Mattia Binotto resigned as Ferrari's team principal on Tuesday after weeks of speculation about his future with the Formula One team.

Binotto, 53, ends a 28-year stint with Ferrari, including serving as team principal of the F1 team since 2019.

The team shut down rumors earlier this month that Binotto was going to be fired as Ferrari finished a distant second to Red Bull in the 2022 Constructors Standings despite winning two of the first three races of the season.