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Heirs Oust CEO in Drinks Dynasty Battle
2 Feb
Summary
- Heirs successfully removed the CEO from a key holding company's board.
- The family is initiating a new era of governance at Castel Group.
- This action follows a dispute between descendants and the CEO.
Descendants of the Castel family have successfully removed the Chief Executive Officer, Gregory Clerc, from the board of Singapore-based IBBM, a key holding company of the Castel Group. The move, convened by Romy Castel with the backing of Alain Castel, signals the commencement of a new governance era for the European alcoholic drinks conglomerate. Pierre Baer, the chairman of IBBM, was also removed during an extraordinary shareholders' meeting.
This leadership change follows a contentious period, reflecting a dispute between the family's heirs and the CEO. The Castel family's intervention aims to reassert control over the direction of the business, which was established by 99-year-old billionaire founder Pierre Castel. The decision marks a significant shift in the established hierarchy of the influential drinks group.
