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(CNN)After almost four decades at the helm of Formula One, Bernie Ecclestone has been replaced as chief executive of the organization after Liberty Media completed its $8 billion takeover.
Chase Carey, vice chairman of 21st Century Fox, has been appointed to succeed the 86-year-old, although Ecclestone has been named chairman emeritus and will serve as an adviser to the new board.
"I'm proud of the business that I built over the last 40 years and all that I have achieved with Formula One," Ecclestone said in a statement released by Liberty Media.
"And would like to thank all of the promoters, teams, sponsors and television companies that I have worked with.
"I'm very pleased that the business has been acquired by Liberty and that it intends to invest in the future of F1. I am sure that Chase will execute his role in a way that will benefit the sport."
"I would like to recognize and thank Bernie for his leadership over the decades," Carey continued.
"The sport is what it is today because of him and the talented team of executives he has led, and he will always be part of the F1 family.
"Bernie's role as Chairman Emeritus befits his tremendous contribution to the sport and I am grateful for his continued insight and guidance as we build F1 for long-term success and the enjoyment of all those involved."
In a statement released later Monday, Liberty Media confirmed Ross Brawn -- former technical director of the world championship-winning Ferrari and BrawnGP teams -- would be taking up the newly-created role of managing director, motor sports effective immediately.
"It's fantastic to be returning to the world of Formula 1," the 62-year-old said.
"I've enjoyed consulting with Liberty Media these last few months and I'm looking forward to working with Chase, Sean (Bratches, new managing director, commercial operations) and the rest of the Formula 1 Team to help the evolution of the sport.
"We have an almost unprecedented opportunity to work together with the teams and promoters for a better F1 for them and, most importantly, for the fans."
Retired world champion Nico Rosberg was the first to acknowledge news of the takeover.
"Bernie, mega job! But a change has been overdue. Mr. Carey, all the best in making our sport awesome again," he tweeted.
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