Red Bull has ushered in a new management team as part of the energy drink company's succession plan that is being implemented following the passing last month of co-founder Dietrich Mateschitz.
The Austrian company will no longer rely on a single chief executive officer at the helm. Management responsibilities are now split between Franz Watzlawick, who will oversee the core beverage business, CFO Alexander Kirchmayr and Oliver Mintzlaff, the company's newly appointed CEO of Corporate Projects and Investments.
Mintzlaff will therefore have Formula 1 among his attributions while Kirchmayer will oversee Red Bull's motorsport budgets.
Mintzlaff, 47, who worked for sporting goods manufacturer Puma from 2000 to 2008, was previously in charge of Red Bull's global soccer interests.
He was also chairman of the board of the Red Bull-owned Bundesliga soccer club RB Leipzig, having stepped down from his role in the wake of his new corporate responsibilities.
Oliver Mintzlaff, Red Bull's CEO of Corporate Projects and Investments, will oversee the company's interests in Formula 1.
"Following the passing of Dietrich Mateschitz we are pleased to learn of the appointment of Oliver Mintzlaff to CEO of Corporate Projects and investments," stated Red Bull.
"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."
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In a letter sent to Red Bull staff, Dietrich Mateschitz's son Mark wrote:
"Franz, Alexander and Oliver were our dream team. I am very happy that they will be taking on this task."
Mark Mateschitz added that the company's new structure, "proposed by my father", had the full support of Red Bull's Thai partners, the Yoovidya family, the company's majority shareholder.
In Austin recently, Red Bull Racing team boss Christian Horner said the foundation that was put in place by Dietrich Mateschitz and the Austrian's vision ensured that the future of both RBR and AlphaTauri are secure.
"The future is set," said Horner. "He's put in place a very strong foundation for the future.
"And within 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."
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