Renáta Kellnerová, who holds the majority of voting rights in the diversified investment company founded and built by her late husband Petr Kellner, PPF Group announced the appointment of Jiří Šmejc as the Group’s Chief Executive Officer, effective June 15. PPF owns Central European Media Enterprises (CME).

Mr. Šmejc will succeed Ladislav Bartoníček, who is to become a member of the newly formed Advisory Board to Family. Other members of this advisory board include Jiří Šmejc and Daniel Křetínský, founder of Energetický a průmyslový holding (EPH).

Under the terms of his appointment as CEO, Mr. Šmejc has been granted stock options equivalent of up to 10% of PPF Group shares. Mr. Šmejc’s options will vest in three years and are subject to the fulfilment of pre-agreed targets to increase the Group’s long-term value.

“Jiří and our family are united by a friendship spanning many years. From 2005 to 2012, he played a key role at PPF, often discussing the Group’s business activities with Petr in great detail. He understood Petr’s way of thinking, and I’m therefore very pleased that Jiří has accepted my invitation to become the Chief Executive of PPF. I wish him much success in building on Petr’s legacy and further developing PPF,” said Mrs. Kellnerová.

Mrs. Kellnerová is administrator of her late husband’s estate, including PPF Group. Petr Kellner tragically died last year in a helicopter accident.