Red Bull finalises Mateschitz succession plan

Red Bull has settled on a succession plan for the operation of the energy drinks group, including its Formula 1 teams, following the death of co-founder Dietrich Mateschitz last month.

Red Bull finalises Mateschitz succession plan

Just a fortnight after Mateschitz passed away, Red Bull has settled on how the company will be controlled going forward.

It has been decided that strategic-operational responsibility at Red Bull will no longer be executed by a single CEO, as it did under Mateschitz, and will instead be divided among three people.

In a letter that Mateschitz's son Mark sent to Red Bull staff, he explained that a solution "proposed by my father" and "supported by our Thai partners" would be put in place. The latter comment is a reference to the Yoovidhya family of entrepreneurs.

Red Bull's business will therefore be taken care of in the future by a board of directors, consisting of Franz Watzlawick (CEO Beverage Business), Alexander Kirchmayr (CFO) and Oliver Mintzlaff (CEO Corporate Projects and Investments).

Mateschitz Jr. added: "Franz, Alexander and Oliver were our dream team. I am very happy that they will be taking on this task."

The division of responsibility means that F1 teams Red Bull and AlphaTauri will fall under the responsibility of Mintzlaff, who counts sponsorship among his new tasks, and Kirchmayr from now on.

With Kirchmayr being the new CFO in the Group, he will likely be the one who gives the thumbs-up or thumbs-down on all budgets.

Mintzlaff is no stranger to German sports fans as most recently he was chairman of the board of the Bundesliga club RB Leipzig and managing director of RB Leipzig.

Sergio Perez, Red Bull Racing RB18

Sergio Perez, Red Bull Racing RB18

Photo by: Steven Tee / Motorsport Images

Prior to that, he was in charge of coordinating all of Red Bull's global football commitments from 2014 until Leipzig's promotion to the Bundesliga in 2016.

Before joining Red Bull, Mintzlaff was a long-distance runner. In 1999, he finished fifth in the German half-marathon championships and eighth in the 10-kilometre distance in 2001.

From 2000 to 2008, he worked for the sporting goods manufacturer Puma, and later as a player consultant and manager, among other things.

It is thought unlikely that Red Bull's F1 operations will change much as a result of the new senior management structure, especially with F1 team boss Christian Horner having helped lead the squad back to its first championship double since 2013.

Read Also:

Speaking recently, Horner said that Mateschitz had ensured that the long-term future of Red Bull's F1 operations was secure.

"The future is set," said Horner when asked if any changes would follow Mateschitz's death.

"He's put in place a very strong foundation for the future. And with, in 2026, Red Bull becoming a power unit manufacturer, that was the missing piece of our jigsaw, and he had the vision to enable that to happen.

"And just as we've done with the chassis, we will take that same spirit, his spirit, into the future engine company."

"Following the passing of Dietrich Mateschitz we are pleased to learn of the appointment of Oliver Mintzlaff to CEO of Corporate Projects and investments," a Red Bull statement confirmed on Friday.

"Although there won’t be any changes in the day to day with Oracle Red Bull Racing, we look forward to working closely with someone likeminded, who has such a strong pedigree in elite sports."

shares
comments

Related video

Why Hamilton changed his mind about racing in F1 after 40
Previous article

Why Hamilton changed his mind about racing in F1 after 40

Next article

Alpine: F1 2022 engine performance gain worth reliability risks

Alpine: F1 2022 engine performance gain worth reliability risks
Assessing Hamilton's remarkable decade as a Mercedes F1 driver Plus

Assessing Hamilton's remarkable decade as a Mercedes F1 driver

Many doubted Lewis Hamilton’s move from McLaren to Mercedes for the 2013 Formula 1 season. But the journey he’s been on since has taken the Briton to new heights - and to a further six world championship titles

Formula 1
Feb 2, 2023
Why new look Haas is a litmus test for Formula 1’s new era Plus

Why new look Haas is a litmus test for Formula 1’s new era

OPINION: With teams outside the top three having struggled in Formula 1 in recent seasons, the rules changes introduced in 2022 should have more of an impact this season. How well Haas does, as the poster child for the kind of team that F1 wanted to be able to challenge at the front, is crucial

Formula 1
Feb 2, 2023
The Mercedes F1 pressure changes under 10 years of Toto Wolff Plus

The Mercedes F1 pressure changes under 10 years of Toto Wolff

OPINION: Although the central building blocks for Mercedes’ recent, long-lasting Formula 1 success were installed before he joined the team, Toto Wolff has been instrumental in ensuring it maximised its finally-realised potential after years of underachievement. The 10-year anniversary of Wolff joining Mercedes marks the perfect time to assess his work

Formula 1
Feb 1, 2023
The all-French F1 partnership that Ocon and Gasly hope to emulate Plus

The all-French F1 partnership that Ocon and Gasly hope to emulate

Alpine’s signing of Pierre Gasly alongside Esteban Ocon revives memories of a famous all-French line-up, albeit in the red of Ferrari, for BEN EDWARDS. Can the former AlphaTauri man's arrival help the French team on its path back to winning ways in a tribute act to the Prancing Horse's title-winning 1983?

Formula 1
Jan 31, 2023
How do the best races of F1 2022 stack up to 2021? Plus

How do the best races of F1 2022 stack up to 2021?

OPINION: A system to score all the grands prix from the past two seasons produces some interesting results and sets a standard that 2023 should surely exceed

Formula 1
Jan 31, 2023
Who were the fastest drivers in F1 2022? Plus

Who were the fastest drivers in F1 2022?

Who was the fastest driver in 2022? Everyone has an opinion, but what does the stopwatch say? Obviously, differing car performance has an effect on ultimate laptime – but it’s the relative speed of each car/driver package that’s fascinating and enlightening says ALEX KALINAUCKAS

Formula 1
Jan 30, 2023
Why F1's nearly man is refreshed and ready for his return Plus

Why F1's nearly man is refreshed and ready for his return

He has more starts without a podium than anyone else in Formula 1 world championship history, but Nico Hulkenberg is back for one more shot with Haas. After spending three years on the sidelines, the revitalised German is aiming to prove to his new team what the F1 grid has been missing

Formula 1
Jan 29, 2023
The potential-laden F1 car that Ferrari neglected Plus

The potential-laden F1 car that Ferrari neglected

The late Mauro Forghieri played a key role in Ferrari’s mid-1960s turnaround, says STUART CODLING, and his pretty, intricate 1512 was among the most evocative cars of the 1.5-litre era. But a victim of priorities as Formula 1 was deemed less lucrative than success in sportscars, its true potential was never seen in period

Formula 1
Jan 28, 2023