Stefano Domenicali will continue his role as the Formula 1 Chief Executive as he has signed a new five-year contract that will end in 2029.
Domenicali took over from Chase Carey in 2021 on January 1 and his appointment marked a pivotal moment in the evolution of global open-wheel motorsport.
The 59-year-old kicked off his career at Ferrari in 1991, through dedication and perseverance. He rose through the ranks holding multiple positions as he gained a lot of valuable knowledge and experience. His hard work later paid off as it led to his appointment as team principal in 2008.
He was approached by Audi AG in 2014, where he took on the role of vice president of New Business Initiatives and then was appointed Chairman and CEO of Automobili Lamborghini in 2016.
Domenicali made an impact in the company, taking the brand to the center stage in the global markets, across different platforms and driving business growth.
In a press release, Domenicali said: “I am honoured to continue to lead this incredible sport, which I love and has been part of my life since my childhood.
“Together, with all the relevant F1 stakeholders, we will continue to serve the best interest of our fans, as they are the heartbeat of everything we do.
“The passion, the energy, and the adrenaline are the fuel that powers me every day to give my absolute best to Formula 1.”
CEO of Liberty Media Mr Perek Chang told the media that, he does not regret renewing Domenicali’s contract, he has not experienced a lack of work ethic from him in these past few years and praised his leadership skills as he has been able to build a solid and successful foundation that is growing in the right direction business-wise.
Chang said: “We are thrilled to renew Stefano and look forward to his leadership alongside the talented management of Formula 1 for the years ahead.
“Stefano has been an excellent steward of the business, building on its successful foundation and accelerating Formula 1’s rate of growth both commercially and in fan engagement.
“His energy and enthusiasm for the sport translate into highly effective strategy and results. On behalf of Liberty, we are thankful for his partnership and incredibly optimistic about the continued success the F1 team can drive for the sport, our fans, partners, and shareholders.”
