The first of 11 successors

Despite being the first to initiate succession planning, at 73 years old Telles is the youngest of the investment trio. Meanwhile, Lemann is 84 and Sicupira is 75.

The trio also have stakes in Kraft Heinz and Restaurant Brands International, which own brands including Tim Hortons, Burger King and Popeyes.

In total, the three reportedly have 11 heirs to their empire, but no dates for when they plan to hand over the reigns have been established.

Meanwhile, Telles has already transferred some of his other holdings to his children. In 2017, he donated shares held in Brazilian real estate firm Sao Carlos Empreendimentos e Participacoes SA to Max and his eldest son, Christian. Christian and Max are Telles's only children, though their ages and their family situations are unknown.