System 1 has introduced that President and CEO, Stefano Domenicali, has prolonged his settlement with Liberty Media in a five-year renewal and can lead the enterprise by means of 2029.
Domenicali grew to become President and CEO on 1st January 2021 and, in accordance with at the moment’s press launch, “has been instrumental in driving the enterprise to new ranges of success and changing into the worldwide sport it’s at the moment”.
In fact, some followers could properly really feel that the previous Ferrari boss has certainly been instrumental in driving the game to new ranges, however not within the route that they had hoped for.
“The game has seen unbelievable development and elevated curiosity and demand for its races around the globe,” in accordance with the discharge. “It has continued to expertise very sturdy momentum in fan development and engagement alongside industrial success throughout all enterprise areas together with sponsorship, media rights and race promotion. The System 1 ecosystem has by no means been stronger for all stakeholders and the technique to constantly innovate, create new methods to have interaction audiences and enhance choices for the followers will propel the game’s success into the long run.”
“We’re thrilled to resume Stefano and stay up for his management alongside the gifted administration of System 1 for the years forward,” mentioned Derek Chang, President and CEO of Liberty Media. “Stefano has been a wonderful steward of the enterprise, constructing on its profitable basis and accelerating System 1’s charge of development each commercially and in fan engagement.
“His vitality and enthusiasm for the game translate into extremely efficient technique and outcomes. On behalf of Liberty, we’re grateful for his partnership and extremely optimistic in regards to the continued success the F1 group can drive for the game, our followers, companions and shareholders.”
“I’m honoured to proceed to guide this unbelievable sport, which I like and has been a part of my life since my childhood and grateful to the Liberty Media Staff for his or her belief,” added Domenicali. “Collectively, with all of the related F1 stakeholders, we are going to proceed to serve one of the best curiosity of our followers, as they’re the heartbeat of all the things we do. The fervour, the vitality and the adrenaline are the gasoline that powers me day-after-day to provide my very best to System 1.”
Earlier than becoming a member of System 1, Domenicali started his skilled profession at Ferrari in 1991, the place he held varied positions, rising his accountability till he grew to become the Staff Principal in 2008. In 2014 he joined Audi AG as Vice President of New Enterprise Initiatives and was then appointed Chairman and Chief Government Officer of Automobili Lamborghini in 2016. Throughout his time at Lamborghini he efficiently grew the model in main world markets and throughout platforms, producing sturdy monetary outcomes.
