The CEO of Dyson Inc., a beauty products maker based in the U.K., has been named as heir apparent to the company’s largest holding company, Dyson Holding Plc.
According to a filing with the SEC on Thursday, billionaire entrepreneur Dyson is named the “beneficial owner” of more than $3 billion in stock and warrants that he will hold on to a majority of the company for his lifetime.
The filing also said the board of directors of Dynons, which was formed in 2005, will be comprised of three directors who have an equity stake of more that 50% of the voting power.
The filings do not specify which shareholders will be affected by Dyson and Dyson will have to make the most of the new power.
Dyson shares closed down 5.7% at $33.97 on Friday.
The company’s shares have fallen more than 20% since the beginning of the year amid competition from Amazon and Google.
Dynos shares fell $1.12 to $35.59 on Thursday.