Sainsbury's boss to replace Ecclestone as F1 chief?
According to reports, Sainsbury's chief executive Justin King is in the running to be the next Formula One boss.
New Delhi: Bernie Ecclestone has neither admitted nor denied that Sainsbury's chief executive Justin King is in the running to succeed him as the Formula One boss, The Guardian reported on Sunday.
King has been the head of FTSE 100 supermarket chain for nine years and speculated as Ecclestone's successor for some time now, though Ecclestone doubted if he could do the job. "I've no idea whether the boss of a company like Sainsbury's could do my job. Maybe he could, " Ecclestone was quoted as saying by The Guardian.
In the past years, former Marks & Spencer boss Sir Stuart Rose has also been talked about as the one to replace Ecclestone in the driving seat, but Rose ended up being replaced by Donald Mackenzie, the co-founder of private equity firm CVC.
But Formula One needs Ecclestone at this point when the sport is going through a financial crunch after Spanish team HRT pulled out at the end of last season and long-time sponsor Vodafone decided to end its association at the end of this season.