Energy-drinks giant Red Bull has divided management duties between three current members of senior management, who will make up the board heading the company following the death of Dietrich Mateschitz.
The passing of Mateschitz had sparked speculation over who would take charge at the company, with Austrian media reporting that the relatives of Chaleo Yoovidhya, who co-founded Red Bull with Mateschitz, were looking to take more control. The Yoovidhya family hold a majority stake in the company.
However a statement from Mateschitz’s son Mark confirmed the decision to appoint the three-man board, made up of Franz Watzlawick (CEO Beverage Business), Alexander Kirchmayr (CFO), and Oliver Mintzlaff (CEO Corporate Projects and Investments).
“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,” said the statement, which was released by Red Bull.
Mateschitz confirmed that he would also be stepping down from his job at the company to focus on managing the 49% stake in Red Bull he inherited from his father.
“I do not believe one should be both an employee and a shareholder of the same company. I will concentrate on my role as a shareholder.”