Chase Carey Out as Formula One CEO

Chase Carey
Mark Thompson/Getty Images

Chase Carey

Rupert Murdoch's former long-time right-hand man will focus on the non-executive chair position, with Lamborghini boss Stefano Domenicali becoming CEO.

John Malone's Liberty Media said Friday that Chase Carey will drop his CEO and chairman titles at racing circuit Formula One to focus on the role of non-executive chairman.

Lamborghini's Stefano Domenicali will take over as the new president and CEO of Formula One in January.

"Chase has done a phenomenal job leading F1," said Liberty president and CEO Greg Maffei. "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 ... agreement with the teams."

About the new CEO, he said: "Stefano brings a rich history of success in F1 at Ferrari and the broader auto industry at Audi and Lamborghini."

Carey, Rupert Murdoch's former long-time right-hand man, said: "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."

Domenicali began his career at Ferrari in 1991, where he held various positions until he became the team principal for Ferrari Formula 1 in 2008. In 2014, he joined Audi as vp of new business initiatives and was appointed chairman and CEO of Lamborghini in 2016.

"I am thrilled to join the Formula 1 organization, a sport that has always been part of my life," the new CEO said. "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."