Peter Brabeck, president of F1?
For many months, the economic future of F1 has been at the forefront of the news, with a possible introduction to the Singapore Stock Exchange. In order to provide guarantees to investors, F1 could appoint a widely established name in financial circles to the position of chairman. It seems that Peter Brabeck, the former CEO and current chairman of Nestlé and already a director of Delta Topco Limited, is in pole position to secure this role.
The position of F1 president is crucial in the IPO process as it involves naming the successor to Bernie Ecclestone, the man who made F1 what it is today. There is therefore much speculation about his identity, especially since the departure of David Campbell, its marketing director.
This question of leadership is one of the key factors in valuing the 20% that CVC would like to introduce to the financial markets, as financiers need to be convinced that the commercial structure of F1 will be maintained after the departure of Mr. E. With a personality like Peter Brabeck, this legitimacy is ensured by his years of leadership within a multinational like Nestlé.
Moreover, he has a significant advantage: it was Bernie Ecclestone himself who approached him in the event that this position would be created. This gives him a strong lead over the other non-executive director of F1, Martin Sorrell, who did not hesitate to publicly criticize the F1 supremo following controversies regarding his reference to Hitler or his statements during the lifetime ban imposed on Flavio Briatore. By definition, this does not put him in a position of strength when vying for the top seat in the discipline…
Nevertheless, before the question of this nomination arises, the listing of F1 in Singapore still needs to be definitively approved by the board of directors of the holding company that currently controls it. Normally, the final decision will be made during the month of May. But with six banks already chosen (Goldman Sachs, Morgan Stanley, Santander, UBS, DBS Group, and CIMB), it might already be too late to turn back…
With the participation of RacingBusiness.fr
