Renault Sport F1 has announced Frederic Vasseur is exiting the team after just one year at the helm of the manufacturer outfit.

The Frenchman was snapped up by Renault ahead of the manufacturer's return to F1 as a constructor entry in 2016 having enjoyed significant success in junior categories with multiple GP2 and GP3 champions ART Grand Prix.

After initially holding the role of Renault racing director, Vasseur was reassigned to the position of team principal in July but has now agreed with the team to leave by 'mutual consent' with immediate effect.

"Both parties remain committed to maintaining the good working relationship they have enjoyed and expect this to take a new form sometime in the future," read a Renault statement.

"The outlook of Renault's second season back in Formula 1, as well as the resources implemented to meet them, will be set out in detail at the presentation of the team's new race car."

Renault Sport F1 will be headed up President Jerome Stoll and Managing Director Cyril Abiteboul, with more details set to be made public on 21st February when the team launches its 2017 F1 challenger.

Renault endured a tough return to F1 action in 2016, the late takeover of the Lotus team leaving it with an outdated car and a major restructure operation to complete. After scoring just eight points in 2016, Renault heads into the 2017 season with new signing Nico Hulkenberg and Jolyon Palmer.

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