F1 News
F1 owner appoints new CEO after Greg Maffei steps down
Liberty Media has appointed Derek Chang as the new CEO following Greg Maffei's departure.
In November of 2024, Liberty Media announced that Maffei was stepping down as CEO and president of the company that owns F1. Maffei played a key role in the takeover of F1 in 2017 and then stayed on as CEO through 2024. His successor is now known.
''I am thrilled to welcome Derek as the CEO of Liberty Media. His expertise in both operating and investment roles, extensive understanding of our industries and familiarity with Liberty make him the ideal leader for Liberty’s next chapter. Personally, I have worked with Derek for over 25 years and am consistently impressed by his leadership style, breadth of expertise and global perspective. I look forward to supporting him and the Liberty management team as they continue to drive shareholder value,'' John Malone, Liberty Media chairman, noted in the press release.
Liberty Media's new CEO
"I have had the privilege of working with John Malone and the Liberty team for many years during my time at TCI and DIRECTV and later as a board member of Starz and Liberty. “Our current focus is clear: optimising the portfolio structure with the split-off of Liberty Live and supporting the growth of our attractive operating assets, including F1 and MotoGP post-acquisition, to continue their momentum and invest for the future," Chang said.
Chang will start in his role on 1 February 2025. Until then, John Malone will still serve as interim CEO. Chang has extensive experience in global media, sports and the entertainment industry. For instance, he worked for EverPass Media, the NBA, DIRECTV, Scripps, Charter and TCI. Chang has been part of Liberty since March 2021, when he joined as a director.
This article was written in collaboration with Norberto Mujica.
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