It's official. I am no longer the leader of the company.
Liberty Media has officially completed its takeover of Formula One, and Bernie Ecclestone has been replaced as the chief executive.
Former Mercedes team principle Ross Brawn is expected to take a sporting role within the restructure of Formula One's governance, as well as former ESPN executive Sean Bratches for a commercial position.
Bernie Ecclestone has revealed that he has been deposed as CEO of the Formula One Group.
The leadership changes came as John Malone's Liberty Media announced it had completed the acquisition of the global racing series.
Carey, who had already been appointed as F1 chairman, said: "I am excited to be taking on the additional role of CEO".
"There is an enormous opportunity to grow the sport, and we have every confidence that Chase, with his abilities and experience, is the right person to achieve this".
GETTYBernie Ecclestone will still aid Chase Carey in an'advisory role
The takeover, valued at $8 billion including debt, has been broadly welcomed in a sport featuring famous vehicle brands such as Ferrari, McLaren and world champions Mercedes and which has the Monaco Grand Prix as its jewel in the crown.
Formula One has been experiencing a multitude of big changes recently.
"We have an nearly unprecedented opportunity to work together with the teams and promoters for a better F1 for them and, most importantly, for the fans". At the time, it was unclear whether Ecclestone would still play a role in the management of the sport.
My days in office are now somewhat calmer.
"I was dismissed today".
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