Bernie Ecclestone surrendered his role as Formula 1's CEO to chairman Chase Carey on Monday, with immediate effect.
The rumors of Ecclestone's exit - to which the 86-year-old hinted at himself - had ramped up ever since Formula 1's takeover by Liberty Media last summer.
The decision brings to an end one of the most remarkable and successful reigns in the history of sports, the former supremo having ruled for four decades over Grand Prix racing and elevated the discipline to a global franchise and financial powerhouse.
In a statement released by Liberty, Ecclestone said: "I'm proud of the business that I built over the last 40 years and all that I have achieved with Formula 1.
"I would like to thank all of the promoters, teams, sponsors and television companies that I have worked with.
"I'm very pleased that the business has been acquired by Liberty and that it intends to invest in the future of F1.
"I am sure that Chase will execute his role in a way that will benefit the sport."
Liberty Chairman Chase Carey praised Ecclestone's outstanding achievements.
"I would like to recognise and thank Bernie for his leadership over the decades.
"The sport is what it is today because of him and the talented team of executives he has led, and he will always be part of the F1 family.
"Bernie's role as chairman emeritus befits his tremendous contribution to the sport and I am grateful for his continued insight and guidance as we build F1 for long-term success and the enjoyment of all those involved."
Liberty Media said that Ecclestone "will be available as a source of advice for the board of F1" while Carey will add the role of CEO to existing duties as F1 chairman.
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