Di Montezemolo returns to F1 board

Reuters News
Posted: Dec 18, 2014 12:23 PM

LONDON (Reuters) - Former Ferrari chairman Luca Di Montezemolo is returning to the board of Formula One as a non-executive director along with former Diageo chief executive Paul Walsh, controlling shareholders CVC said on Thursday.

Bernie Ecclestone has also rejoined the board, after standing down during a now-resolved bribery trial in Germany, and will continue as chief executive.

Di Montezemolo, whose appointment is effective from Jan. 1, was a non-executive director as Ferrari's representative from 1991 to 2014 but he left the Italian sportscar company in October after a major restructuring.

CVC said Nestle chairman Peter Brabeck-Letmathe, who has been unwell, will continue to serve as chairman of the board.

Walsh had been touted as a possible replacement for Brabeck, and ultimately Ecclestone, but media reports have indicated he wanted more of a say in running the business than Ecclestone was prepared to agree to.

(Reporting by Alan Baldwin, editing by Justin Palmer)