Liberty Media has officially named Derek Chang like the new president and CEO of the Formula 1 ownership group, marking a significant shift in management following the departure of Greg Maffei last year.
Maffei, who played a key role in Liberty’s acquisition of F1 in 2017, announced his decision to step down from his role last November, paving the way for Chang to take the reins.
With a wealth of experience in media, sports and entertainment, Chang’s new position will begin on February 1. His last role was at EverPass Mediaa company renowned for providing live sports content, including NFL and Premier League broadcasts, to commercial venues and entities.
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Chang’s impressive background also includes significant positions at DIRECTV et NBA Chinahighlighting his deep expertise in the industry.
He will lead a new executive council at Liberty, which includes Chase Carey et Dob Bennettwith which the president and CEO of F1, Stefano Domenicaliwill collaborate closely.
Following its successful acquisition of F1, Liberty Media is reportedly considering a £3.2 billion takeover of MotoGP, a deal which is awaiting approval from the European Commission. This ambitious move aims to capture new audiences and raise the profile of MotoGP, mirroring the remarkable growth F1 has seen in recent years.
Chang is committed to driving the growth of Liberty’s attractive assets, including F1 and MotoGP, post-acquisition to ensure continued momentum and future investment.
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The president of Liberty Media, John Maloneexpressed his excitement regarding Chang’s appointment: “I am delighted to welcome Derek as CEO of Liberty Media. His ability to combine operational expertise and investment skills, coupled with a deep understanding of our industries and his familiarity with Liberty , makes him the ideal leader to guide us towards our next step.”
Malone added: “Having worked with Derek for over 25 years, I have always been impressed by his approach to leadership, his breadth of expertise and his global perspective. Along with Liberty’s leadership team, I look forward to to support it in improving value for our shareholders.”
