François Dumontier is stepping down as president and CEO of the Octane Racing Group, the organization behind the Formula 1 (F1) Canadian Grand Prix.

“I am proud to leave a legacy of a world-class event – the most important sporting event in Canada, to the city of Montreal, to Quebec and to Canada," said Dumontier in a news release.

Dumontier had been in charge of Montreal Grand Prix operations since 1996, two years after taking over as coordinator. In 2002, he founded Octane Racing Group, before becoming president and CEO of the Grand Prix in 2009.

Jean-Philippe Paradis, vice-president of subscription sales at Bell Media, will take over from him.

"The Formula 1 Canadian Grand Prix is one of Canada’s largest sporting and tourism events, attracting fans from all over the world, and I am excited to lead this amazing team going forward," said Paradis.

Dumontier will continue to act as a strategic advisor "to ensure a smooth transition."

Friday's announcement comes from Bell. TSN is a division of Bell Media, which is owned by BCE.

More to come.