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A replacement for Bernie? Sky TV obviously has a good source within CVC Capital Partners, or at least someone who is happy to use the media outlet to his/her advantage. A while ago Sky broke the story about CVC investigating the goings-on regarding the purchase of the Formula One empire and now it has revealed that CVC is sniffing around possible candidates to have “a senior role at the helm of Formula One motor racing”. The last time I looked the expression “at the helm” meant “in charge” or “in command”, which means that, if it is true, CVC Capital Partners may be wanting someone other than Bernie Ecclestone to run the Formula One group. That is a pretty radical story when you stop and think about.
The Sky TV news story suggested that the man being talked to is Sir Stuart Rose, who is looking for something to do with himself now that he is no longer chairman of retail giant Marks & Spencer. Rose was knighted in 2008 for services to the retail industry. His background is retailing, having first joined M&S in 1972. He stayed until 1989 moving up through the company but then moved to clothing retailer Burton as CEO. Three years later he moved to become CEO of Argos and then food company Booker. He joined Arcadia in 2002 and turned the company around and was then grabbed by M&S to do the same for the venerable company. He fought off a takeover bid by Philip Green and revamped M&S, with some international expansion and new lines of clothing.
Sky TV reports that the directors of Delta Topco – the holding company of the Formula One group – have also approached “a number of other senior businesspeople about the role”. Joe Saward
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