Michael Schumacher announced his retirement from Formula One on Sunday, moments after the seven-time world champion won the Italian Grand Prix.

The 37-year-old Ferrari driver, who holds every major record in the sport, will leave after the year-ending Brazilian Grand Prix on Oct. 22.

“Soon my future will belong to my family,” Schumacher said. “But for now, what matters is this world championship.”

Schumacher said he wanted to make the decision now so teammate Felipe Massa could work out his future with the team. Ferrari also said Massa will continue next season and be joined by Kimi Raikkonen, who moves over from McLaren-Mercedes.

“One day the day has to come, and I felt this was the moment,” Schumacher said.

Schumacher’s seven titles are two more than Juan Manuel Fangio’s five. He trails leader Fernando Alonso by only two points in this season’s standings with three races remaining.

Schumacher won his first two titles with the Benetton team in 1994 and ‘95, then restored Ferrari to prominence with five consecutive championships from 2000-04.

“I really loved every single moment,” Schumacher said of his career.

The German showed signs of vulnerability when he won the 2003 title by only two points over Raikkonen. Schumacher responded with another dominant year in 2004, though, winning a record 12 of the first 13 races.

Alonso ended Schumacher’s title run last year, with Schumacher and Ferrari struggling to adapt to rule changes intended to stop their dominance.

Ferrari attributed the problems to its Bridgestone tires. Schumacher won only one race, the U.S. Grand Prix in which only six drivers competed because of safety concerns with rival Michelin tires.

In Sunday’s race, Raikkonen, on the pole, finished second and BMW-Sauber’s Robert Kubica was third.

Alonso’s race ended because of a mechanical problem on the 43rd lap. Smoke began billowing from the back of the Spaniard’s Renault on the main straightaway and he came to a stop.

Alonso was penalized five places on the starting grid for blocking Massa during qualifying and he started 10th. He had just moved into third position when his engine failed.

P. No Driver Team - Engine Tyres Gaps/Laps Average Stops

1. 5 M.SCHUMACHER Ferrari B 1h14′51″975
2. 3 RAIKKONEN McLaren Mercedes M + 0′08″046
3. 17 KUBICA BMW Sauber M + 0′26″414
4. 2 FISICHELLA Renault M + 0′32″045
5. 12 BUTTON Honda M + 0′32″685
6. 11 BARRICHELLO Honda M + 0′42″409
7. 8 TRULLI Toyota B + 0′44″662
8. 16 HEIDFELD BMW Sauber M + 0′45″309
9. 6 MASSA Ferrari B + 0′45″955
10. 9 WEBBER Williams Cosworth B + 1′12″602
11. 15 KLIEN RedBull Ferrari M 1 lap(s)
12. 14 COULTHARD RedBull Ferrari M 1 lap(s)
13. 21 SPEED Toro Rosso Cosw. M 1 lap(s)
14. 20 LIUZZI Toro Rosso Cosw. M 1 lap(s)
15. 7 R.SCHUMACHER Toyota B 1 lap(s)
16. 22 SATO S. Aguri F1 Honda B 2 lap(s)
17. 19 ALBERS Midland Toyota B 2 lap(s)
18. 18 MONTEIRO Midland Toyota B 9 lap(s)
19. 1 ALONSO Renault M 10 lap(s)
20. 4 DE LA ROSA McLaren Mercedes M 33 lap(s)
21. 23 YAMAMOTO S. Aguri F1 Honda B 35 lap(s)
22. 10 ROSBERG Williams Cosworth B 44 lap(s)

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