Stefano Domenicali's move to become the president and CEO of Formula 1 was confirmed on Friday.

As reported earlier this week, Domenicali is set to take over from Chase Carey as the chief of F1 from the start of next year.

In a series of carefully-timed statements, Italian sportscar manufacturer Lamborghini first announced that he was leaving his role as CEO of the company to take on a "new and prestigious professional role" from January 2021.

Speaking about his new role, Domenicali said: "I am thrilled to join the Formula 1 organization, a sport that has always been part of my life. I was born in Imola and live in Monza.

"I've remained connected to the sport through my work with the Single Seater Commission at the FIA and I look forward to connecting with the teams, promoters, sponsors and many partners in Formula 1 as we continue to drive the business ahead."

Carey, who had always been clear that he did not intend to stay in F1 long, said he felt that his work to help frame new rules and a Concorde Agreement had laid some solid foundations for the future.

"It has been an honour to lead Formula 1, a truly global sport with a storied past over the last seventy years," said the American.

"I'm proud of the team that's not only navigated through an immensely challenging 2020 but returned with added purpose and determination in the areas of sustainability, diversity and inclusion.

"I'm confident that we've built the strong foundation for the business to grow over the long term."

Domenicali, a former team boss of Ferrari, has been CEO of Lamborghini since 2016 and has helped lead the Italian car maker to huge growth and record sales figures through 2019.

Alongside his role with Lamborghini, Domenicali has served as the president of the FIA's single-seater commission, helping to oversee a restructuring of the junior motorsport ladder.

Domenicali's arrival as the head of F1 has been welcomed by teams, who believe his experience, skills and personality are the right fit to take the sport to a brighter future.