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ormer Ferrari boss, Stefano Domenicali, is replacing Chase Carey as Formula One CEO before the start of next season.

Domenicali will be only the third CEO of the Formula One Group in its 70-year history, following Carey and long-serving leader Bernie Ecclestone.

Domenicali joined the Ferrari team in 1991 in the finance department and has since worked his way up the ranks to serve as Ferrari’s sporting chief and now team principal.

A number of names have been linked to the role, including team bosses Toto Wolff, Christian Horner and Zak Brown.

However, concerns regarding conflicts of interest were raised and the association agreed that no person could take on the position if they had worked for a team in the last two years.

Carey will remain involved in the sport, taking on a revised role but will no longer be running day-to-day operations.

F1 announced the changed over the Russia Grand Prix Weekend.