Hi everybody. I'm Nicolola Tangen, the CEO of the Norwegian Southern Wealth Fund and today I'm in really really good company in the fast lane actually with the motorsport legends Stefano Dominicali. Stefano is the president and CEO of Formula 1. Great and thanks for joining us.

Thank you. Thank you Nikolai. And thanks to all our fans and supporters and above all maybe new people that they don't have a clue who I am. That's great. So we can connect with them.

Absolutely. Now, uh, Stefano, first of all, is Formula 1 a sport or a TV show?

Well, it's definitely a sport, but of course, when you're talking about TV show, I need to understand what you think as a TV show is a negative approach or or as a positive comment. I would say what is definitely different from the past is F1 is listen what is all around the world. So we definitely need to understand what are the ingredients to to be relevant in the world of uh I said entertainment because um sport is a part of what I believe a bigger picture uh what an entertainment platform should be and we are definitely that is an entertainment platform where we have at the center of course the sporting challenge the sporting fight on the track with the drivers who are for us the jewel of our sport and the cars uh which represent the technological aspect of us. But today F1 is not only about it is about having people gathering together, having people that have the chance to have fun, enjoy and given the chance to other opportunity like business development for partners or having the chance for everyone to connect with what we can offer to make sure that in a sort of uh situation where I can choose a lot of things, you can be attracted of our menu.

M and you have and your menu is is incredible just now. So who's who's how has the fan base changed? What's the fan base now?

Well, the fan base has changed definitely in the last couple of years. The change the fans base has changed because before we were very avid fans uh male 90% quite uh old in term of age. Of course we have worldwide so as to be a sort of average of what we are talking about. Now we are getting younger and younger which are much uh diverse population. New market for example we are 40 we 40% women 60% men 35 years of age. So we are getting in that landscape and as we said different culture different sensitivities different approach to the sport but uh with one common ground you know and that's where we need to make sure that everyone is sitting in.

How do you when you look at your uh your venues, you are now at 24 races a season. Um how do you balance the kind of the historic venues with the new with the newer ones?

Well, first of all uh for me is is to be clear one thing historical is a value if uh means that there are great foundation related to our sport. If historical mean old is not anymore historical is is looking in the past. And therefore what I think is relative important for us is to make sure that the races and the countries that has been part of our history with the will to keep investing in the future will be vital to stay in our calendar and this will happen and 24 is max 24 is is a max number today.

think it's a bit high even or no

I don't think so and and and and I tell you why I mean uh there are a lot of uh polarized position on that uh first of all I go back to what we need to be in term of relevancy I said to my people we are not here to compete against other sport platform we are here to compete with movies with with music with events with other things that are in the agenda of our fans. You know, our life is is is really is a sort of and this is very close to F1 approach in a sort of quick speed action needs of seeing new things otherwise you get old and not relevant. Therefore, I go back to the fact that uh we have not a lot of content. If you think we have 24 races, 20 drivers, can you imagine if you have to be competitive in the world of creating the right news with sport when they have 100 games when sport with they have hundreds of athletes, you know, we need to find the right relevancy on that. Therefore, is more complicated than ever. Therefore, I don't think the 24 are are

do you think you drop some to introduce some new countries?

Well, uh yes, for sure. Or we are thinking also to rotate some places in a sort of possibility to to give chances to to come and and go in a sort

what are some of the new places you would love to do?

Well, we are thinking first of all let me do one thing that is important to state it. We have we are very healthy today because we have a long-term agreement with a lot of partners. Yeah. Therefore, the slot to be able to jump into the calendar are very minimal. Uh therefore I we need to first of all keep the intensity of you know pushing the actual one to keep increasing the quality of the offer that we want to give to our fans. In term of new markets I would say that we have done a big jump in US. We were one races just three years ago. Now we are three. I think that one relevant area to control or to see if what we can do in the future is the far east and and and and of course one area that we want to monitor uh is Africa because it's the only continent that is not there in the championship but before getting there we need to make sure that you know there are the right condition in a term in a long-term uh structure. So these are the places you know if you think back you know we were we have been always a world championship but we were Europe Europeentric we were having the majority races in Europe. Now we have basically a very very clear way of dividing our calendar in in in in zone in in in in area where now we are really balanced on that. But as I said the focus is to stay to to check if there are new opportunity that are coming in. We have options for sure. So we are in a sort of qualitative situation where we can choose and and make sure that the decision is right.

