Castel CEO’s Fate in Limbo Amid Clash Over Shareholders’ Vote

The clash between the top executive of the billionaire Castel family’s eponymous firm and two heirs took an unexpected turn after the two sides disputed the outcome of a shareholders’ meeting.

On Monday, the Castel family said in a statement that Chief Executive Officer Gregory Clerc had been revoked by a “qualified majority” as a director of Singapore-based Investment Beverage Business Management, or IBBM, a key entity of the group. The chairman of the entity, Pierre Baer, was also removed, they said.