As part of the continued growth of Formula E Holdings Ltd. - promoter of the ABB FIA Formula E Championship - Alejandro Agag and the board of the company have agreed that Mr. Agag should step-up from the role of CEO to become Chairman.

This will allow the company to bolster the management team with a new CEO, who'll be appointed in the coming months. Agag will continue to serve as CEO until the new person joins Formula E. With the support of the new CEO, Agag - acting as Chairman - will be able to focus on relationships with commercial partners, host cities and the FIA.

"It's time to open a new phase in the world's fastest-growing motorsport," said Agag. "I'm really proud of the job we've done, together with the FIA, our management team, shareholders, partners and teams. Formula E is in the best moment of its short history. As Chairman, I'll be better placed to help the new CEO and our strong management team to continue growing the sport that I believe is the future of motor racing."

Mr. Agag thanked current Chairman Simon Freer for his tremendous support and guidance over the last four years - and looks forward to working with the investors and partners in continuing the company's impressive performance and trajectory.

"Under Alejandro's leadership as CEO, the series has established itself as a leading global motorsport," said Freer, speaking on behalf of the shareholders and Formula E board, "and is set to continue its impressive performance and trajectory going forward. We look forward to continue working with both Alejandro as Chairman and the new CEO to bring Formula E to the next level."