Liberty Media CEO Greg Maffei steps down from his role
Formula 1's Commercial Rights Holder Liberty Media has announced that its President and CEO Greg Maffei will not extend his contract and will be stepping down by the end of 2024.
Maffei joined Liberty Media in 2005, and the 64-year-old American has been pivotal in the development of F1 since US company Liberty bought its commercial rights in 2017.
The American firm has now revealed that Maffei has elected not to extend his current contract, although he will stay with Liberty Media, continuing his involvement as a senior advisor.
Commenting on his decision, Maffei said: “The almost 20 years I have spent at the helm of Liberty Media have been incredibly rewarding, stimulating and endlessly eventful.
“Following today’s announcements at Liberty Media and Liberty Broadband, all the Liberty acquisitions completed during my tenure are now in structures where shareholders can have more direct ownership in their upside.
“The corporate structure is optimized, and the portfolio companies are in strong positions with talented executive teams in place. While it’s never easy to leave an organization as dynamic as Liberty, I am confident that this is the right time.
“I have thoroughly enjoyed working alongside and learning from John, our board, the management teams at Liberty and across the family of companies and our shareholders.”
Liberty Media has also confirmed that the company's chairman John Malone will replace Maffei on an interim basis.
Speaking of the changes, Malone noted: “On behalf of the Liberty Media board, I’d like to thank Greg for his leadership, creativity and dedication. Since joining in 2005, Greg has been at the forefront of the exciting evolution in the lifecycle of Liberty.
“He has grown our asset base and made the company better and more valuable for shareholders, along the way overseeing as many as five separate public companies simultaneously.
“Especially following today’s transaction announcements, our company is simpler and more focused than ever before, which is a perfect capstone for Greg’s accomplished career at Liberty.
“I wish Greg continued success as he embarks on his next chapter and appreciate his continued support as an Advisor," concluded Malone.
