Stefano Domenicali will continue as chairman and CEO of Formula 1 for another five years, as announced by owner Liberty Media on Wednesday. He will remain at the helm of the premier class until 2029. The Italian succeeded the Irishman Chase Carey in 2021.
In recent years, Formula 1 has been on the rise. The growing popularity of the sport and the high demand for Grands Prix are attributed, among other things, to the leadership of Stefano Domenicali. In an official press release, he is praised for the role he has played in the success of the company and the global development of the sport.
“Formula 1 has undergone incredible growth,” the message reads. “Interest and demand for races around the world have increased. The growth and engagement of fans remain strong, as does commercial success in all sectors, including sponsorship, media rights, and race promotion.”
‘Serving the interest of the fans’
“We are delighted to renew the contract with Stefano (Domenicali) and look forward to his leadership in the coming years,” responded Derek Chang, chairman and CEO of Liberty Media. “He has been an excellent leader of the company. He has built on the successful growth of Formula 1 and accelerated it, both commercially and in terms of fan engagement. On behalf of Liberty Media, we are grateful for his partnership and optimism.”
Stefano Domenicali’s Gratitude and Commitment
“I am honored to continue leading this incredible sport,” added Stefano Domenicali. “I have loved Formula 1 my entire life and I am grateful to the Liberty Media team for their trust. Together with all stakeholders, we will continue to serve the interests of our fans, as they are at the heart of everything we do. Their passion, energy, and adrenaline are the fuel that motivates me every day.”
Domenicali’s Career in Motorsport
Before reaching the top of Formula 1, Domenicali began his career in the 1990s at Ferrari. Between 2008 and 2013, he served as team principal for Scuderia. Later, he became the chairman of New Business Initiatives at Audi AG, before being appointed as CEO of Automobili Lamborghini in 2016, also a part of the Volkswagen Group.
