Liberty Media has announced Stefano Domenicali to become new F1 CEO as Chase Carey moves to a non-executive chairman role.

As reported by multiple sites at the start of the weekend, Lamborghini head Domenicali will become the new President & CEO of F1 from January 2021 onward as he replaces Carey, who will take up the Non-Executive Chairman role.

The FIA Single-Seater Commission member will return to F1 after leaving Ferrari in 2014. He joined Lamborghini in 2016, whom he will leave at the end of this year. The Italian replaces Carey, who took over the reigns from Bernie Ecclestone after Liberty takeover.

“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,” said Liberty Media President and CEO, Greg Maffei.

“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.”

At the same time, Carey added: “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. 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.”

And finally, Domenicali stated: “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.”

Here’s early news of Stefano Domenicali