18/12/2014
NEWS STORY
Former Ferrari president Luca di Montezemolo is to return to the board of F1 as a non-executive director.
The Italian, who left Ferrari in October as part of its 'restructuring', was a non-executive director on the board of F1 from 2012 in his capacity as the Maranello outfit's representative.
He rejoins board along with Bernie Ecclestone, who stood down during his bribery trial in Germany, and, interestingly, Paul Walsh, the former chief executive of Diageo, the leading global drinks business, and who is currently Chairman of Compass Group, as well as a non executive director of FedEx Corporation and Unilever plc.
Walsh, who had been widely tipped as Ecclestone's successor, is understood to have ruled himself out of the role, his decision due to Ecclestone's unwillingness to hand over the sort of power that was being demanded.
Ecclestone will continue as CEO of the Formula One Group while Peter Brabeck-Letmathe, who was said to be standing down due to health reasons, will continue to serve as Chairman of the Board.
Montezemolo, who managed the Ferrari F1 team in the mid-70s and was appointed president of the company in 1991 by FIAT Chairman Gianni Agnelli, was appointed president at Italian airline Alitalia last month.
Chris Balfe