Sauber hands third of team to Kaltenborn
© Sauber Motorsport AG
|16 May 2012 by Ryan Wood | M||Tweet
Sauber Group CEO Monisha Kaltenborn has been handed a significant stake in the team, after majority owner and founder Peter Sauber transferred a third of the team to the Indian.
Peter Sauber will retain the remaining two thirds after buying the team back from BMW in 2010.
"When BMW pulled out of Formula 1 in 2009, Monisha 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."
Kaltenborn added: "For me this step is a mark of the greatest possible trust, which I will do everything in my power to justify."