F1 confirms Domenicali as CEO from 2021, Carey assumes new role

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Formula 1 has confirmed ex-Ferrari boss Stefano Domenicali will become the new CEO from 2021.

Earlier this week it was revealed the Italian would replace the outgoing chief Chase Carey, who has been in charge since Liberty Media completed their takeover of F1's commercial rights back in 2017.

And on Friday, the news was made official with Domenicali to assume the role from January.

“I am thrilled to join the Formula 1 organization, a sport that has always been part of my life,” Stefano commented.

“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.”

As for Carey, he was due to step down last year but continued on until the completion of the new Concorde Agreement, which all teams agreed to last month.

He is to remain involved in F1 going forward, however, doing so from the position of non-executive chairman.

“[t has been] an honour to lead Formula 1, a truly global sport with a storied past over the last seventy years," the American commented.

“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.”

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Liberty Media CEO, Greg Maffei praised the work Carey has done since replacing Bernie Ecclestone, who had held the position for 40 years previously.

“Chase has done a phenomenal job leading F1," he said.

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