The move comes as part of a leadership shuffle orchestrated by the new owners of F1, Liberty Media, reports Motorsport.
Replacing Ecclestone is Chase Carey, who was appointed Formula 1 chairman after the Liberty Media deal. Carey had previously served as the executive vice-chairman of 21st Century Fox, Yahoo Sports reports, and is 62 years old. He has previous experience running DirecTV, and ran the Fox Sports properties for Rupert Murdoch according to The Hollywood Reporter, so he has a wealth of general experience in the field.
Along with Carey's promotion, F1 stalwart Ross Brawn and ex-ESPN marketing executive Sean Bratches (who spent 27 years at the company) will have as-of-yet unspecified roles in the F1 executive structure, reports Motorsports. Ecclestone also revealed that he would be taking on some sort of honorary role in F1 moving forward, but it's not clear to what extent (if any) he'll be involved.
This is a breaking story and will be updated as we get more details.