Alejandro Agag and the board of Formula E Holdings Ltd. have agreed that Mr. Agag should step-up from the role of CEO. The founder of the Formula E championship will become Chairman.
This will allow the company to bolster the management team with a new CEO. The company will make this appointment in the coming months. Agag will continue to serve as CEO until the new person joins Formula E. As Chairman Agag will be able to focus on relationships with commercial partners, host cities and the FIA.
Alejandro Agag, Founder & newly-appointed Chairman of Formula E, said:
“It’s time to open a new phase in the world’s fastest-growing motorsport. I’m really proud of the job we’ve done, together with the FIA, our management team, shareholders, partners and teams. Formula E is in the best moment of its short history. As Chairman, I’ll be better placed to help the new CEO and our strong management team to continue growing the sport that I believe is the future of motor racing.”
Mr. Agag thanks current Chairman Simon Freer for his tremendous support and guidance over the last four years – and looks forward to working with the investors and partners in continuing the company’s impressive performance and trajectory.