Is there a trade-off between entertainment factor and safety concerns in this sport?

Well, safety has been always the center. We don't want to jeopardize or to minimize at all uh the approach on safety. safety remain as a sort of fundamental pillars of of a sport that in any case as is written in our passes motorsport is definitely dangerous. But what I have to say that uh uh the turning moment of what has happened uh in the past has been the the accident in 94 when Senna and other drivers Ratenburgger died in a very tragic event. From that moment, the FIA did an imive step versus safety and we need to be to recognize that because of course we had other tragedies later on but very minimal and our duty is not to give any kind of sort of excuses to that because that will stay always at the center.

M and and by the way safety doesn't mean that you cannot have a proper championship in term of action in term of drama on the track that is different story but that will not be not negotiable.

Now you have uh some regulatory changes partly to increase drama right or the competitive uh spirit of it. Now how do you uh how do you think these regulation changes will will uh change the sport?

Well, I think that first of all there is always the reason why there is a change on the regulation and there is mainly the two there are two factors. One is to stay relevant in term of technological uh opportunity that we as a sport need to keep at the center of our project. Secondly, of course, the other thing that has been done in the past is to make sure there was a sort of reshuffleling in term of keeping the sport at the interest.

That is not the case for this reaff of the teams and technology.

Correct. If you got like a super car, you change regulations so then that car is less good next season. Well, could be that the other could have a chance to recatch up. But that's not the case of this year of next year, sorry. Because if you think and if you look today, the gaps between the cars is so minimal, never been so so close that the reason why there's been a change decided couple of years ago is because we want to keep the relevancy of the sustainable fuel and the hybridization at the center of the technological package. So that's was the reason why we have the change. Therefore, what I'm expecting this year, there will be for sure some something that will have an effect on the fact that some teams and or manufacturer has been able to develop better than regulation. If you compare with the others, that means that we can have bigger gaps, but the regulation is tied up in a way that if this will be the case, there will be less time for the others to catch up. So that's very important to keep it clear.

So with the regulations coming in for next year for instance what do you think will be the result in terms of the sport?

The result of the sport will be we will see west develop better the their understanding of the new regulation. I think that as always because that's history that shows that there will be things that will be big stronger than others and and and and the only thing that is different is that we have put in place a system that will enable you know if this will be the case for the others to catch up as quickly as possible to make sure that we can have as today a championship with the gaps that are very very marginal and and and a fight between different teams and different drivers.

So closer racing easier to overtake.

Yes, that's that's always the the principle of what we want to do to achieve in a different way. But that's of course uh very important for us.

What about the aerodynamic changes?

The dynamic changes are connected to the different way of using the power unit because a power unit will be 50% deployment electric power and 50% deploy of uh traditional and terminal power. Therefore, in order to adjust the complexity of this, the cars will be different in term of aerodynamics, in term of management of the different surfaces that you can activate. And this is something that will be incredible because we will we will have given, you know, as always the chance to the engineers of a team that are the best in the world to develop and to see what they can come as a sort of solution to be uh to allow that team to be faster than the others.

Historically, we've seen a lot of the advances here moving into the mess market eventually. What are some of the things you are seeing now which could could move into the nice market?

