Bernie Ecclestone’s days as the head honcho in Formula 1 could be numbered as CVC Capital Partners is looking to appoint ex-Diageo chief, Paul Walsh, to the role of chairman.
Whilst F1 already has a chairman in Nestlé’s Peter Brabeck, it’s likely Walsh will replace him following a board meeting next week, partly because of Brabeck’s recent illness.
It’s expected that Walsh will not only take over the role of chairman, but will be active in F1’s day-to-day business – something that Ecclestone currently controls as chief executive.
So whilst Ecclestone’s role isn’t under immediate threat, it’s highly likely that Walsh could eventually replace the 84-year-old altogether and it’s a move CVC might do well in pushing through quickly.
Walsh has headed up companies such as GrandMet and InterContinental Hotels before moving to the world’s largest spirits producer, Diageo, in 2000, where he realised the potential of F1 as a promotional tool and sponsored McLaren before recently becoming an official F1 partner.
He left the company last year and is now chairman of the Compass Group where he is likely to share his responsibilities with F1 until he is, eventually, ready to lead the sport into a new era – one which CVC co-founder Donald MacKenzie hopes will see F1 embrace the digital world to increase its value before being floated on the stock market – a plan which has already failed to materalise several times.
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