Bernie Steps Down, Will Stand Trial

[cosworth151]

Bernie Ecclestone has stepped down from his position as a Director of F1 Group. He will no longer be on the board. He will stand trial in Germany beginning in April.

The decision follows today's confirmation that Ecclestone will stand trial on bribery charges in Germany, which led to a meeting of the board of Delta Topco, the holding company of the F1 Group.

A statement from F1 Group:

 “Mr. Ecclestone has reassured the board that he is innocent of the charges and intends to vigorously defend the case, which will commence in April 2014. After discussion with the board, Mr. Ecclestone has proposed and the board agreed that until the case has been concluded, he will step down as a director with immediate effect, thereby relinquishing his board duties and responsibilities until the case has been resolved. The board believes that it is the best interests of both the F1 business and the sport that Mr. Ecclestone should continue to run the business on a day-to-day basis, but subject to increased monitoring and control by the board. Mr. Ecclestone has agreed to these arrangements. The approval and signing of significant contracts and other material business arrangements shall now be the responsibility of the chairman, Mr. Peter Brabeck-Letmathe, and the deputy chairman, Mr. Donald Mackenzie.”

[Scott]

     

....oh wait....

The board believes that it is the best interests of both the F1 business and the sport that Mr. Ecclestone should continue to run the business on a day-to-day basis, but subject to increased monitoring and control by the board. Mr. Ecclestone has agreed to these arrangements.

crap 

[lkjohnson1950]

Highly symbolic, no practical effect.

[Scott]

Why is it even news?  They're playing it over here as if it is the end of Bernie (which, to be fair, if he is convicted, it could be), and hardly mentioning that he will continue to run things top to bottom.  Shoddy reporting...

[lkjohnson1950]

Lot of that going around these days. Local news is breast beating over Arizona's Child Protective Services department, which has a long line of botched and ignored investigations into child welfare cases. Not one has mentioned the endless line of budget cuts enacted over the last 10-12 years by the Republican-Tea Party controlled legislature. If you keep cutting staff, something has to give.

[cosworth151]

Why is it even news?

It may not be the end, but it might be the beginning of the end.

[vintly]

Why is it even news?

It may not be the end, but it might be the beginning of the end.

Indeed. After a long drawn-out case, that will only leave the old boy tired and older even if he gets away with it, he may not want to get right back in the saddle in quite the same way. I wouldn't be surprised if the succession process is already underway.