CHANGES IN POWERBOAT P1 MANAGEMENT TEAM
London, Thursday 20th November 2008: Powerboat P1 chairman Asif Rangoonwala has announced that he will make a full-time return to running the championship and the P1 Management team. The move coincides with the imminent departure of current CEO Jim O’Toole, who is moving on to new business ventures at the end of November.
O’Toole – who has worked with a number of major brands, events and franchises in his 20-year sports marketing career – joined Powerboat P1 as Commercial Director in August 2007, and was made CEO in March 2008. Alongside Commercial Director Robert Wicks and Racing and Event Director Andy Hindley, he has helped establish a new sporting, technical and marketing strategy for the championship over the last 15 months, and encouraged new teams and venues into the sport.
Successful entrepreneur Rangoonwala has continued to maintain his close involvement with the Powerboat P1 championship during this period, but has now announced that he will return to running the championship in a more hands-on capacity following the recent sale of his Eurobuns bakery business.
“Following my decision to dedicate myself full-time to the business going forward, it became apparent that there was a duplication of roles and, consequently, Jim has decided to take up new challenges in the sports marketing arena,” Rangoonwala explained.
“Since joining the business in August 2007, Jim has played a leading role in taking Powerboat P1 to a new level on both the racing and commercial fronts. His commitment and drive have been outstanding and we wish him well in his new ventures. Going forward, I will be devoting my entire energy to Powerboat P1, taking a hands-on role in leading the P1 Management team as we embark on the exciting next stage of our journey.”
Angharad Gibbs, Press Office, Powerboat P1
m. +44 (0) 7500 797 583
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Notes to editors:
What is Powerboat P1?
Powerboat P1 is the exclusive rights holder and owner of the UIM Powerboat P1 World Championship, where the world’s fastest mono hull high performance prototype and production boats compete for the title of UIM World Champion in the Evolution and SuperSport classes. The 2008 race calendar was watched by more than 450,000 spectators, and reached a global TV audience of 20 million. The 2009 calendar is scheduled to be announced next month.
Jim O'Toole previously held the position of CEO at the WPP owned Ogilvy 141 Worldwide Sports and Entertainment division and prior to that set up Premiere Consulting in 1995. Key clients have included Manchester United, the BMW Williams Formula 1 team, Western Union Money Transfer, Vodafone and FIFA.
Consulting projects have included many top international blue chip Companies, sponsoring sporting activities and bodies worldwide, together with various projects in the world of arts and entertainment.