New president and CEO announced by F1 owner Liberty Media

Liberty Media has announced seasoned executive Derek Chang as their successor to former chief Greg Maffei.

Formula 1’s commercial rights holder set about finding a new leader after Maffei – the president and CEO since 2005 – announced his exit from the role come the end of 2024.

Derek Chang new Liberty president and CEO

And taking over the role will be Derek Chang, a Liberty Media director since 2021 and an experienced hand in the sports, entertainment and media sectors.

Liberty confirmed that Chang will begin his new role on February 1, taking over from chairman John Malone who has been serving as interim president and CEO following Maffei’s exit. Malone, Chang, Dob Bennett and Chase Carey – the former Formula One Group chief executive who recently returned to the Liberty board – will collectively form the executive committee.

Formula 1 president Stefano Domenicali meanwhile will report to a Liberty board made up of Carey, Chang and Bennett.

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Reacting to the news, Malone said: “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.”

Chang said: “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, and I have long admired their track record of value creation for investors and partners.

“Our current focus is clear: optimizing 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.

“Looking further, Liberty has always been long-term minded in its investment mandate yet nimble to move quickly on new opportunities. Both of these things will remain true in our strategy going forward.”

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