PRAGUE (Reuters) -PPF Group will set up investor Jiri Smejc as its new chief government from June 15, turning to the longtime funding accomplice of the Czech firm’s late billionaire founder to assist navigate the huge enterprise empire via new challenges.

PPF has belongings price round 40 billion euros ($42.2 billion)spanning continents and sectors like telecoms, monetary providers, media, actual property and biotechnology.

Its founder, Petr Kellner, died in a helicopter crash in March 2021 whereas on a snowboarding journey to Alaska. The 56-year outdated was the richest Czech businessman on the time of his demise.

Smejc, 50, will exchange Ladislav Bartonicek who has led the group within the final yr.

Smejc had an almost two-decade enterprise partnership with Kellner and likewise based the EMMA (OTC:) funding group in 2012 that later gained a young for the privatization of a 33% stake within the Greek state monopoly gaming company OPAP.

“From 2005 to 2012, (Jiri Smejc) performed a key function at PPF, usually discussing the group’s enterprise actions with Petr in nice element. He understood Petr’s mind-set,” Kellner’s widow, Renata Kellnerova, stated in an announcement.

“I want him a lot success in constructing on Petr’s legacy and additional creating PPF.”

Smejc, who held a 5% stake in PPF between 2005-2012, has remained a key determine in PPF’s client lender Dwelling Credit score, which has been dealing with challenges in its companies in Russia and China.

PPF can be trying to full the sale of its Air Financial institution group of Czech and Slovak lenders to greater rival MONETA Cash Financial institution because it hopes to achieve a much bigger stake in MONETA.

Smejc will obtain inventory choices for as much as 10% of PPF shares below the phrases of his appointment and won’t take a wage, PPF stated.

Apart from the change on the helm, an advisory board is shaped to offer counsel on strategic growth of PPF to Kellnerova, who holds the bulk stake within the group.

Bartonicek and Smejc are members of the advisory board along with Daniel Kretinsky, founding father of Energeticky a prumyslovy holding (EPH), and one other long-term enterprise affiliate of Kellner.

Bartonicek additionally stays as a minority stake holder of PPF, alongside Jean-Pascal Duvieusart.

($1 = 0.9472 euros)