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Montezemolo back on F1 board

2014-12-19 08:35

LUCA IS BACK! Ousted Ferrari chief Luca Di Montezemolo is back in Formula 1 as a non-executive director. Image: AP / Antonio Calanni

ALAN BALDWIN

LONDON, England - Ex-Ferrari chairman Luca Di Montezemolo is to rejoin the board of Formula 1 as a non-executive director, along with former Diageo chief executive Paul Walsh.


The board includes the controlling shareholders F1 parent CVC..

Bernie Ecclestone has also rejoined the board after standing down during a now-resolved bribery trial in Germany and will continue as chief executive.

BERNIE TO STAY

Montezemolo, whose appointment will be effective from January 1 2015, was a non-executive director as Ferrari's representative from 1991-2014 but left the Italian sports car company in October 2014 as part of a major executive reshuffle.

CVC said Nestle chairman Peter Brabeck-Letmathe, who has been ill, would continue to serve as board chairman.

Walsh had been touted as a possible replacement for Brabeck, and ultimately Ecclestone, but media reports have indicated he wanted more of a say in running the business than Ecclestone was prepared to allow.

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