Marco Mattiacci has been axed as Ferrari team principal after just seven months in the job.
Despite lacking any F1 experience, Mattiacci was handed the role in mid-April after Stefano Domenicali resigned from his post following the team's poor start to the season.
After struggling to make an impact, and failing to hold on to star driver Fernando Alonso, Mattiacci has been replaced by Maurizio Arrivabene, who has spent the last 27 years with tobacco giant Philip Morris.
One of the underlying reasons behind Alonso's departure was a failure to see eye to eye with Mattiacci, especially after previously developing a close bond with Domenicali.
Mattiacci arrived at the team after working in road cars as president and chief executive of Ferrari's north America operation, and was the appointment of former president Luca di Montezemolo.
But with Di Montezemolo ushered out of Maranello after 23 years in an internal coup and replaced by FIAT chief executive Sergio Marchionne, the latter has swiftly appointed his own man.
After a 20-year career in marketing and promotions in Italy and abroad, Arrivabene joined Philip Morris, a long-time partner of Ferrari, in 1997.
In 2007 Arrivabene was appointed as vice president of Marlboro Global Communication & Promotions, before four years later taking up the role of vice president with Consumer Channel Strategy and Event Marketing.
An independent member of the board of Juventus FC, Arrivabene has crucially represented all Formula One sponsors on the F1 Commission since 2010.
Marchionne said: "We decided to appoint Maurizio Arrivabene because, at this historic moment in time for the Scuderia and for Formula One, we need a person with a thorough understanding not just of Ferrari, but also of the governance mechanisms and requirements of the sport.
"Maurizio has a unique wealth of knowledge: he has been extremely close to the Scuderia for years and, as a member of the F1 Commission, is also keenly aware of the challenges we are facing.
"He has been a constant source of innovative ideas focused on the revitalisation of Formula One.
"His managerial experience on a highly-complex and closely-regulated market is also of great importance, and will help him manage and motivate the team.
"I am delighted to have been able to secure his leadership for our racing activities."
Mattiacci's exit comes a day after the 2014 F1 season concluded in Abu Dhabi, with Ferrari finishing a lowly fourth in the constructors' championship, their lowest position since 1993.
Marchionne added: "We would also like to thank Marco Mattiacci for his service to Ferrari in the last 15 years and we wish him well in his future endeavours."
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