Sauber CEO Kaltenborn handed stake in team 16 May 2012
Team principal and president of the board of directors Peter Sauber has transferred a third of the stake in the Sauber Group to CEO Monisha Kaltenborn. Sauber himself will retain the remaining two thirds.
When BMW pulled out of Formula One in 2009, Monisha Kaltenborn was instrumental in the teams survival and since then she has been doing outstanding work in her capacity as CEO, he explained. 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. It means we can offer our employees a positive outlook for the future.
Kaltenborn added: For me this step is a mark of the greatest possible trust, which I will do everything in my power to justify.
The Austrian has been the teams head of legal affairs since 1998 and has been a member of the board of management since 2001. She completed a law degree at the University of Vienna before graduating as a Master of Laws from the London School of Economics. Kaltenborn became the first woman to head up the business operation of an F1 team when she was promoted to CEO in 2010.
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