His appointment will also bring another Ferrari reunion about, this time with Ross Brawn, who holds the position as F1 managing director of motorsports, having been appointed to the new position following Liberty’s takeover.
“Chase has done a phenomenal job leading F1,” Greg Maffei, Liberty Media President and CEO, 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. Stefano brings a rich history of success in F1 at Ferrari and the broader auto industry at Audi and Lamborghini.”
Outgoing CEO Carey said that his time in the role had left Formula 1 in a strong position for the future, and that he was looking forward to remaining involved with the sport.
“It has been 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.”
The initial reaction to Domenicali’s appointment has been positive, with McLaren praising the move and calling the Italian the right man to lead Formula 1 into the future.
A statement made by the team said that his prior experience in the sport and perspectives gained in his previous roles would help shape the sport moving forward, and that the foundations laid by Chase Carey had left F1 in positive shape moving forward.
“McLaren Racing applauds Chase Carey for his leadership in bringing our sport to the cusp of a new, exciting, promising era,” the statement read.
“The team embraces the decision to appoint Stefano Domenicali to the position of President & CEO of F1, and believes he is the right person to lead the sport into its new era. Stefano has a rounded view and broad experience at team, manufacturer, regulator, brand and senior leadership levels that equip him well to build on the strong foundations Chase and his team have laid for the sport’s continued development and growth.
“We are both confident and excited at the prospect of working with Stefano and his team, continuing to work with Chase, the FIA and our fellow teams as partners in the new era of Formula 1.”