Peter Brabeck Letmathe (LEFT) has been installed as Formula 1 chairman following a board meeting ahead of the Monaco Grand Prix.
Austrian Brabeck, 67, chairs Swiss food group Nestle and had been linked with Bernie Ecclestone's position as CVC chief executive for a few years. Brabeck confirmed to the Reuters news agency that he had been installed as F1 chairman after a meeting in Monaco on Friday.
Brabeck said no decision had been yet made on when the sport would be floated on the stock market, after Ecclestone suggested Facebook's slump when going public earlier this week may mean a delay to F1's IPO.
"It was the first time that the board had a report on the preparation, there was pre-valuation of the whole process," Brabeck told Reuters. "I think we made a step forwards but no decision has been taken.
"Within the board there is an IPO committee and the committee will come back to the full board when it feels that the next board meeting is necessary. We have not even fixed the next meeting. We left this thing open."