LONDON – Alejando Agag has agreed to transition to the role of Chairman of Formula E Holdings Ltd., the company that serves as the promoter of the ABB FIA Formula E Championship.
The transition of Agag from his previous position of CEO to the new position of Chairman will allow the organization to bolster its management team with a new CEO, which will be announced at a later date. Agag will continue in his role as CEO until a new CEO joins the company.
“It’s time to open a new phase in the world’s fastest-growing motorsport,” said Agag. “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.”
“Under Alejandro’s leadership as CEO, the series has established itself as a leading global motorsport and is set to continue its impressive performance and trajectory going forward,” said Chairman Simon Freer, speaking on behalf of the shareholders and Formula E board. “We look forward to continue working with both Alejandro as Chairman and the new CEO to bring Formula E to the next level.”