Nestle's Brabeck installed as F1 chairman

26 May 2012 by Ryan Wood

Nestle chairman Peter Brabeck has been appointed chairman of Formula 1 following a meeting in Monaco on Friday afternoon.

The 67-year-old currently heads the Nestle food group based in Switzerland.

Brabeck has been touted as Bernie Ecclestone's replacement for a couple of years now, but the role of chairman won't conflict with Ecclestone's role, with the two working together for owners CVC.

The Austrian told Reuters that no decision had been made about when the sport would be floated on the stock market, but added that progress had been made in Monaco.

"It was the first time that the board had a report on the preparation, there was pre-valuation of the whole process," he said. "I think we made a step forwards but no decision has been taken.

"Within the board there is an IPO committee and the committee will come back to the full board when it feels that the next board meeting is necessary.

"We have not even fixed the next meeting. We left this thing open."