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Peter Brabeck, chairman of Swiss food group Nestle, has been selected as Formula 1 chairman after a board meeting ahead of this weekend’s Monaco Grand Prix.
"It was the first time that the board had a report on the preparation, there was pre-valuation of the whole process." Brabeck explained to Reuters. "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."
There had been speculation that the Austrian would take the role as CVC chief executive, a position currently filled by Bernie Ecclestone.
|2012 Monaco Formula 1 Grand Prix|
|3 Jun '12||Video of the Day: Grosjean's Monaco crash|
|31 May '12||Interview with Force India’s Nico Hülkenberg|
|30 May '12||Webber rubbishes Monaco team orders talk|
|30 May '12||Interview with Williams’ Mark Gillan|
|30 May '12||BRDC congratulates drivers on race victories|
|16 May||Ecclestone welcomes Honda to Formula 1|
|15 May||'German prosecutors charge Ecclestone'|
|14 May||Ecclestone slams Pirelli|
|29 Apr||Only top ten teams to receive prize money|
|22 Apr||Ecclestone keen to extend Bahrain deal|
|23 May||Video of the Day: Tyres for the Monaco GP|
|22 May||Latest F1 photos: Wednesday in Monaco|
|22 May||Hamilton, Sutil relationship remains frosty|
|22 May||Sutil: We need the final piece of the puzzle|
|22 May||Hamilton certain of progress with tyres|
|More Bernie Ecclestone photos|