Stefano Domenicali’s return to Formula 1 has been confirmed, with the former Ferrari boss becoming the series’ new CEO and president, replacing Chase Carey.

Carey, who was already planning to step down from his CEO position at the end of the 2020 season, will move into the role of non-executive chairman of F1.

A surprise return to F1 for Domenicali was reported ahead of this weekend’s Russian Grand Prix, with the change officially announced by Liberty Media and F1 on Friday.

“I am thrilled to join the Formula 1 organization, a sport that has always been part of my life,” Domenicali, who most recently acted as CEO for Lamborghini, said.

“I was born in Imola and live in Monza. I’ve remained connected to the sport through my work with the Single Seater Commission at the FIA and I look forward to connecting with the teams, promoters, sponsors and many partners in Formula 1 as we continue to drive the business ahead.

“The past six years at Audi and then leading Lamborghini have given me broader perspective and experience that I will bring to Formula 1.”

Since Liberty Media’s takeover of F1 in 2017, Carey has played an instrumental role in establishing a raft of new technical and financial regulations, as well as getting all 10 teams to agree to a new Concorde Agreement and lead the revision of the 2020 calendar amid disruption caused by the coronavirus pandemic.

“It has been an honor to lead Formula 1, a truly global sport with a storied past over the last seventy 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.”

Liberty Media president and CEO Greg Maffei paid tribute to the departing Carey, adding: “Chase has done a phenomenal job leading F1.

“He assembled a first-class commercial and sporting organization that has a long list of achievements, including broadening the appeal of the sport, growing its digital presence, establishing new technical regulations, securing a cost cap for the first time and reaching a new more equitable Concorde agreement with the teams.

“His actions have reinforced F1 as the pinnacle of motorsport. As always, he has been a great partner and I look forward to his continued counsel in his new role as non-executive Chairman,” said Greg Maffei, Liberty Media President and CEO.

“We are excited to welcome Stefano Domenicali as President and CEO of Formula 1. Stefano brings a rich history of success in F1 at Ferrari and the broader auto industry at Audi and Lamborghini.”