Fiat CEO Paolo Cantarella has lost his job as the Italian company posted losses of 445 million Euros last year. Although Fiat is the parent company to Ferrari, the news is unlikely to have any effect on the Formula 1 operation.

However, Cantarella’s departure does pose a problem for the GPWC. The organisation set up by all the car makers in F1 aims to run its own alternative race series starting in 2008 when the current Concorde Agreement expires. The Grand Prix World Championship will now have to look for a new chairman as the deposed Fiat boss filled this role.

At the moment, the GPWC has not said anything about a possible replacement. The F1 team owners are meeting in London at the end of this week, so a statement can be expected shortly.