Well, definitely what is relevant for for the future is the sustainable fuel. You know, and this is not really the place to talk about right or wrong. It's clear that on the mobility side has been a shift versus full electrification that cannot be seen as the only answer to the world of mobility because it's too complicated, too complex. Sustainable fuel that today is very very expensive uh should and would will to thanks to formal one development be able to be another solution on the portfolio of the offer that the manufacturer will give to the different customer around the world and that's very very relevant.

but the fuel is a small part of the carbon footprint right

absolutely and and you have some goals here for formula 1

yes I mean the fuel that we burn on the track is very marginal We if you if you look we have two main sources of our uh footprint of of carbon emission. One is our logistics because we are a world championship and we cannot and know we cannot stop traveling. Therefore for example already this year we are working together with our partners to use sustainable aviation fuel that is very expensive but is already a step in the right direction to minimize it. our you know all our the other logistics are already using system of transport that are minimizing the carbon footprint and then of course the other big step that is we are working to be even stronger uh is how we work with the promoters you know well we are hosting events with 400,000 people gathering together you can imagine the complexity of having the right energy the right quality of material to be used uh so it's a huge project that is involved with all the ecosystem of for to try uh to understand that this is not a joke. This is a very important element of our of our future and therefore that's why we want to keep the target of being carbon neutral within 2030. It's a big task. No other sport no other sport in in in the world has taken as a commitment with facts with the independent auditing that is monitoring what we're doing. So we have to say we are very proud of what we're doing.

Moving on to the drivers. Uh now you got uh 20 drivers. How good are the current 20 drivers compared to history?

Difficult to compare because drivers has to be put in the contest over the period. But for sure the drivers today are very very competitive, very very professional. This year for the first time we have five new young drivers that are coming into form one. That shows that and doing well right are doing very very well and that why we are very happy because that means that the pyramid behind that is formal 2 form 3 are very strong that means that we can have the future and now as you have may have noticed we have added into our pyramid the F1 academy to make sure that in our diverse project that we want to an inclusive project that we want to take on also women to be in the future be able to be part of of the F1 idea that is massive. So therefore I think that the drivers are very very strong, very very good uh different personality. We don't want to have everyone the same. We want to make sure that everyone is different from uh from each other and able through the way that we are able to communicate our social media, our their social media, the new platform of communication that we are offering to be a sort of role model that can inspire other people or other you know lovers of our sport to be attracted to to to to what we're doing.

What makes a good driver?

Makes a good driver for sure. No no need to say that you have to be quick. If you are not winning, you can talk a lot of good things but you need to win. Therefore, results are very important. Of course, you need to understand that there is a bigger picture. Today is not only driving is only is also understanding that F1 today is so big that you need to understand your public role. Your committed with the with the with the fans, with the customers, with the partners, you have a public face. You have to accept when you are driving in a Formula One. Otherwise, if you just want to drive without being disrespectful, if you want to do only mileage, you can be a great Uber driver. But that's what what we don't need in Forum One.

Do you think there are faster drivers out there who don't have because they don't have a personal face? Uh, no.

I think that F1 is is representative of the real uh picture, always the fastest. Of course, you you can be you cannot be a champion without a proper car because you can be the best and you don't have the possibility to have it to have a fast car. You're not showing the real quality, but that's life.

What's the What does it take to be a really fast driver? What what are the what are the the skill? What's the the mental capabilities, the motoric?

Well, I think that le let's assume that today when you are in that arena of being a form one driver, you given for granted the fact that you are a very good professional, you are very very well fit. You you understand the needs of being an F1 driver. What makes the difference of a really in my opinion of a pure championship is to be able to defragmented the action that you are doing and the car that and the action of the car to maximize every single frame of the performance. So on your side how to maximize we're talking about the gaps of millisecond. Can you imagine it's nothing. So if you want to be the best, you need to slow down everything to try to see where you can improve and where you want for your car to be faster. That's the characteristic of the best driver. Understanding that even if no matter if you are running at 300 or maybe more kilometers per hour, you're able to to have everything under control to maximize your performance, the performance of your team, the performance of your car.

How important is the car?

Crucial. There's no doubt about it.

uh you know but how much is actually if you put the best driver in the worst car of the of the 20 what would the results be?

There would not be the the leader of the championship for sure. I mean he cannot make if the gap of the car is too big he will not make that jump.

And how big is the gap?

