Ferrari appoint new team principal

Legendary Formula 1 team Ferrari Monday appointed Maurizio Arrivabene as its new team principal to replace Marco Mattiacci.

Mattiacci took over the position from Stefano Domenicali in April. The Italian team completed its first winless season since 1993 and finished fourth in the constructors' championship behind Mercedes, Red Bull and Williams.

"Ferrari is pleased to announce the appointment of Maurizio Arrivabene as managing director of Gestione Sportiva and as team principal of Scuderia Ferrari, replacing Marco Mattiacci," said a team statement.

Arrivabene arrives at Ferrari from Philip Morris, which he joined in 1997 after spending 20 years in marketing and promotions in Italy and abroad. Arrivabene has also been an independent member of the board of Juventus FC since 2012.

"We decided to appoint Maurizio Arrivabene because, at this historic moment in time for the Scuderia and for Formula 1, we need a person with a thorough understanding not just of Ferrari but also of the governance mechanisms and requirements of the sport," Ferrari chairman Sergio Marchionne said.

"Maurizio has a unique wealth of knowledge. He has been extremely close to the Scuderia for years and, as a member of the F1 Commission, is also keenly aware of the challenges we are facing. He has been a constant source of innovative ideas focused on revitalisation of F1.

Marchionne also thanked outgoing Mattiacci.

"We would also like to thank Marco Mattiacci for his service to Ferrari in the last 15 years and we wish him well in his future endeavours."