FE founder Agag to switch roles

An FE statement said the series will appoint a new CEO "in the coming months", with Agag continuing in that position "until the new person joins Formula E".

Agag and FIA president Jean Todt came up with the initial plan for FE in 2011, with the series holding its first race - the '14 Beijing E-Prix - three years later.

"It's time to open a new phase in the world's fastest-growing motorsport," said Agag.

"I'm really proud of the job we've done, together with the FIA, our management team, shareholders, partners and teams.

"Formula E is in the best moment of its short history.

"As chairman, I'll be better placed to help the new CEO and our strong management team to continue growing the sport that I believe is the future of motor racing."

FE's current chairman, Simon Freer, added: "Under Alejandro's leadership as CEO, the series has established itself as a leading global motorsport and is set to continue its impressive performance and trajectory going forward.

"We look forward to continue working with both Alejandro as chairman and the new CEO to bring Formula E to the next level."