Kaltenborn gets one-third of Sauber

16/05/2012

Sauber has announced that "in the interests of continuity", Peter Sauber has taken the decision to transfer a third of the stake in the Sauber Group to CEO Monisha Kaltenborn. Sauber, the Team Principal and President of the Board of Directors of all Sauber Group companies, will retain the remaining two thirds.

"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," said Sauber. "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."

"For me this step is a mark of the greatest possible trust, which I will do everything in my power to justify," added Kaltenborn.