Following Dietrich Mateschitz’s demise on October 22 last year at the age of 78 due to a long-term battle with pancreatic cancer, Red Bull has initiated a substantial overhaul of its leadership structure. Established through the collaboration of Chalerm Yoovidhya and Mateschitz in the mid-1980s, the company is deviating from its conventional single-CEO model.
In the post-Mateschitz era, Red Bull is adopting an innovative strategy by dispersing strategic-operational responsibilities among three individuals. Henceforth, a Board of Directors, comprising Franz Watzlawick (CEO of Beverage Business), Alexander Kirchmayr (CFO), and Oliver Mintzlaff (CEO of Corporate Projects and Investments), will lead Red Bull’s businesses, reflecting a shift towards collaborative and diversified governance.
Regarding ownership in the energy drinks company, Dietrich Mateschitz’s 49% share in Red Bull stands as a minority holding, presumably having been passed down to his son, Mark Mateschitz. On the flip side, the majority stake, constituting 51%, is under the ownership of 72-year-old Chalerm Yoovidhya and his family. Unfortunately, following the passing of the Thai businessman, his son, Chaleo Yoovidhya, has taken possession of the 51% ownership.
Considering this scenario, Mark while assessing the impact of the board of directors on Red Bull’s overall business, has expressed positivity towards the chosen team. He said, “Franz, Alexander, and Oliver were our dream team. I am very happy that they will be taking on this task. 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.”
The realignment of duties means that Mintzlaff, now responsible for the Red Bull and AlphaTauri F1 teams, will also handle sponsorship matters. Simultaneously, as the new CFO in the Group, Kirchmayr is likely to be the decision-maker on budget approvals or rejections.
How has Red Bull’s Formula One adventure been over the years?
In the 1980s, Dietrich Mateschitz co-founded Red Bull after recognizing the potential of an energy drink during a visit to a certain country. Employing an assertive marketing approach focused on extreme sports, Red Bull secured its initial sponsorship deal with the Sauber F1 team in the mid-1990s.
Over time, the team gained valuable insights into the world of sports and expanded its involvement by becoming a team owner, acquiring Jaguar Racing in 2004. Subsequently, in the following year, Red Bull assumed control of the struggling Minardi Squad, rebranding it as Toro Rosso (now AlphaTauri).
They achieved their first victory in 2008 when the young Sebastian Vettel triumphed in challenging racing conditions. Interestingly, the following year onwards the main Red Bull Racing team evolved into a dominant force under new regulations, securing four consecutive titles from 2010 to 2013.
Subsequently, the Mercedes era dominated the sport for several years. However, Red Bull Racing discovered a new talent in Max Verstappen, who dethroned the Mercedes team in 2021. Since then, the Milton Keynes outfit have utterly dominated. Both Verstappen and the team have won two consecutive Constructors’ and Drivers’ Championships since 2021.
Certainly, the success of Red Bull is a collective achievement, involving key figures such as Horner, Marko, Newey, and every driver that has raced for the team. However, their combined efforts only serve to highlight Mateschitz’s significant contributions to the squad.
It is because Mateschitz not only founded the team but also made substantial investments in his native Austria, acquiring and rebranding the A1 Ring circuit under the Red Bull name. Since 2014, the Austrian Grand Prix has been a prominent fixture in the racing calendar.
