Sauber CEO Monisha Kaltenborn has received a third of the stake in the Sauber Group in what the team describe as ‘the interests of continuity’.
Team principal Peter Sauber, who made the decision to transfer the stake to Kaltenborn, 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,” explained Peter Sauber, who will turn 69 in October.
“Transferring one third of the stake to her represents an important step for me in providing continuity,” added the eponymous team owner. “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 felt honoured by the decision: “For me this step is a mark of the greatest possible trust, which I will do everything in my power to justify,” she said.