Bernie Ecclestone's 40-year reign as Formula One's commercial supremo has ended with the sport's new owners Liberty Media replacing the 86-year-old Briton with American Chase Carey.
Signalling the end of an era, Liberty said in a statement on Monday it completed the acquisition of Formula One and appointed Chairman Carey to the additional role of chief executive.
"I think when you look at the last four or five years, the sport has really not grown to its potential, and we have an opportunity to really grow this sport in a new and exciting way," Carey told CNBC on Tuesday.
On "Squawk Box," the former 21st Century Fox executive detailed his vision for the company's future. Carey said his focus would be on expanding Formula One's racing events, making them feel like Super Bowls, and using digital media to connect to more fans.
For Carey, steps one and two will be to "put an organization in place that lets us make these events everything they can be, reaches out across digital media that we're not connecting to today, [and] build a marketing organization that connects to fans [and] enables fans to connect to the sport," he said.
"And on another level," Carey added, his larger mission will be "to really build the spirit of partnerships with our teams and promoters, sponsors, broadcasters, that enables us to work together with a common vision."
Ecclestone will become "chairman emeritus" with Liberty saying he would remain "available as a source of advice for the board of F1."
Liberty also named two managing directors — former Ferrari technical director and ex-Mercedes team boss Ross Brawn for motor sports and former ESPN executive Sean Bratches for commercial operations.
Both roles had been widely signaled in media reports.
"I'm proud of the business that I built over the last 40 years and all that I have achieved with Formula One," Ecclestone said in the statement. "I am sure that Chase will execute his role in a way that will benefit the sport."