Star Metro - Red Bull names trio to run firm after founder's death

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Red Bull names trio to run firm after founder's death

ECONOMY 04.11.2022

Red Bull names trio to run firm after founder's death / Photo: ERWIN SCHERIAU - APA/AFP/File

Red Bull named on Friday a board of three directors to lead the energy drink giant following the death of Austrian founder Dietrich Mateschitz.

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Mateschitz, who made the energy drink a global phenomenon and forged a title-winning Formula One team and a sports empire, died on October 22 aged 78.

Following his death, speculation abounded as to who would take over the business, with Austrian media reporting Mateschitz' Thai partners, the Yoovidhya family, were looking to take on more control.

"As proposed and desired by both my father and myself, and supported by our Thai partners, a board of directors will manage the business affairs of Red Bull," Mateschitz' only son, Mark Mateschitz, said in a letter to employees disseminated to media.

The three directors are Franz Watzlawick, the CEO of the company's beverage business, chief financial officer Alexander Kirchmayr and Oliver Mintzlaff, the CEO of corporate projects and investments, the letter said, describing them as a "dream team".

Mark Mateschitz, who now owns Distribution and Marketing GmbH, said he would resign from his current managerial position in the company to "concentrate on my role as a shareholder".

Distribution and Marketing holds 49 percent of Red Bull shares. The Thai Yoovidhya family holds the rest. The company is based in Fuschl-am-See in western Austria.

Dietrich Mateschitz was named as Austria's richest person by Forbes in 2022 with an estimated net worth of $27.4 billion.

He made his fortune when he took a sweet drink that was already popular in Asia and adapted it for the Western market with huge success.

Mateschitz invested heavily in sport to give his brand global exposure.

X.Boucher--SMC

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