Formula 1’s outgoing head of marketing and hospitality has been allowed to keep his $10 million shareholding in the sport, despite quitting his post less than a year into taking on the role.
David Campbell (pictured) – who was formerly the boss of London’s O2 Arena – was headhunted the Formula 1 role in July last year, with the shareholding forming part of the terms of his offer to take on the position. He was also tipped as a possible successor to F1 supremo Bernie Ecclestone.
But a report in London’s Telegraph newspaper claims that the Englishman has quit his post and been allowed to keep the shareholding, which executives typically relinquish as part of the terms of an early separation with Formula One Administration.
“It didn’t really work out,” a source close to CVC Capital Partners, F1’s biggest stakeholder, was 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.”
A fairly sweet agreement, by the sounds of things…