Well, today there are some cars that you know are behind for sure and the best driver you see when the the gaps will become marginal when when you have difficult conditions when you understand really what is able to make as a sort of call on his side rather than the others are doing other stuff. So, as always, the good the good drivers you see in the in the extreme condition, but it's it's pretty clear that you can talk with all the drivers in the world that if you don't have a good car as a base, you cannot be a champion. That's for sure.

And these uh the best drivers, are they more like uh fighter pilots or are they like downhill skiers or what? Uh I know you are a good skier. I have heard some rumors.

It's always relative, but it's okay.

What is it? What's the What is it most similar to?

Well, I think that is is a combination of everything. In a way, if you are a formula one driver, uh you need to be scared about something that is totally crazy, but in a way, you are a little bit crazy because you would never run in in the in the way that they're running. But, uh you know, the drivers of today are like the pilots of today. Uh they are the ones that know how to maximize their performance and the performance of the of the vehicle that they have under the their their body. So uh they are great men. I mean there are only 20 in the world and uh everyone believes ah I can do that but when you're there you you know you will understand the reason why is not everyone ready for for one.

Uh how important is physical fitness?

It is important no doubt but it's not like in the past we have been able through the development of the cars to put a lot of put out a lot of limitation in term of physical constraint. Therefore, if you have a good athlete, of course, there are muscles that are more important uh that are neck that are the pressure that you can apply on the feet. But for example, today on the on the steering, there is the power steering. It's not anymore like in the old days where you really have the big muscle or when you have the gearbox in the old days that you have people with the with the blaster with what you call the the the blister on your hands. So, that's different. But uh I would say they are all today great athletes but great performance also when they train they train every day like uh really uh because they are a really sportman.

And how how hard do they work?

They work very hard.

I would say what does a day look like?

I would I think that you see what is different from the old days. Yeah. You know in the old days you know they were sort of a little bit romantic approach on driving. uh but today they are the morning is preparing themsel as a physical attitude in term of preparation then they work on the simulator then they work with the engineers then they they watch you know the different uh video to improve themsel to watch the others what they are doing they prepare the new truck so they are really professional today there's no space for a lot of oldfashioned approach of the drivers where you know like a sort of playboy and so on that may be another point that is still there But is very marginal.

Is it fair that one company can have multiple teams?

Uh it is fair to say that well actually in for one there is one company has two teams but there is a reason why and and and and we need to always remember the reason why and we need to be thankful to Red Bull that has invested a lot to develop the sport and we need to recognize that.

Now what's your position to allowing new teams such as Cadillac to join?

Well my position is very clear. We were in agreement to allow one more team to to to to to be part of the of the of the championship because we had all the elements at the end that we fulfilled what we believe is relatively that is really important to have in term of credibility in term of what could be and will be the added value to the sport and and and and Cadillac at the end of the process basically fulfilled this this criteria. So we are very happy that now they will be part starting from next year to be part of the championship. It will not be easy but I think that is a learning curve that they need to consider but I think there will be benefit the sport.

Now you have a regulatory body the uh FIA um which very few sports have. What's the relationship between the FIA and the F1?

Well, first of all, the difference between our sport and other sport is that we have two different uh complimentary role to play together. They are the regulator, we are the commercial right holder in together we need to develop the shape of our sport. It is written in our agreement has been done many many years ago and this is a fundamental things that we need to remember. Other sport have one federation and they running everything. We are not like that. So we need to make sure that each of us is doing the right thing for the benefit of the sport and that's for sure the goal that we have sharing you know despite we have different people uh and hoping that our decision are done for the best of our sport.

Now you're already at the max number of uh of races you've been hugely successful in developing a lot of revenue streams just where how can how how do you intend to grow the this the revenues from here the sport from here?

Well, I remember when we had the first earning calls a couple of years ago. Uh because we are a public company as you know. Uh and everyone will say how you can do it. They say listen just work hard and keep understanding that there is always place to grow. If you're doing a good job uh that's the way we are going. I mean it just to think big to understand is not only a sport today and understanding that we have of course mainstream that are media rights, sponsorship, promoter fees but then we have the possibility to go deeper in in exploiting the value of them also through the the access to the data of our fans and that will enable us to do another step in term of growth and the business.

