MAY 16, 2012
Kaltenborn given one-third stake in Sauber
Monisha Kaltenborn, tipped to be the first female F1 team principal, has been given a one-third stake in the Sauber Group.
Peter Sauber, current team principal and president of the Sauber Group board of directors, will retain the remaining two-thirds of the company.
"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," he 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 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 said: "For me this step is a mark of the greatest possible trust, which I will do everything in my power to justify."