The new Formula One Teams Association [FOTA] have decided that Ferrari president Luca di Montezemolo is the man to lead it through its first year, appointing him as chairman after an inaugural meeting at the Italian Grand Prix on Thursday.

The organisation was only established in recent weeks as the ten Formula One teams attempt to present a unified front in their dealings with both the FIA and commercial rights holder CVC, while also trying to agree on a way forward in times of both financial and environmental pressures. Among its first objective will be the desire to formulate new rules to meet FIA president Max Mosley's desire to further cut costs and reduce fuel consumption. Mosley has said that, if the teams can't come up with their own set of regulations, he will impose his own.

A Ferrari spokesman revealed that Thursday's meeting had agreed five primary objectives and established three commissions - covering the sporting, technical and commercial aspects of the sport - while also voting in Toyota motorsport president John Howett as vice-chairman to Montezemolo.

The Sporting Working Group will be led by McLaren chief executive Martin Whitmarsh, the Technical Working Group by Honda team principal Ross Brawn and the Commercial Working Group by Renault F1 team boss Flavio Briatore, the latter having long campaigned for costs to be slashed and entertainment levels raised to prevent Formula One from becoming endangered.