Laurent Mekies, the boss of sister team Racing Bulls, will replace Horner, who has been with the team since its inception in 2005 and led it to 124 wins and numerous championships.

Prior to Wednesday, Horner had served as the only team principal Red Bull had ever had since it joined the grid in 2005, earning 124 victories, 107 pole positions, 287 podiums, eight drivers' world championships and six constructors' championships. Horner will be replaced by Laurent Mekies as CEO and team principal.

Red Bull Racing announced Wednesday that CEO Christian Horner is departing the team after 20 years at the helm.