greg Hirsch as CEO of Waystar Royco?

"There's a paper" with Greg's name and question mark. If Logan contemplated that Greg would become CEO, then here is what the organizational structure would look like.

Brightstar Adventure Park Entertainment and Leisure Print Media The London Journal Family Trust ATN Vaulter Greg Hirsch Waystar Studios Logan Roy Sandi Furness LNN Caroline Collingwood Trustee? Shiv Roy Tom Wambsgans Management Deutschland Heute Public Shareholders The Chicago Daily StarGo Sandy Furness Les Temps du Paris Connor Roy Roman Roy The Boston Daily Express North Star Publishing NY Globe Ownership Maesbury Capital Domestic Journal Quebecoise Stewy Hosseini Broadcast Media Kendall Roy Ewan Roy NCN The Correspondent Waystar Royco Brightstar Cruise Lines Furness Media Groups Shenzen Sun International Beneficiaries Marcia Roy Cincinnati Standard lexchart.com

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Open questions

Who is the Roy Family Trust trustee?

While Frank is the executor of the estate, it is not clear who the trustee of the Roy Family Trust is.

What is Marcia's role?

Marcia owns the home in New York since she agrees to sell it to Connor on a handshake. Marcia role in the trust (see Season 1) and the company are not clear.

These charts are made with Lexchart for automatic organization charts.

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