F1: Stefano Domenicali Appointed As The New Formula 1 CEO

Ending all speculations, the FIA has announced that Stefano Domenicali will be appointed as the new Formula 1 CEO, stepping in place of Chase Carey from 2021. Domenicali will relinquish his current role at Automobili Lamborghini, where has been working as the Chairman and CEO since 2016. The 55-year-old comes with 30 years of active motorsport experience and was a Scuderia Ferrari team principal between 2008 and 2014, having started his career with the Italian automaker in 1991. Meanwhile, Carey will continue to be on the F1 board as a non-executive chairman.

Also Read: Ex-Ferrari Boss Stefano Domenicali To Replace Chase Carey As New F1 CEO

Speaking on his new role, Stefano Domenicali 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."

F1 MD, Ross Brawn and Stefano Domenicali as the Technical Director and Team Manager respectively at Scuderia Ferrari in the early 2000s | Pic Credit: F1

Speaking on his departure as the CEO, Chase Carey said it was "an honour to lead Formula 1, a truly global sport with a storied past over the last seventy 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 the 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."

Stefano's appointment comes at a time when Formula 1 is transitioning into a newer phase with new cars, technology, teams and regulations in place. These will be the major challenges for the former Lamborghini boss starting in 2022, while the budget cuts is what he will have to tackle in 2021. Meanwhile, Chase Carey leaves a strong legacy having conducted several championships seamlessly since his appointment in 2017, not to forget conducting the salvaging the 2020 season that's seen some unprecedented challenges.

Chase Carey was appointed the CEO at F1 in 2017 and has been responsible for a number of changes in the sport

Speaking about Chase Carey's contribution, Greg Maffei, Liberty Media President and CEO, 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."

Speaking on Domenicali's appointment, Maffei added, "We are excited to welcome Stefano Domenicali as President and CEO of Formula 1," he added. "Stefano brings a rich history of success in F1 at Ferrari and the broader auto industry at Audi and Lamborghini."

Stefan Domenicali will be closely working other Ex-Ferrari bosses including FIA President, Jean Todt and F1 Managing Director, Ross Brawn. The Italian is known for his significant contribution in the new success of Lamborghini. He is also the President of the FIA single-seater commission and was instrumental in reviving Formula 2 in the past.