However, the 55-year-old Brit will join rival team, Aston Martin, where he will replace Martin Whitmarsh as their chief executive officer.
Earlier this year the Brackley-based outfit also bid farewell to their performance director Loic Serra, who will join Ferrari as head of chassis performance engineering in October.
Aston Martin Aramco Formula One Team announces Andy Cowell as Group Chief Executive Officer.
Find out more below.
— Aston Martin Aramco F1 Team (@AstonMartinF1) July 2, 2024
Andy Cowell joins Aston Martin
Cowell will take the mantle at Aston Martin before the end of the year, and is not the only key technical figure rumoured to make a switch to the team.
Ferrari’s technical director Enrico Cardile has reportedly been approached by Aston Martin, in addition to Red Bull’s Adrian Newey who received a private tour of their factory.
Speaking ahead of the British Grand Prix, Fernando Alonso expressed how integral the signing of Cowell is to Aston Martin.
"It is big. It shows once again that the project is just appealing for these big names and big engineers, designers that they want to join the Aston Martin family," Alonso said to Sky Sports.
"I don’t know him personally and I didn’t spend time with him, so I have to be honest. I’m really looking forward to spend a bit of time and know him better.
"I think Lawrence has a lot of trust in him, and Martin (Whitmarsh) as well. Martin was and is a huge part of this team. He was the man behind all the new campus and the mind of everything that Aston Martin is today.
"So first of all, I think we need to make sure that we deliver some nice results before Martin steps out, but I think Andy will be a good continuation of Martin."