Liberty Media Corporation has announced that Stefano Domenicali will assume the role of president and chief executive officer of Formula 1. Chase Carey, the current chairman and chief executive officer, will move to the role of non-executive chairman.
“Chase has done a phenomenal job leading F1,” says Greg Maffei, president and chief executive officer, Liberty Media. “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.”
Stefano began his professional career at Ferrari in 1991, where he held various positions, increasing his responsibility until he became the team principal for Ferrari Formula 1 in 2008. In 2014, he joined Audi AG as vice president, new business initiatives, and then was appointed chairman and chief executive officer of Automobili Lamborghini in 2016. During his time at Lamborghini, he successfully grew the brand in major global markets and across platforms, producing strong financial results. He is a member of the FIA World Motor Sport Council, on which he serves as president of the Single Seater Commission.
“I am thrilled to join the Formula 1 organization, a sport that has always been part of my life,” says Domenicali. “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.”
Domenicali will begin his job in January 2021.