Mattia Binotto will not be returning to a Formula 1 position during the 2023 season after being given added financial compensation by Ferrari.
A report from formu1a.uno states that the Italian squad has upped its financial package to Binotto that extends his gardening leave from six to 12 months.
Shortly after the conclusion of the 2022 season, Ferrari announced that it and Binotto would part ways at the end of the year.
The news came after weeks of rumors regarding his future within the organization following a tricky season for the Maranello-based squad.
Binotto held the Team Principal role from 2019 after over two decades working with it as an engineer.
The Italian’s wealth of F1 experience could be valuable to other teams on the grid – or even organizations that will arrive in time for the new 2026 regulations.
However, Ferrari has now blocked that possibility until at least 2024.
Mercedes ruled out a move for Binotto, however he is likely to attract the attention of several manufacturers – or perhaps even F1 itself following the departure of veteran Ross Brawn in his role as the sport’s managing director.
Binotto’s replacement at Ferrari is Frederic Vasseur, who joins having spent a number of years at the helm of the Alfa Romeo F1 squad.
Vasseur will be tasked with building the current Ferrari squad that returned to winning ways last year following difficult 2020 and 2021 campaigns.
However, its early-season form rapidly dropped away and it ended the year a long way off Red Bull in the standings.
Vasseur’s first official day in office was Monday, January 9.
