Formula E founder and CEO Alejandro Agag has been named Chairman of the electric series with immediate effect.
The board of directors of Formula E Holdings Ltd. Gas decided to bolster its management team, with a new CEO to be appointed in the coming months.
"It’s time to open a new phase in the world’s fastest-growing motorsport," said Agag on the eve of the opening round of Formula E's fifth season that takes place this weekend at Ad Diriyah in Saudi Arabia.
"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."
Outgoing Formula E Chairman Simon Freer praised Agag for his leadership since the burgeoning electric series was launched in 2014.
"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 Freer.
"We look forward to continue working with both Alejandro as Chairman and the new CEO to bring Formula E to the next level."
Formula E's 2018-2019 season will feature several significant changes, with the introduction of the technologically advanced Gen2 racer and a new battery system that will no longer force drivers to undertake a mid-race car swap.
Techeetah's Jean-Eric Vergne enters the season as the series defending champion, while Audi Sport Abt Schaeffler return as defending team champions.
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