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Kaltenborn handed Sauber stake
Sauber CEO Monisha Kaltenborn has been handed a one third stake of the team by team principal Peter Sauber.
Kaltenborn became CEO of the team in 2010 as the team rebuilt following the withdrawal of BMW from Formula One. Since then she has grown in stature within the team and been touted as a future team principal, and Sauber has now confirmed that he has transferred one third of the stake of the team to her.
"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. It means we can offer our employees a positive outlook for the future."
Sauber retains the other two thirds stake, and Kaltenborn added that she understood the significance of the move.
"For me this step is a mark of the greatest possible trust, which I will do everything in my power to justify."