David Malone leaves V8 Supercars

The management of Australia's V8 Supercars series is to begin a search for a new Chief Executive after announcing that current postholder David Malone is stepping down after just 15 months.

Malone was appointed Chief Executive of the motorsport series in January 2012 and will remain a director of V8 Supercars, assisting the business with its strategy and development. The series' Director of Finance and Systems, Peter Trimble, will assume the role of acting Chief Executive during the search for Malone's replacement.

Malone arrived at V8 Supercars following a lengthy tenure at pay-television broadcaster Fox Sports and was reportedly hired principally to lead negotiations for a new TV contract.

However, Australian media reported that January's two-year deal with the Seven Network was signed at a lower value per year than the broadcaster's previous three-year contract, which expired at the end of 2012 and was worth $28 million.

Following the personnel change, AMRP Director Andrew Gray stated "we would like to thank David for his tireless contribution to the business over the last 14 months, and are pleased that he has agreed to continue to assist us in his new capacity.

"We continue to be totally committed to the sport and are thrilled that David has agreed to continue to advise and assist us in the execution of our growth plans."

AMRP is the majority investor in V8 Supercars.

The V8 Supercars series also suffered the loss of Chairman James Strong at the beginning of March.