How do you how can you use the data?

We can use it to to create personalized content that we can offer to our customer. We can prepare special package to all of them. They are millions around the world. Therefore, it's just for us to be ready to do it. And the more the system is solid, the more this create value and the more this value will be bring back to the value of of the asset that we are investing in. So if you just look for example couple of years ago, we had four global partners. Now we have uh much more. We have to rationalize the differentiation between global, regional, technical, official. And that's a quality problem because of course this this platform is raising up the level and the bar because everything is pushing in this direction.

So um the drive to survive on Netflix, how important do you think that's been to developing?

Very important. Very important.

How did it come about?

It came back it came about from the fact that you know the people that were previously close in this position uh with the Chase Kerry you know understanding the the the the the approach of having you know a different way to communicate with the people they're coming from American approach and I would say try to survive were the perfect example to that came also at the right time with co for people to have more time to to digest and see these kind of of things that enable us to open uh h new markets to people that didn't have a clue who we were and therefore that was very beneficial for us to get into new dimension of fans and it was good because it was opening the eyes to people that do not see us because by the way our drivers have gloves overall helmets cars you don't see them. Uh so we were able to open the window to a different way of explaining our sport to new fans. So that's was that was very important. Not only that, of course, then we had a new way of connecting with with with our fans through social media, much more open. I always used to say that we are very inclusive in our exclusive exclusive proposition. But then of course we are not stopping what we want to do. I mean uh we're going to launch the movie F1 this year. That's another way to be on a different landscape for for fans with Brad Pitt.

Yes. Correct.

We're going to launch it in in in in the middle of June.

Do you have a role in it?

Uh, no. No, no, no. I'm not a role. The the jewel as the drivers and and and of course the the story is is is is very nice and the reason why we choose to be together is because it's an authentic project uh with a serious uh professional and incredible people. Apple production, Jerry Brookimer, Hollywood uh and and Joe Kosinski as a director and as you know it's it's a big big big things that will be able we were able to do it during the course of racing weekend without touching the live sport. So it's another way to show that we are committed to think laterally and another way to to say to commu to to communicate with other people is for example you know we created kids TV so using the same kind of uh images but with the commentators that are kids with the graphics that are for kids music for kids just to be relevant for different audiences that's what we want to do.

Does uh drive to survive um amplify rivalries?

Yes, definitely. When you go to the personal side of it, you know, you create the rivalries that are good for people to be attracted. Has to be real, of course, but that definitely.

So, but is it real or are you

Absolutely. Oh. Oh, yeah. As

But do you think it exaggerates uh rivalries?

To be honest, I don't think so. Knowing the truth. It may be explained in a different languages, but the rivalry behind the scene is there. I mean, this is a sport. everyone's trying to compete as at his best and certain dynamic are part of our world. So I think that overall at the end of the day we know that the context of that is also if I may say uh something that the true lovers of our sport do not really appreciate but that's not really so relevant. The relevancy is to make sure that is as as authentic as possible and then relevant to the fact that we going to we have increase the the awareness who we are around the world.

Moving on to uh to leadership. So running Formula 1 is that do you think that's the coolest job in Italy or for an Italian to have?

For sure is something that uh there would be a lot of people queuing up out of the office to have it. But that's not my problem. My problem is to make sure that I take that as a big responsibility. I'm very privileged. I know that. I'm very proud of it. But it's not given for granted because it's a big job. And of course as an Italian that I was able to do uh I would say almost 30 more than 30 years in the world of cars with Ferrari then SE of Lamborghini then be here in for one. I know that it seems to be a sort of of a incredible story but it is what it is. The only thing I can guarantee to you that I have not lose any any second of my energy because I'm the first time I'm in the office. I'm the last to leave. I travel all around the world. So I don't feel that pain at all. So it's it's a privilege.

