Outgoing Formula 1 CEO Chase Carey feels his tenure leading the sport over the past three years has positioned it for future growth under his newly announced successor, Stefano Domenicali.
Domenicali will take on the roles of CEO and president of Formula 1 in January, with Carey becoming non-executive chairman. The American has been the head of F1 since Liberty Media purchased the sport at the start of 2017, when he replaced Bernie Ecclestone.
“It has been an honor to lead Formula 1, a truly global sport with a storied past over the last 70 years,” Carey said. “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.”
Carey’s tenure has also been praised by McLaren, in the midst of a challenging year that has included both the COVID-19 pandemic and the work on a new Concorde agreement and future regulations.
“McLaren Racing applauds Chase Carey for his leadership in bringing our sport to the cusp of a new, exciting, promising era,” McLaren said in a statement. “In the three years he has been at the helm, the sport has been reinventing itself: it has embraced digital and social media and opened itself up to fans more than ever; it has new financial regulations including the all-important budget cap that begins next year; new technical and sporting regulations and a new Concorde agreement to govern the sport for the future; and it has a new focus on sustainability and diversity as intrinsic elements of the sport’s growth and success.
“Second, the team embraces the decision to appoint Stefano Domenicali to the position of president and CEO of F1, and believes he is the right person to lead the sport into its new era. Stefano has a rounded view and broad experience at team, manufacturer, regulator, brand and senior leadership levels that equip him well to build on the strong foundations Chase and his team have laid for the sport’s continued development and growth.
“We are both confident and excited at the prospect of working with Stefano and his team, continuing to work with Chase, the FIA and our fellow teams as partners in the new era of Formula 1.”