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Sauber CEO given stake in team

2012-05-17 11:01

LONDON, England - The Swiss founder and owner of Sauber has given the Formula 1 team's chief executive a third of the company to ensure she stays on to lead it after he retires.

Peter Sauber, 68, transferred the stake to Indian-born CEO Monisha Kaltenborn at the end of last year but the agreement was only made public on Wednesday.

Sauber has designated Kaltenborn, an Austrian national, to succeed him as team principal when he does retire, although he has not set a date for his departure.

'OUTSTANDING WORK'


Sauber said in a statement: "When BMW pulled out of F1 in 2009, Monisha Kaltenborn was instrumental in the team's survival and since then she has been doing outstanding work in her capacity as CEO.

"My desire is to ensure that the company continues to be led as I would want over the long term," he added.

Sauber bought back control of the business when German automaker BMW, which owned an 80% stake, dropped out of the sport.

The logo of Champions League finalists Chelsea is now on Sauber cars after they agreed a partnership last month.

Sauber drivers Sergio Perez of Mexico and Japan's Kamui Kobayashi have picked up 41 points this season to put the team in seventh in F1's constructor standings.

Reuters

Comments
  • Luyanda - 2012-05-18 17:08

    The likes of Peter Sauber, Enzo Ferrari,Ken Tyrrel,Frank Williams,Eddie Jordan,Jackie Stewart,Colin Chapman,Bruce McLaren,Ron Dennis etc. SACRIFICED a lot for Formula 1.However, I'm JEALOUS of these LEGENDS i.e DOING WHAT U LOVE and GETTING ACCOLADES FOR IT! Life COULD BE FAIRER....

  • Luyanda - 2012-05-18 17:08

    The likes of Peter Sauber, Enzo Ferrari,Ken Tyrrel,Frank Williams,Eddie Jordan,Jackie Stewart,Colin Chapman,Bruce McLaren,Ron Dennis etc. SACRIFICED a lot for Formula 1.However, I'm JEALOUS of these LEGENDS i.e DOING WHAT U LOVE and GETTING ACCOLADES FOR IT! Life COULD BE FAIRER....

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