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OFFICIAL: Former Ferrari team principal Domenicali confirmed as new F1 CEO

OFFICIAL: Former Ferrari team principal Domenicali confirmed as new F1 CEO

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OFFICIAL: Former Ferrari team principal Domenicali confirmed as new F1 CEO

OFFICIAL: Former Ferrari team principal Domenicali confirmed as new F1 CEO

Formula 1 has confirmed Stefano Domenicali is to assume the role of president and CEO, taking over from Chase Carey on January 1, 2021.

Carey, who stepped into the role following Liberty Media's takeover of F1 almost four years ago, is to remain in the sport as non-executive chairman.

Former Ferrari team principal Domenicali, who is CEO of Lamborghini and head of the FIA's Single-Seater Commission, said: “I am thrilled to join the Formula 1 organization, a sport that has always been part of my life.

"I was born in Imola and live in Monza. I’ve remained connected to the sport through my work with the Single-Seater Commission at the FIA and I look forward to connecting with the teams, promoters, sponsors and many partners in Formula 1 as we continue to drive the business ahead.

“The past six years at Audi, and then leading Lamborghini, have given me a broader perspective and experience that I will bring to Formula 1.”

On his departure from his current role, Carey said: “It has been an honour to lead Formula 1, a truly global sport with a storied past over the last 70 years.

"I’m proud of the team that’s not only navigated through an immensely challenging 2020 but returned with added purpose and determination in the areas of sustainability, diversity and inclusion.

"I’m confident that we’ve built a strong foundation for the business to grow over the long term.

"It’s been an adventure and I’ve enjoyed working with the teams, the FIA and all of our partners. I look forward to staying involved and supporting Stefano as he takes the wheel.”

Lauding Carey's achievements, Liberty Media president and CEO Greg Maffei said: “Chase has done a phenomenal job leading F1.

"He assembled a first-class commercial and sporting organisation that has a long list of achievements, including broadening the appeal of the sport, growing its digital presence, establishing new technical regulations, securing a cost cap for the first time and reaching a new more equitable Concorde agreement with the teams.

"His actions have reinforced F1 as the pinnacle of motorsport. As always, he has been a great partner and I look forward to his continued counsel in his new role as non-executive chairman.”

Heralding the new era under Domenicali, Maffei added: “We are excited to welcome Stefano as president and CEO of Formula 1

"Stefano brings a rich history of success in F1 at Ferrari and the broader auto industry at Audi and Lamborghini.”

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