DECEMBER 5, 2001

CART searching for new chief executive

Joseph Heitzler is no longer president and chief executive of Championship Auto Racing Teams but he will remain as the chairman of the board of directors.

JOSEPH HEITZLER is no longer president and chief executive of Championship Auto Racing Teams but he will remain as the chairman of the board of directors. Heitzler will continue to do the job until a replacement is appointed. The news comes after a meeting of the CART board on Tuesday and had been expected following complaints from the major shareholders about the way the business was being run.

However Chris Pook was not named as the new CEO as had been expected and although that may yet happen, it is curious that all the decisions were not taken at the same time. Our sources say that not all the investors felt that Pook was the right man for the job.

There is to be another important announcement later today regarding the CART engine regulations from 2003. These sparked off the current crisis within CART as they led both Honda and Toyota to withdraw from the series at the end of the 2002 season.