Stefano Domenicali has paid the price for Ferrari's poor form, saying he takes "responsibility - as I always have" and has therefore resigned.
After a morning of speculation in the wake of rumours in the Italian media that Domenicali had fallen on his sword, Ferrari have confirmed his departure.
The Italian joined Ferrari in 1991 and succeeded Jean Todt as the team principal in 2008.
That, though, was the last year the Scuderia tasted victory as they won the Constructors' Championship.
Since then there have been several close calls but no titles while Ferrari's form at the start of this season has been dismal.
Instead of fighting for race victories and World titles, Fernando Alonso and Kimi Raikkonen barely finished in the points last time out in Bahrain.
That proved to be the last call for Domenicali, who has now stepped down.
"It's time to implement a major change," he said. "Again, I take responsibility - as I always have - for the situation we are experiencing.
"It is a choice taken with the desire to do something, to give a jolt to our environment and for the sake of this group, which are closely linked .
"I sincerely thank all the men and women of the team, the drivers and partners for the wonderful relationship."
He added that he wished Ferrari a "quick return to the levels that Ferrari deserves."
Meanwhile, Ferrari president Luca di Montezemolo announced that Marco Mattiacci, the head of Ferrari's American division, would replace Domenicali as team principal.