Hubbert Appointed New CEO of GPWC

Juergen Hubbert, head of DaimlerChrysler's Mercedes car division, has taken over the helm of a company set up by Formula One carmakers to plan for a possible new Grand Prix series in 2008.

A statement issued by GPWC Holdings on Tuesday also said that Ferrari president Luca di Montezemolo would represent Italian carmaker FIAT as a director of the Dutch-registered company.

Hubbert takes the place of former FIAT chief executive Paolo Cantarella, who resigned earlier this month and was also chairman of GPWC.

Cantarella's exit forced the second board-level change at GPWC in a month. Ford's Richard Parry-Jones has replaced former Jaguar boss Wolfgang Reitzle after he quit the carmaker for a new position in Germany in May.

GPWC said its five-man board now consisted of Hubbert, Burkhard Goeschel (BMW), Montezemolo, Parry-Jones and Patrick Faure (Renault).

"The directors are pleased to confirm that GPWC's progress is in line with their schedule," the statement said, adding that the next meeting with all Formula One principals would be held in early July.

They last met in November. The major carmakers say they will set up their own championship when an existing agreement between teams and the holders of Formula One's commercial rights expires in 2007 unless a deal is done before that.

The Kirch Beteiligung unit of the German Kirch media empire, which controls the commercial rights to Formula One, filed for insolvency last week. Kirch's creditor banks have already begun negotiations with the carmakers to try and offload the shares in the Formula One holding SLEC.

But Hubbert said in April that it would only make sense for the carmakers to buy into SLEC if their demands were met. These include guaranteed free-to-air television, control of the revenues and a say in fixtures and venues.