Ferrari have appointed Maurizio Arrivabene as their new team principal with immediate effect.
The Italian replaces Marco Mattiacci, who had previously been in the role for just eight months.
Arrivabene is the current vice president of Philip Morris International, a key sponsor of Ferrari. He has also been the representative for Formula 1's sponsors on the Formula 1 Commission since 2010.
The change comes just a day after Ferrari recorded their first winless season since 1993.
"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," president Sergio Marchionne told the team's official website.
"Maurizio has a unique wealth of knowledge: he has been extremely close to the Scuderia for years and, as a member of the Formula 1 Commission, is also keenly aware of the challenges we are facing."
It was recently confirmed that Sebastian Vettel would be replacing Fernando Alonso as Kimi Raikkonen's partner at Ferrari for next season.
