Formula 1 CEO Chase Carey believes the fact that he came into the sport as an outsider actually worked in his favour.
Having held roles in the past with companies such as News Corp, 21st Century Fox and Sky plc, Carey took over as CEO and Executive chairman of the Formula One Group in January 2017 after Liberty Media completed their acquisition of the series.
But he will move to a non-executive role from 2021 with former Ferrari team principal Stefano Domenicali set to take over as F1 president and CEO.
Carey arrived in F1 as the replacement to the controversial Bernie Ecclestone, and Carey believes that coming into the sport as an outside actually helped in his role as he looked to clean up Formula 1’s past mistakes.
“I think at the time there were real benefits to come in without a perspective that was built up over the prior decades of what was going on in the sport and look at it with a fresh set of eyes,” he told Sky F1.
“I think we came in and said we thought there was a number of things that hadn’t been done in recent years, in the world of digital media and events that become bigger spectacles and many other things, so I think the fresh eyes were helpful.
“I think right now it’s equally important to have someone who can hit the ground running, doesn’t really need to get up to speed and can take these challenges and opportunities we have in front of us and build on those. I think it makes sense. I think there were benefits before, but I think there were real benefits of having someone with Stefano’s expertise and experience coming in.
“My role will be to help. At the end of the day, Stefano has to make his own decisions. We’ve certainly spent time talking about the challenges, opportunities and priorities going forward. I think we have a pretty shared vision of where we think Formula 1 can and should go.
“We’ve got some exciting things coming, obviously the new cars in 2022 and many of the new initiatives being put in place like the cost cap and more balanced revenue-sharing next year. But I think he’ll make decisions he thinks are the right ones and that’s the way it should be.”
Our Chairman and CEO Stefano Domenicali will leave his position with us to take on a new and prestigious role starting January 2021. In his years with us, he has guided the company through a crucial period and led us to exceptional transformation.#Lamborghini pic.twitter.com/rDCBsB6Vje
— Lamborghini (@Lamborghini) September 25, 2020
Carey added that Domenicali’s name instantly leaped off the page when it came to appointing his successor.
“It’s been great, it’s certainly been unlike anything else I’ve ever been part of in my life,” he said when reflecting on his experience in Formula 1.
“I’ve had a great career in the media world but this has been extraordinary. I think it’s an extraordinary sport with incredible athletes doing incredible things, great history, it’s great to have been a part of it. I think it’s (F1) is in a great place, obviously it’s been a challenging year to get through but I think we’ve got a great future ahead of us.
“I think having Stefano (Domenicali) come in is tremendously exciting, obviously someone who will hit the ground running, knows the score, knows the players and I think really we’ll continue to build on the things we’ve been putting in place.
“I think he was clearly someone that when we started the process he was a candidate that jumped out right away. But we wanted to go through an organised process, look at obvious and not so obvious candidates, people from the motorsport world and people from other places. Obviously I came in as an outsider.”
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