Liberty Media announced on Friday at the Russian Grand Prix at the Sochi circuit that former Ferrari team principal and current Lamborghini Chairman and CEO Stefano Domenicali has been announced as Formula One President and CEO while Chase Carey becomes non executive chairman as of January 1 2021.
Speaking about the news, Liberty Media President and CEO Greg Maffei said:
“Chase has done a phenomenal job leading F1. He assembled a first-class commercial and sporting organization 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.“We are excited to welcome Stefano Domenicali 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.”
Formula One Chairman and CEO Chase Carey commented saying:
“It has been an honor 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,” said Chase Carey, Formula 1 Chairman and CEO. “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 Domenicali commented saying:
“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 broader perspective and experience that I will bring to Formula 1.”