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F1 confirms Stefano Domenicali will replace Chase Carey as CEO in 2021

Former Ferrari team principal Stefano Domenicali will replace Chase Carey as Formula One boss, it was confirmed on Friday.

As reported earlier this week, Domenicali will take on the roles of CEO and president of the sport in January. Existing CEO Carey, who had already signaled his intention to retire, will move into a non-executive chairman role.

Domenicali, 55, was in charge of Ferrari's Formula One team from 2008 to 2014 and presided over its most recent championship, the 2008 constructors' title. He is currently chairman and chief executive of Italian sports car brand Lamborghini and serves as head of the governing FIA's single-seater commission.

Carey was installed in the F1 CEO role after Liberty Media's takeover of the sport in 2017, replacing long-serving F1 boss Bernie Ecclestone. Carey's departure comes just weeks after all 10 teams signed F1's new Concorde Agreement, binding them to the championship from 2021 to 2025 and determining prize money and its system of governance.

FIA president Jean Todt praised Carey for his work since taking on the job.

Todt weeted: "Chase Carey has done a great job for @F1 since 2017 and I am confident that he will continue in his new role as non-executive Chairman. I wish Stefano Domenicali all the best in the pursuit of this important mission."

Domenicali's appointment leaves three of the sport's top jobs in the hands of former Ferrari men.

The FIA is run by a former Ferrari team boss Todt, while Formula One's managing director for motorsport, Ross Brawn, is a former Ferrari technical director. Todt's third term expires next year, however, and he is not expected to stand again.