Ferrari Asia Pacific Region President anStefano Domenicali, the team principal of Ferrari's struggling Formula One team, has resigned. Domenicali's term at the helm of the legendary F1 team started with a bang, as the Scuderia captured the constructors' title in 2008, but went downhill rather quickly.

In his tenure, Domenicali, above, has witnessed Red Bull assert its dominance of F1 while the red cars from Italy have languished, failing to even challenge for a constructors' championship during the past four seasons. Ferrari's best season under Domenicali was 2012, and it still finished 60 points behind Red Bull.

Domenicali issued a statement saying he took "responsibility, as I have always done, for our current situation."

"I thank Stefano, not only for his constant dedication and effort, but also for the great sense of responsibility he has shown, even today, in always putting the interests of Ferrari above all else," said Ferrari's president, Luca di Montezemolo.

Marco Mattiacci (inset) will succeed Domenicali. According to Fox Sports, Mattiacci, who has spent the past several years at the head of Ferrari North America is "highly regarded" within Ferrari, a sentiment echoed by Montezemolo.

"I also want to wish all the best to Marco Mattiacci, whom I know to be a highly regarded manager and who knows the company well. He has accepted this challenge with enthusiasm."

Mattiacci will take over for Domenicali at the Chinese Grand Prix this weekend.

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