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In an unsurprising succession move, Formula One will change out its CEO before next season, picking former Ferrari team boss Stefano Domenicali to replace Chase Carey.

Carey has been in charge after replacing Bernie Ecclestone in 2017; he may stay on as chairman.

He was instrumental in securing the new F1 Concorde Agreement, binding the teams to the sport from 2021-2025 among other frameworks it lays out. It’s been speculated he would exit once all 10 teams signed.

Citibank has reiterated its Buy rating on FWONA; the succession isn’t a surprise, it notes, as Carey is 66 (Domenicali is 55) and it says the sport is on “firmer footing.”

The bank has a price target of $40, implying 24% upside.



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