What advantage did did it give you to have been the sporting director of Ferrari? kind of insights into the

advantage is that you know the mechanism that are related to the team approach. You know the ecosystem and and therefore is important but uh at the end of the day you need to be credible and reliable to be effective in this business and and

what about the experience from Lamborghini?

very important to understand that there is another world not only on the motorsport side of it but it was relevant to understand the automotive industry better and also to understand that uh you know sometimes we as F1 uh believe that the world is only connected to formula one and is not the case we have as I said before we are very privileged but the world is very big and therefore that experience helped me also to move to Germany before because I went to Audi and therefore for understanding there are different way of working different way of relating with people that for me was relevant to understand the mechanism and to manage complexity cultural complexity that is one of the things that you learn when you are in this job.

what car do you drive now

don't laugh but I don't drive because here in London I've got a I've got a good driver but uh I love a fiaento not such a a big car but 500

right absolutely yeah we got one of those they are very good um

what Can uh we as an investment organization learn from Formula 1 you think?

Well, I think to think big uh you know investment uh sometimes uh look at correctly are the parameters that are very rational. uh we try to give an emotional side of of of that is not present in the rational approach that I believe is is very relevant and very important and uh I think that our ecosystem is is quite transversal because uh you know we have partners that belongs to different area of the business. Therefore I would say if they are connected with that means that we we we are relevant for them. That means that in term of bigger picture uh is there a way that we can in that people can invest on?

What about what about the way you use data? So not not necessarily for the audience and so but just for the the race itself. Well what do you think is most fascinating way you use data?

We use that to explain uh the performance of the car in a basic way and not too complicated. That's always in life you know the only way to be to be attract attractive is to explain in an easy way. So we create graphics from data analysis in order to explain what we're doing in order to give the chance to our fans to understand better. That's really an incredible asset that we are already doing and we we need to improve even stronger in the future.

When you look at the teams um what do the best teams do differently in terms of the dynamics and the way they work?

Well, I think the best teams have a logically, you know, without getting into the financial dimension of it are the teams that have the best organization, the best people in term of quality and the best the best process.

Okay. Should we do let's do those three. So, uh the best people, what what does it take to be great people in in the teams in Formula 1?

Well, first of all, I start from a a soft skill approach that has to be you have to have people that are able to manage pressure. The pressure in formula one whatever is your level is huge. Can you imagine you know normally you can say with all respect the mechanic you know mechanic during the course of the race has the the responsibility of changing the tires in two second and this can give you the the the the win or the lose of the race. So at every single role pressure management is very important. Then teamwork approach you you need to understand alone you cannot win anything. You need to understand what is you know your position and your responsibility in a team that has to be very well structured and then of course competences without that I would say is given is not given for granted but you know the world of for one is very specific and you need to know the business very well no matter is your role. So these are the three elements which I believe are very very relevant and of course you need to love and you have the passion of this job otherwise you will never do it.

How important is speed not on the track but uh speed as an organization?

How do you make sure that you don't slow down as an organization?

First of all uh to make sure that every every single people organization uh is in record mode to understand listen having the right information. Secondly to have a process of of sharing and and keeping the people up to speed to what is this need and third that is for me the most important thing that you know when you do this job is 100% full speed without any moment of relax because you cannot take it. therefore is a very intense but the intensity and the energetic approach that you should have has to be transferred to your people otherwise alone is is very difficult.

and how do you do that how do you transmit that mindset with the with example and how for instance what um

you know the first to arrive and I want to have immediately the meeting of the people in the way that I want and if I'm not able to go with my rhythm is their problem not mine

are you faster now than you were uh in the past

faster yes definitely so I think that with the experience I've learned how to manage the speed in a way that I know how when I need to use the full throttle or when I need to break that's the good understanding of a manager that needs to understand who is the people around him you know you cannot destroy your horses if the horses are not ready for that so it's a matter of of fine-tuning and having the right understanding of your ecosystem and that's will be you know the the right thing that you have to do if you if you want to lead the organization for a long term

when do you

uh summer time the only slow time is when we have a you know two weeks on holiday in August and two weeks on holiday in Christmas time and that's that's the only moment where I will will break so there's only one speed that's full speed 100% for one there's no doubt but I I think that all around the world if you want to be a protagonist of what we are doing there is only full speed.

when you look at society are you surprised that it's not going faster

well I'm surprised not surprised not world I think that today as a normal human being I would love to see more quality for people that are managing the bigger decision of the world. Quality means understanding, quality means knowledge, quality mean respect and this is something as a human being I feel a little bit the bitter spirit.

