Red Bull Racing announced Wednesday that CEO Christian Horner is departing the team after 20 years at the helm, with Laurent Mekies named as his replacement.

Red Bull says Christian Horner has been released from his role as longtime team principal of its Formula 1 team. Red Bull did not give a reason for the decision in a statement Wednesday, but thanked Horner for his work and said he will “forever remain an important part of our team history.

Formula 1 team Red Bull Racing has sacked Christian Horner as the team principal and chief executive after 20 years in charge, it said in a statement Wednesday.