The new changes in Formula One seemed to have evened the odds for everyone except Ferrari and the pinch is being felt by their drivers, who haven’t placed at the podium in the last three races, all the way to top management.

Now the proverbial axe has fallen on the man at the top of the totem pole.  Stefano Domenicali has resigned his post as Team Principal of one of the most storied franchises in Formula One history.

Domenicali’s decision was made after extensive consultation with Ferrari President Luca di Montezemolo, who recently granted the 48-year old a three-year contract extension.

“There are special moments that come along in everyone’s professional life, when one needs courage to take difficult and very agonizing decisions.  It is time for a significant change. As the boss, I take responsibility, as I have always done, for our current situation. This decision has been taken with the aim of doing something to shake things up and for the good of this group of people that I feel very close to. With all my heart, I thank all the men and women in the team, the drivers and the partners for the wonderful relationship we have enjoyed over all these years.  I hope that very soon, Ferrari will be back where it deserves to be. My final words of thanks go to our President, for having always supported me and to all our fans. I only regret that we have been unable to harvest what we worked so hard to sow in recent years,” said Domenicali.

"I thank Stefano Domenicali, not only for his constant dedication and effort, but also for the great sense of responsibility he has shown, even today, in always putting the interests of Ferrari above all else," said Luca Di Montezemolo.

In his 23 years with Ferrari, Domenicali has not only been able to get the team to competitively contend for the constructor’s championship but has also agonizingly and helplessly watched Red Bull ascend to dominance.

Taking over as Ferrari Team Principal starting this weekend at the Shanghai Grand Prix is Marco Mattiacci who served as the President and CEO of Ferrari Asia Pacific prior to holding the same position in North America.