F1 CEO Bernie Ecclestone Reveals Ferrari Has Veto Over His Successor
F1 CEO Bernie Ecclestone has revealed that Ferrari "has a veto over who will succeed him as the boss of Formula One," according to Christian Sylt for CNN. The British billionaire has managed F1's commercial rights since '78 "but there has recently been speculation over who could replace him" as CEO. Ecclestone revealed that Ferrari "needs to give consent to his successor, a detail that is written in the prospectus for the stalled flotation of F1 on the Singapore stock exchange." Ferrari President Luca di Montezemolo also sits on F1's nomination committee, whose responsibility is to "review and recommend candidates for appointments to the Board ..." according to the prospectus. A Ferrari spokesperson declined to give additional comment and said, "It is premature at the moment to discuss this topic further." As F1's controlling shareholder, CVC "would also be closely involved with choosing Ecclestone's successor" (CNN, 12/5).