Liberty Media, owner of Formula 1, has announced the departure of its CEO Greg Maffei at the end of 2024.
John Malone, president of Liberty Media, will act as interim CEO, while Greg Maffei will remain in an advisory role from January 1, 2025 to make the transition.
In its press release, it is emphasized that under the leadership of Maffei, Liberty Media has developed its main assets in the fields of media, communication, sport and entertainment, which obviously includes Formula 1. As a reminder, Liberty Media acquired F1 in early 2017.
“My nearly 20 years at the helm of Liberty Media have been incredibly rewarding, challenging and endlessly eventful,” said Greg Maffei. “Following today's announcements regarding Liberty Media and Liberty Broadband, all of Liberty's acquisitions made during my tenure are now in structures where shareholders can have a more direct stake in their progress.”
“The company structure is optimized and the portfolio companies are in a strong position, with talented management teams in place. While it is never easy to leave an organization as dynamic as Liberty, I am confident that now is the right time. I have greatly enjoyed working alongside and learning from John, our Board of Directors, Liberty's management teams and the entire family of companies, as well as our shareholders. ”
Liberty Media Chairman John Malone, who will serve as interim CEO, added: “On behalf of the Liberty Media Board of Directors, I would like to thank Greg for his leadership, creativity and dedication. Since joining in 2005, Greg has been at the forefront of the exciting evolution of Liberty’s life cycle.”
“He grew our asset base and made the company better and more valuable to shareholders, while simultaneously overseeing up to five separate public companies. Particularly following the announcement of today's transactions, our company is simpler and more focused than ever, providing a perfect culmination to Greg's accomplished career at Liberty. I wish Greg every success in his career and appreciate his continued support as an advisor.”
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