Former Ferrari team principal Stefano Domenicali has been named the new president and chief executive officer of Formula 1.

Chase Carey, F1’s chairman and CEO since January 2017, will become non-executive chairman.

Domenicali was Ferrari team principal from 2008-14 and has since worked with the Volkswagen Group.

Domenicali has also been head of the single-seater commission of F1’s governing body the FIA, a role he continues to hold.

The appointment comes shortly after Carey has sealed the future of the sport for the next five years, having successfully signed up the teams to new contracts and overseen the introduction of a series of new rules, including a budget cap that is being introduced next year.

Greg Maffei, the president of F1 owners Liberty Media, said: “Chase has done a phenomenal job leading F1.

“He assembled a first-class commercial and sporting organisation 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.

“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.”

Carey said: “It has been an honour to lead F1. 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.”

Domenicali said: “I am thrilled to join the Formula 1 organisation, a sport that has always been part of my life.

“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 F1 as we continue to drive the business ahead.

“The past six years at Audi and then leading Lamborghini [both part of the Volkswagen Group] have given me broader perspective and experience that I will bring to Formula 1.”

Domenicali’s appointment has been widely welcomed by F1 teams. McLaren said in a statement: “He is the right person to lead the sport into its new era.

“Stefano has a rounded view and broad experience at team, manufacturer, regulator, brand and senior leadership levels that equip him well to build on the strong foundations Chase and his team have laid for the sport’s continued development and growth.”