Ferrari S.p.A.'s Formula One (F1) team Scuderia Ferrari confirmed on Tuesday that its principal Mattia Binotto (pictured) has resigned.
Binotto will leave his position at the end of the year. The team said that "the process is underway to identify Scuderia Ferrari's new Team Principal and is expected to be finalized in the new year." Binotto resigned following some period of speculation he would do so amid Ferrari's inability to catch up with Red Bull Racing's results.
Binotto's resignation coincidently came after the entire board of directors of Juventus FC, another business owned by the Agnelli family, left their positions amid allegations they mishandled the club's financial paperwork.
