Mattia Binotto has resigned as Ferrari team principal.
The Italian will leave his position at the end of the season following weeks of speculation over his role with the Scuderia at the end of the season that saw Ferrari's operational team come under heavy scrutiny.
Charles Leclerc had led Ferrari to two race wins from the first three races to secure the team's position as the favourite for F1's constructors' championship.
This was a major turnaround in fortunes for the team that recorded its lowest points return in 40 years in the 2020 season.
But Leclerc's season fell apart as a litany of strategic errors and reliability issues allowed Red Bull and Max Verstappen to storm to a championship double, with the Monégasque only narrowly staying ahead of Sergio Perez in the fight for runner-up.
A statement from Binotto read: “With the regret that this entails, I have decided to conclude my collaboration with Ferrari. I am leaving a company that I love, which I have been part of for 28 years, with the serenity that comes from the convinction that I have made every effort to achieve the objectives set.
"I leave a united and growing team. A strong team, ready, I’m sure, to achieve the highest goals, to which I wish all the best for the future.
"I think it is right to take this step at this time as hard as this decision has been for me.
"I would like to thank all the people at the Gestione Sportiva who have shared this journey with me, made up of difficulties but also of great satisfaction.”
Ferrari CEO Benedetto Vigna added: “I would like to thank Mattia for his many great contributions over 28 years with Ferrari and particularly for leading the team back to a position of competitiveness during this past year.
"As a result, we are in a strong position to renew our challenge, above all for our amazing fans around the world, to win the ultimate prize in motorsport.
"Everyone here at the Scuderia and in the wider Ferrari community wishes Mattia well for the future.”
Ferrari was forced to deny speculation surrounding Binotto's future ahead of the season-ending Abu Dhabi Grand Prix, with reports suggesting the Italian would be sacked in January.
With Binotto resigning, a replacement is expected to be finalised in the new year.