Ferrari have confirmed that Marco Mattiacci will take over from Stefano Domenicali as the Formula One outfit's Team Principal.
The confirmation came after Domenicali resigned from his role earlier this week due to Maranello outfit's poor start to the season.
Ferrari have been relatively poor under Domenicali's tutelage, winning just one Constructors' Championship since he took over in 2008, while missing out on the Drivers' title at the final race of the season on two occasions.
Mattiacci, who is a former CEO of Ferrari Asia Pacific and Ferrari North America, will take over the position with immediate effect.
"I want to wish good luck to Marco Mattiacci, a manager who knows the value of the company and he enthusiastically accepted this challenge," Ferrari President Luca di Montezemolo said.
Montezemolo also thanked Domenicali for his efforts in charge and for taking responsibility for the team's failures in recent times.
"I thank Stefano Domenicali, not only for his ongoing contribution and commitment, but for the great sense of responsibility that he has demonstrated today by prefixing his own interests to that of Ferrari," Montezemolo added.
"I have respect and affection for Domenicali; I have seen him grow professionally in these twenty-three years of working together and for that I wish him every success in his future."