Liberty Media has announced that ex Ferrari Team Principal, Stefano Domenicali has been appointed as Formula One President and CEO, replacing Chase Carey from January 2021.
Speaking on his appointment, Domenicali said; “I am thrilled to join the Formula 1 organization, a sport that has always been part of my life.”
Since departing Ferrari in April 2014, Domenicali had spent time with Audi then Lamborghini which the Italian believes has given him “… broader perspective and experience that I will bring to Formula 1.”
Liberty Media President and CEO, Greg Maffei spoke of the excitement to have Domenicali take over as F1 CEO given the Italian’s motorsport experience, saying; “Stefano brings a rich history of success in F1 at Ferrari and the broader auto industry at Audi and Lamborghini.”
Liberty Media have also confirmed that Carey will remain involved with F1 in the role of Non Executive Chairman, although the American has described the privilege of leading F1 as an “honor…” whilst believing that he has left a “strong foundation for the business to grow over the long term,”
Carey also paid tribute to the teams for how they have handled a tough 2020 from Coronavirus pandemic to other social issues with what he described as “… added purpose and determination in the areas of sustainability, diversity and inclusion.”
Maffei paid tribute to Carey’s “phenomenal job…” of leading F1 in terms of broader appeal and digital presence, on top of establishing new technical regulations and a cost cap as well as securing a new Concorde Agreement with all teams.
Maffei in particular praised Carey’s work, saying; “His actions has reinforced F1 as the pinnacle of motorsport.”
Domenicali will officially take office as F1 President and CEO from 1 January 2021 ahead of the 2021 season, which is expected to begin with pre-season testing in February ahead of the season opener in March 2021.