Key Red Bull document reveal hints at reason for Christian Horner axing:
— The unexpected dismissal of Christian Horner from Red Bull Racing may be linked to a recent shift in the ownership structure of Red Bull GmbH. Documents filed in Austria indicate a change in ownership, potentially impacting Horner's position.
— The ownership stake of Chalerm Yoovidhya in Red Bull GmbH has been transferred, altering the company's dynamics. On May 31st, documents confirmed the transfer of Yoovidhya's 2 percent stake to Fides Trustees SA. According to its website, Fides Trustees is:
“an independent boutique Trust company that strives to deliver excellent service combined with a prudent yet entrepreneurial approach to Trust and Corporate Services.”
— This transfer marks the first time in Red Bull GmbH's history that the Yoovidhya family is no longer the majority shareholder, as their ownership now equals that of the Austrian side. The implications of this change are significant, as it may have influenced Horner's removal. Reports noted:
“Yoovidhya's sale of his personal stake removed the safety net Horner had earned by having the support of Charlerm Yoovidhya.”
— The Thai and Austrian shareholders had previously assembled a new board of management, appointing Franz Watzlawick as CEO, Alexander Kirchmayr as CFO, and Oliver Mintzlaff as CEO of Red Bull's corporate projects and investments department. This structure has been in place since Dietrich Mateschitz's death in 2022. Reports suggested:
“Horner had not retained the support of the Austrian shareholding under Mark Mateschitz, but the British executive's job was saved by the unwavering support of the Yoovidhyas.”
— With the Yoovidhya family no longer holding a majority, the Austrian side may have gained the opportunity to reassess Horner's future. The change in ownership structure could have allowed for a re-evaluation of Horner's role, leading to his sudden ousting.
— Having failed in its desire to remove Horner last year, the sale of Yoovidhya's two percent meant Horner was no longer protected by the Thai side being the majority shareholders.
— The new ownership structure of Red Bull GmbH is now divided as follows: 49 percent held by Distribution & Marketing GmbH (Mateschitz/Austria), 49 percent by TC Agro Trading Company Ltd. (Yoovidhya family/Thailand), and 2 percent by Fides Trustees.