Bernie Ecclestone has relinquished his role as a director of the F1 Group and thus left the board of the organization.
He will continue to have his day-to-day responsibilities, but will be subject to closer monitoring than previously.
The decision follows Thursday’s confirmation that Ecclestone will stand trial on bribery charges in Germany in April, which led to a meeting of the board of Delta Topco, the holding company of the F1 Group.
A statement from the F1 Group read: “Mr. Ecclestone has reassured the board that he is innocent of the charges and intends to vigorously defend the case which will commence in April 2014.
“After discussion with the board, Mr. Ecclestone has proposed and the board agreed that until the case has been concluded, he will step down as a director with immediate effect, thereby relinquishing his board duties and responsibilities until the case has been resolved.
“The board believes that it is the best interests of both the F1 business and the sport that Mr. Ecclestone should continue to run the business on a day-to-day basis, but subject to increased monitoring and control by the board. Mr. Ecclestone has agreed to these arrangements.
“The approval and signing of significant contracts and other material business arrangements shall now be the responsibility of the chairman, Mr. Peter Brabeck-Letmathe, and the Deputy chairman, Mr. Donald Mackenzie.”