Soros Son’s New Shakeup Puts $25 Billion Philanthropy on Hold

George Soros’ $25 billion charity is on the cusp of a transformation that will reshape its operations, slash its staff and test whether his son Alex is ready to head one of the world’s biggest and most influential philanthropies.

Alex Soros

Photographer: Jason Alden/Bloomberg

Alex, who was named official successor to his billionaire father at the Open Society Foundations in June, has revealed only a few details of the overhaul, which will include a five-month freeze on new donations starting in October and a minimum 40% staff cut. The organization, which has enlisted consulting firm Deloitte to help with the ...