Bernie Ecclestone has been forced out from his position as CEO of Formula One by the organization's new owners, Liberty Media. Mr. Ecclestone has been replaced by Chase Carry, Vice Chairman of the 21st Century Fox media conglomerate.
Liberty Media completed its €8 billion takeover of Formula One this month, which they will rename Formula 1 Group. Mr. Ecclestone held the position for some 40 years.
While Mr. Ecclestone began his career with dreams of becoming a champion driver, it soon became clear that his talents lay more in business. Mr. Ecclestone was a key figure in shaping the sport from the 1960s onwards, making Formula One one of the most popular event series in the world – next to the Olympics and World Cup.
The BBC described Mr. Ecclestone as a “dealmaker extraordinaire,” and a “tactician with remarkable skill” who led Formula 1 with “canniness, wit and a little menace.”
The 86-year-old Mr. Ecclestone has now officially been named an advisor to the Formula 1 Group board, though in comments made to Auto Motor und Sport, a German trade publication, he said he wasn’t sure what the future would hold.