Ecclestone Returns to F1 Board as Montezemolo, Walsh JoinAlex Duff
Bernie Ecclestone was reappointed to Formula One’s board of directors, 11 months after stepping down to deal with a bribery trial in Germany.
Ecclestone, who has remained as series chief executive throughout the period, settled the case with a $100 million payment in August. Luca di Montezemolo, the former Ferrari SpA chairman, and former Diageo Plc CEO Paul Walsh join the board as non-executive directors, the auto-racing competition’s controlling shareholder CVC Capital Partners Ltd. said in an e-mailed statement.
Walsh had been interested in becoming board chairman as recently as last week, although he withdrew his interest after meeting Ecclestone, the 84-year-old Formula One CEO said by phone yesterday.
“Maybe he’d like to do a few more things but it’s difficult to have two captains on the ship,” Ecclestone said. “I told him what I wanted.”
Last year, Ecclestone said he’d rejected a proposal by CVC to have former J Sainsbury Plc CEO Justin King work alongside him.
Peter Brabeck-Letmathe, the Nestle SA chairman, will continue as Formula One chairman, the CVC statement said.