Peter Sauber gives CEO Monisha Kaltenborn one third stake of the team – Formula 1 news
Sauber CEO Monisha Kaltenborn has been given one third stake of the team by the team principal Peter Sauber.
The move was being talked about recently and now finally Sauber decided it was time to give more control to Kaltenborn who has earned the respect of the management since she took over in 2010.
Sauber has been in a rebuilding phase since BMW withdrew from Formula One in 2009. Under Kaltenborn the team has shown good promise over the span of almost two years. Kaltenborn has grown in stature as the CEO of the team and has been rewarded by the team
owner by giving one third of the team’s stake. Sauber has kept two thirds of the stake but Kaltenborn is already been touted as a future team principal.
“When BMW pulled out of Formula One 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,” Sauber said. “Transferring one third of the stake to her represents an important
step for me in providing continuity.”
“My desire is to ensure that the company continues to be led as I would want over the long term. Monisha Kaltenborn and my son Alex, who joined the company as Marketing Director in 2010 and has since also, been a member of the Board of Management, both embrace
this aim,” Sauber added.
Under Kaltenborn Sauber has started to show the results required by the team to compete at the highest level. In the current season, Sauber has managed to come up with a car that has the potential to win races.
During the Malaysian Grand Prix Sergio Perez finished a close second to Ferrari’s Fernando Alonso under tough weather conditions. Sauber is well placed in the standing at the moment to fight for the top five positions in the Constructors’ Championship.
Kaltenborn added that she understood the significance of the move and maintained that she remains confident of justifying the trust shown in her by the team principal.
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