Maranello (Italy), Nov 29 (IANS): Ferrari has announced that Mattia Binotto will leave his position as Team Principal at the end of the year, the Formula 1 team said in a statement on Tuesday.

Binotto joined the team as an engine engineer back in 1995 and took on his current role ahead of the 2019 campaign. After the challenging 2020 and 2021 seasons, Ferrari exploited the arrival of F1's all-new regulations to emerge as a front-running force -- claiming a one-two result with drivers Charles Leclerc and Carlos Sainz at the 2022 opener in Bahrain.

Initial reports of a structural change in the Italian media were denied by Ferrari, but Scuderia released a statement on Tuesday to confirm that Binotto had resigned.

The CEO of Ferrari, Benedetto Vigna said, "I would like to thank Mattia for his many great contributions over 28 years with Ferrari and particularly for leading the team back to a position of competitiveness during this past year. As a result, we are in a strong position to renew our challenge, above all for our amazing fans around the world, to win the ultimate prize in motorsport. Everyone here at the Scuderia and in the wider Ferrari community wishes Mattia well for the future."

The team added that "the process is underway to identify Scuderia Ferrari's new Team Principal and is expected to be finalised in the new year".

"With the regret that this entails, I have decided to conclude my collaboration with Ferrari," said Binotto.

"I am leaving a company that I love, which I have been part of for 28 years, with the serenity that comes from the conviction that I have made every effort to achieve the objectives set. I leave a united and growing team. A strong team, ready, I'm sure, to achieve the highest goals, which I wish all the best for the future. I think it is right to take this step at this time as hard as this decision has been for me.

"I would like to thank all the people at the Gestione Sportiva who have shared this journey with me, made up of difficulties but also of great satisfaction."