Breaking: F1 owner CEO announces departure

Stefano Domenicali to step down at the end of the 2023 season

Liberty Media CEO Greg Maffei to take over as interim CEO while F1 looks for a permanent replacement

Stefano Domenicali, the CEO of Formula 1, has announced that he will be stepping down from his role at the end of the 2023 season.

Domenicali has been in charge of F1 since 2021, and has overseen a period of significant growth for the sport. Under his leadership, F1 has secured a new Concorde Agreement with the teams, and has expanded into new markets such as the United States and China.

However, Domenicali has also faced criticism for his handling of certain issues, such as the controversial Abu Dhabi Grand Prix in 2021. He has also been criticized for his lack of experience in the commercial side of the sport.

In a statement, Domenicali said that he was proud of what he had achieved during his time as CEO, but that he felt it was the right time to move on.

"I have thoroughly enjoyed my time at Formula 1 and I am proud of what we have achieved together," he said. "However, I believe that the time is right for me to step down and allow someone else to take the reins."

Liberty Media CEO Greg Maffei will take over as interim CEO while F1 looks for a permanent replacement.

Maffei said that he was confident that Domenicali would continue to be a valuable asset to F1 in the future.

"Stefano has been a great leader for Formula 1 and we are grateful for his contributions," he said. "We wish him all the best in his future endeavors."