Peter Sauber has announced he is transferring a third of the stake in the Sauber Group to CEO Monisha Kaltenborn. Sauber, the founder, team principal and president of the board, will retain the other two thirds.
India-born Kaltenborn, 41, was appointed CEO of the Swiss squad in 2010, following BMW's exit from Formula 1.
"When BMW pulled out of Formula 1 in 2009, Monisha was instrumental in the team's survival and since then she has been doing outstanding work in her capacity as CEO," said Sauber. "Transferring one third of the stake to her represents an important step for me in providing continuity.
"My desire is to ensure that the company continues to be led as I would want over the long term. Monisha Kaltenborn and my son Alex, who joined the company as Marketing Director in 2010 and has since also been a member of the Board of Management, both embrace this aim. It means we can offer our employees a positive outlook for the future."
Kaltenborn added: "For me this step is a mark of the greatest possible trust, which I will do everything in my power to justify."