(Bloomberg) -- Ferrari NV’s Formula 1 team accepted Team Principal Mattia Binotto’s resignation, ending weeks of speculation on his future.

The Italian team still doesn’t have a replacement for the manager who was picked by former Ferrari’s boss Sergio Marchionne to revamp the racing division of the luxury Italian carmaker.

Binotto will leave his post on December 31, and the search for a successor is already underway, Ferrari said in a statement Tuesday A new team principal is expected to be appointed in 2023, according to the statement.

Binotto, who was promoted to team principal in 2019, has failed to bring the world title back to Maranello, Italy, where the supercar maker was founded soon after World War II. Ferrari last won the driver championship in 2007 with Kimi Raikkonen in his first year with the team.

The 2022 season was another disappointing one despite signs of recovery in the initial races. Ferrari’s drivers didn’t manage to keep pace and Oracle Red Bull Racing won both the driver championship with Max Verstappen and the constructor standings.

Ferrari Chief Executive Officer Benedetto Vigna, who is charged to bring the carmaker into the era of electric vehicles, will now look for a replacement for Binotto, who has spent the last 28 years at Ferrari.

Chairman John Elkann, the leader of the billionaire Agnelli family which controls Ferrari, has just another gap to fill in the same hours that the entire board of directors of Juventus Football Club resigned, including his relative Andrea Agnelli as Chairman, following an investigation into its accounts.


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