So, in your private life, I mean, how I mean, if I were to be your wife, I mean, mama, I'm I'm

thanks God. I'm very happy with my wife since many, many, many, many years. I got two children. I think it's moving fast enough at home. Thanks God I have a wife that is faster than me. So, but that's the, you know, that's me. I mean, I I'm just focused out of the business. I'm focused on my family and with my friends that are the same since I was in high school. So that's my legacy with my past that keep me with the feet on the ground and for me that is very important.

You know it seems to be a common denominator with Italians. Friendships go back quite far.

Well for us is is a sort of the way we were built. We were born and our community is very important for us and it's not a qualitative comment. is a fact and therefore you know when you are in this position you can be taken away because you meet all the most important people of the world but at the end of the day when you are alone uh in front of the mirror you are yourself and therefore for me to be like this I need to go back to my normal life that is what I told you and that's it.

how do you prioritize

well priorities in term of of of of of time I know that uh you know during my work day in the priority is the business but when I'm At home, I want to give quality time to my my kids, kids already bigger, but the kids and my wife 10,000%.

And in at work, how do you prioritize? You come in, you come in in the morning, how do you prioritize what to do?

I Well, depends. Because you know what? I I've been thinking a lot about it. And I think we just are too bad at prioritizing what's important.

Well, the priority is the is is what makes the you efficient and effective because unfortunately when you go you have so many things to do, then you need to understand what are the priority you need to bring home. strategic, tactical and therefore is a matter of I'm I'm not doing that in the morning. I mean in the morning I'm already on action mode. what I need to do is to make sure that I prioritarize you know in a different way uh long-term medium-term weekly term and and and and I I have to make sure that I have a clear understanding what I need to bring home what I'm doing to myself and this is something that I use for me to be effective is every evening I count the the decision that I've taken is enough or not enough is not a number but let's say Did I take decision today? In my position, in our position, every day you need to take decision. If you're not taking decision means that uh either you know people have done your job better, that is good in a way maybe, I don't know, but otherwise you are not performing the way that you should.

How has your decision- making changed?

The decision making has changed of course with the experience uh with the fact that now hopefully I am a little more mature not to make mistakes even if I put in the process of what we're doing also mistakes it's part of our life you know it's it's a by the way also here we have a different cultural approach if you take the example of our you know approach as an Italian mistake has been always seen as oh my god you cannot fail otherwise it's a disaster you go with the American mentality the American mentality failure if you don't fail you are no one. Therefore, how you can mix that is is is is relevant or

how do you and how do you mix that and how do you mix that?

I think that it's just a matter of understanding the the magnitude of the mistake that you're doing and try to if if you feel that you've done a mistake how you can rectify it as simple as that. Very simple. I don't have to over complicate it. If I feel that we and I always say we because is not being a response for an organization. If some of my people are doing a mistake is my fault. Uh I think that the only thing to do is to rectify it. If we see people not understanding that then it's a matter for me to change it.

Tell me a mistake you made this year.

This year so far no one. That's good.

Very straightforward.

So far I think that I was managing quite well the things last year. Last year I got two mistakes. One I cannot tell you. Uh one is uh related to a process that uh I didn't feel completely done in the proper way for an assignment here in the organization.

How much time do you spend on debriefs every week after after

is a part of my process of approach I mean every every every event there has to be a debrief that's what form one teach you there is is a proper debriefing of the event in our case where everyone has to go through a checklist of understanding if we have done the right thing or or what we have done wrongly and what is the things that we need to rectify.

