Formula 1 new CEO: Stefano Domenicali set to take over as new CEO of Formula 1

Former Ferrari team principal Stefano Domenicali is to take over as chief executive of the Formula 1 motor racing series next year, according to media reports.

According to Motorsport.com that Domenicali, 55, will step into Chase Carey’s role by the end of the year.

While a final agreement is still to be finalised with Domenicali over the role, it is poised to be completed in the near future. Official confirmation of Domenicali’s appointment has not yet been issued by F1, but teams were informed of the news on Tuesday.

Carey is set to remain involved in F1 beyond the end of the year in a revised position.

Domenicali was the team principal of Ferrari in F1 between 2008 and 2014, having previously served as its sporting director since 1998. He played a key role in its run of six consecutive constructors’ championships victories at the turn of the century.

After resigning from Ferrari in April 2014, Domenicali joined Audi later that year as its vice-president of new business initiatives, before moving to sister VW Group brand Lamborghini in 2016 as CEO. Throughout his time with Lamborghini, Domenicali has retained a role within the FIA as its president of the single-seater commission that he took up in late 2014.

Domenicali’s primary brief through this period was to push forward a restructuring of the junior single-seater ladder, helping revive Formula 2 as a category and form a new international Formula 3 platform.

But Domenicali will now make a full return to F1 as the series’ new boss in place of Carey, whose time as CEO will end after over three-and-a-half years.

Carey was appointed chairman of F1 upon Liberty Media’s acquisition of F1 back in September 2016, and became CEO once the deal was finalised in January 2017.