Halfway through his first season in charge at VCARB, Peter Bayer has revealed how he's brought about the changes required at Faenza...
Peter Bayer , CEO of VCARB, has opened up on the challenge of transforming Red Bull's second F1 team's fortunes.
“I think we both knew what we were getting into and, in Formula 1, people used to always say you need one boss and you need accountability,” Bayer told“I’ve said many times, I believe that, nowadays, F1 has changed in the last couple of years in a dramatic way. “Obviously, things are always overlapping. We speak every day, at least twice I’d say, and we meet regularly to update each other and make sure that we have each other’s back and move forward. So it’s working super well!
“Last year was difficult. My bosses were joking when I started, they said, ‘Look, now we’re P10, you’re lucky everything you’ll do will be a step forward!'” he said. “You change a tiny little bit and, suddenly, don’t understand the car anymore. I’ve even heard James Allison who is probably the engineer of the engineers, who said it feels as if these cars, if you push them too much, they don’t give you the lap time.”
“Change management – one of the few things I learned in university was a recipe for change management from one of the professors and he said it’s the ‘Four I principle’.“That’s what we did and, by following that process, you easily identify the people who are willing to follow and those who don’t. So, with those, when we sat down, we said, ‘Look, that’s the journey, the train has left the station, there’s another stop down the road here – you join or you don’t join.
“F1 has gone through this transition, which is tremendous. What happened is also that these teams are representing equity value, something that never was the case. Teams have been sold for $1, teams have been sold for $150 million, but then you have seen last year’s evaluations when Alpine brought investors in, where they basically said, ‘Well, we think the team is worth 900 million or a billion’.
“Those people are all like ‘VCARB, VCARB, VCARB!’ but a lot of them call us Visa Cash App Racing Bulls, but I think the fans made up their mind to call us VCARB which we’re super-happy with.
News Team RB Franz Tost Peter Bayer
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