Frederic Vasseur, who leads the Ferrari Formula 1 team has extended his contract to remain in charge for several more years.
Vasseur became team principal of Ferrari at the beginning of 2023 with an initial contract lasting three years, which was expected to end in 2025.
He replaced the former team boss, Mattia Binotto, who was removed after Ferrari’s 2022 campaign fell apart and despite starting strong, they struggled with technical issues, failed to improve the car fast enough compared to Red Bull and made several operational mistakes.
Under Vasseur's leadership, Ferrari became the only team besides Red Bull to win a race in 2023 when Carlos Sainz won in Singapore.
Ferrari chief executive officer Benedetto Vigna said in a statement, noting, "We want to recognise what has been built and commit to what still needs to be achieved," as per BBC Sports.
"It reflects our trust in Fred's leadership - a trust rooted in shared ambition, mutual expectations and clear responsibility," the statement added.
Meanwhile, Vasseur expressed his gratitude, "I'm grateful for the trust Ferrari continues to place in me. This renewal is not just a confirmation - it's a challenge to keep progressing, to stay focused, and to deliver."
He added, "We know what's expected, and we're all fully committed to meeting those expectations and taking the next step forward together."
Vasseur also played a key role in helping Ferrari secure the signing of Lewis Hamilton during the 2023-24 season.
