May 6 (GMM) Food giant Nestle's boss has confirmed he is set to enter the world of formula one.
Austrian businessman Peter Brabeck-Letmathe confirmed to Kleine Zeitung newspaper that he has been lined up to chair the sport's parent company once it has floated on the Singapore exchange."That's right," said the 67-year-old."And it's true that I have agreed to take over the chairmanship of the supervisory board in a non-executive function."If formula one is to be a public company then it is important that the chairman is independent."Brabeck-Letmathe confirmed that Bernie Ecclestone, 82, is remaining F1's chief executive."We certainly hope that Bernie stays healthy for a long time and can keep on working," he said."I am already impressed with his performance. But of course it is the task of a supervisory board to ensure the succession of a business."At Nestle, I have always ensured that everyone can be replaced from the executive board within 24 hours. So we need to think about how to replace Bernie Ecclestone as well."
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