He is quoted in Auto Motor und Sport saying that, "I am simply gone.
"It's official. I am no longer the leader of the company. My position has been taken by Chase Carey.
"My new position is one of those American terms. It's something like an honorary president. I have this title now, even though I don't know what it means.
"My days in the office will be getting quieter now. Maybe I will attend a Grand Prix sometime in the future.
"I still have many friends in Formula 1, and I still have enough money to afford to attend a race."
Copy /paste iz eurosport.com