Di Montezemolo returns to F1 board

ByReuters

Published 18/12/2014 at 17:13 GMT

Former Ferrari chairman Luca Di Montezemolo is returning to the board of Formula One as a non-executive director along with former Diageo chief executive Paul Walsh, controlling shareholders CVC said on Thursday.

Eurosport

Image credit: Eurosport

Bernie Ecclestone has also rejoined the board, after standing down during a now-resolved bribery trial in Germany, and will continue as chief executive.

Di Montezemolo, whose appointment is effective from Jan. 1, was a non-executive director as Ferrari's representative from 1991 to 2014 but he left the Italian sportscar company in October after a major restructuring.

CVC said Nestle chairman Peter Brabeck-Letmathe, who has been unwell, will continue to serve as chairman of the board.

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Walsh had been touted as a possible replacement for Brabeck, and ultimately Ecclestone, but media reports have indicated he wanted more of a say in running the business than Ecclestone was prepared to agree to.

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