Spyker’s new CEO resigns, F1 team could be up for sale

Spyker’s interim CEO Michiel Mol has stepped down from the role and will be replaced in the meantime by vice-chairman of Spyker’s supervisory board, Hans Hugenholtz. Mol replaced former CEO and the founder of the Dutch sports car company Victor Muller back in May but his decision to resign from the top job could be more of a strategic move rather than one made from frustration.

New reports suggest that Spyker might sell its Formula One team as part of its financial restructuring plan, and Mol is tipped to be the new buyer. However, to do so, he’d have to step down from the position of CEO and director to prevent a conflict of interest, Spyker officials told Reuters.

It appears the niche sports carmaker, which turned over a small profit for the month of February, may have bitten off more than it could chew. Spyker, which sold less than one hundred cars last year, has to contend with running an F1 team as well as keeping its promise of delivering more than 300 customer cars this year including several all new models yet to be developed.

Fears of a downgrade in its credit worthiness and survivability has forced it to gain more funding to secure its short term loans and even saw it selling its name in May. Spyker has also announced that it’s expecting to make a loss this year.