#1203

Richard Oetker

Germany 75 years old

Overview

Richard Oetker owns 12.5% of Dr. August Oetker, an $9 billion (sales) conglomerate with interests in food, beverages, chemicals and hotels.

The business began in 1891 when his great-grandfather, pharmacist August Oetker, started selling non-perishable baking powder.

After World War II, Richard's father, former Nazi SS officer Rudolf August Oetker, developed additional food products and successfully diversified.

Brother Alfred was expected to take over as general partner in 2010, but he was blocked by older siblings, who instead crowned Richard.

In 2015, with a proxy fight pending before arbitrators, the groups agreed to recruit an outside CEO when Richard retired, which he did in 2017.

When Rudolf August passed away in 2007, at age 90, the company's ownership was divided between his eight children from three marriages.

Like his father and his brother August, Richard loves classic cars -- "Oldtimers," as they're known in Germany.