Liberty Media has announced the appointment of Derek Chang as chief executive officer of its media conglomerate which owns Formula 1.
He will take office on February 1, with Liberty Media President John Malone continuing in the interim role until that date.
Chang will officially succeed Greg Maffei, who resigned in November last year and has served in an advisory role on the company’s board of directors since January 1.
With extensive experience in global media, sports and entertainment, Chang has been a Director at Liberty Media since March 2021.
Prior to that, he was executive chairman of EverPass Media, a partnership with the NFL. Chang also served as CEO of NBA China from 2018 to 2020.
“I am delighted to welcome Derek as CEO of Liberty Media,” Malone said. “His expertise in operating and investing roles, his deep knowledge of our industries and his knowledge of Liberty make him the ideal leader for Liberty’s next chapter.”
“Personally, I have worked with Derek for over 25 years and am continually impressed by his leadership style, expertise and global perspective. I look forward to supporting him and the Liberty leadership team in their work aimed at creating value for shareholders.”
-With an MBA from Stanford University and a bachelor’s degree in history from Yale University, Chang was named one of the “50 Most Influential People in Sports” by SportsBusiness Journal.
“I had the privilege of working with John Malone and the team at Liberty for many years during my time at TCI and DIRECTV, then as a board member at Starz and Liberty, and I have long admired their track record of creating value for investors and partners,” Chang said.
“Our current objective is clear: to optimize the portfolio structure with the demerger of Liberty Live and support the growth of our attractive operating assets, notably F1 and MotoGP after its acquisition, in order to continue their momentum and invest for the future.”
“Longer term, Liberty has always had a long-term view in its investment mandate, while being agile to quickly capture new opportunities. Both of these elements will remain true in our strategy going forward.”
