Ahead of the launch of the fifth season of the ABB FIA Formula E Championship this weekend in Saudi Arabia, series promoter Formula E Holdings Ltd. announced that company founder Alejandro Agag will step up from the role of CEO to become Chairman. The company will then bolster the management team with a new CEO, who’ll be appointed in the coming months. In his new role, Agag will focus on relationships with commercial partners, host cities and the FIA.
“It’s time to open a new phase in the world’s fastest-growing motorsport,” said Agag. “I’m really proud of the job we’ve done, together with the FIA, our management team, shareholders, partners and teams. Formula E is in the best moment of its short history. As chairman, I’ll be better placed to help the new CEO and our strong management team to continue growing the sport that I believe is the future of motor racing.”
Outgoing board Chairman Simon Freer, speaking on behalf of the shareholders and Formula E board, said: “Under Alejandro’s leadership as CEO, the series has established itself as a leading global motorsport and is set to continue its impressive performance and trajectory going forward. We look forward to continue working with both Alejandro as Chairman and the new CEO to bring Formula E to the next level.”