Di Montezemolo returns to F1 board

Thu Dec 18, 2014 12:26pm EST
 
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LONDON (Reuters) - 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.

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.

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.

(Reporting by Alan Baldwin, editing by Justin Palmer)

 
Luca di Montezemolo reacts during the first practice session of the Spanish F1 Grand Prix at the Barcelona-Catalunya Circuit in Montmelo May 9, 2014. REUTERS/Juan Medina