Peter Sauber has taken the decision to transfer a third of the stake in the Sauber Group to CEO Monisha Kaltenborn, it was announced today.
Sauber, team principal and president of the Board of Directors of all the Sauber Group companies, will retain the remaining two thirds.
“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,” Sauber 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, who became CEO of the team back in 2010, following BMW's exit, added: “For me this step is a mark of the greatest possible trust, which I will do everything in my power to justify,” she concluded.