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David Campbell, Formula 1’s former head of marketing and hospitality, has been awarded a stake of 10 million dollars (£6.4m) despite having resigned less than a year into his job. The details were revealed when F1 parent company Delta Topco filed recent documents.
As reported by The Telegraph, Campbell – ex boss of London’s O2 Arena – began working in July 2011, with the offer having been an incentive to join the company. He had also been tipped as a possible successor for F1 CEO Bernie Ecclestone.
“It didn't really work out,” a source close to CVC Capital Partners, F1’s biggest stakeholder, is quoted as saying. “Bernie wanted to take the business in a different way and that wasn't the basis on which we hired David. His departure was by mutual agreement.”
Such executives are usually expected to return their shares in the event of departing the company before an agreed date. However, it is being reported that ‘a source close to the situation’ has said that Campbell’s ten months were enough to retain the money.
Campbell has refused to comment on the matter.