How do you make sure that there is a good feedback system that people tell you the truth?

Well, there is for sure a process of sharing information in term of truth. It's a it's a way that you build your strength knowing the different channel. Uh you need to know or you you you should try to know all what is around you and use this information at the right moment. So once again is a matter of uh deeply understanding who you can really rely 100% who 50% who 30% and and make sure that you have the ecosystem under control that is relevant for sure.

So talking about the ecosystem what's what's the the the most complex part of your job to get right.

Well the most complex part of my job I do believe is to make sure that uh you know this job is divided in a lot of different area. Yeah. There is one error related to the relation with the with the broadcaster, one error related to with the promoters, one error related with the teams, one error related with the FIA. Most importantly is my job is to make sure that our organization is running smoothly. So the complexity in all these kind of things is to manage the quality of the people that are working. This is my organization. Secondly is to manage the the different relation that they have to have in the different context that are quite complicated. So I cannot say there is only one it's multiple but the approach is always the same. Try to understand try to listen try to understand if uh there is something behind uh that I I need to understand when we are talking about certain things and make a judgment.

What more do you want to accomplish at Formula 1?

I think that I want to two things. one to keep the re relevancy of what we're doing in a much solid foundation create even a stronger team that we can take you know this business stronger in the future because I I have a I've taken a committ of more years and I will do with full dedication but uh one of the legacies I want to keep is to make sure that what we are doing now will stay for a long time even after um a couple of personal things.

what do you you mentioned you were the first one at at work in the morning. When do you wake up?

I wake up at 5:30. 5:30.

What do you What do you do then?

I run every day. I Yeah. If it's not ugly weather, yes. I go around to around 8 kilometers, 10 kilometers per day. It's the only time that I have free so I can listen the music because I love music and I'm trying to think what I I should do during the day and then I come back in the work here and then um and then I I go back home if I'm not around the world because I tell you my schedule. Maybe you don't believe it, but uh I believe it. If I tell you what I did in the last months, you you cannot believe it. So, I go back around 8 to have dinner with my wife. Yeah. And see my our kids.

And when you when you run, what kind of music do you listen to?

Well, I normally listen to Italian music and and pop music. Right.

Do you get any time to read?

Uh not a lot. I because normally I read when I'm on the plane to try to to to to have a strategic time for me because normally when I'm doing you know daily job you know here is always meeting meetings meet meetings meet meetings. So I I take the time to think strategically. So, uh, I I I was reading more, you know, the history of Rome, history of because I I love history and the second world because I I'm fascinated about these kind of things. But today, um, you know, I take more time when I have free time honestly to to to to think strategically.

And Stephan, we got um um t tens of thousands of young people listening to this and uh of course more probably more more young people than normal and uh perhaps even more female listeners than we normally have. What is your advice to young people?

Well, first of all, I'm not a professor. I'm not a teacher. I just really can share what uh what I believe is important that I live in my own. I mean when you're young you need to think and and I think that uh you need to think that uh things in the future are becoming opportunities and the opportunities instead of being opportunities the dreams will be seen as problems when you're getting older. So stay focused on be younger to think that to think big to think that you need to be to believe in yourself not to give up stay focused and and work hard. work hard means uh you you need to stay dedicated to what you love and and knowing that the competition is very tight and very I would say stronger today because it's more transversal more international but if you believe in yourself there's no reason why you shouldn't do it so really believe in yourself being humble listen try to understand and to learn from everyone is around you this would be my basic uh I would say advice M as a 60 years man that has been in for one and in this job that is getting older. No let's say one year in for one is around 10 years of a normal life. So that's what I'm saying as a shared shared experience with with our friends that listen to us.

Very good. Well you for sure uh exemplify uh all the all the qualities you mentioned here in terms of uh working hard, thinking big and moving very fast.

Yes.

Really great talking to you. Big thanks.

Thank you Nico. Thanks. Congratulations.

Very good. Thank you.