F1 owner Liberty Media has announced that president and CEO Greg Maffei will step down by the end of 2024.
Maffei, who joined the American investment firm in 2005 and became CEO in February 2006, has opted not to renew his expiring contract and will be leaving Liberty Media.
He will be replaced on an interim basis by Liberty Media Chairman John Malone, who will remain as a senior advisor to ensure a smooth leadership transition, the company said.
In that role, Maffei was the driving force behind the company’s acquisition of F1 in 2017 and helped transform the series into a global, modern entertainment powerhouse.
Earlier this year, Liberty announced it would acquire MotoGP to add to its extensive entertainment assets.
“The nearly 20 years I have spent at the helm of Liberty Media have been incredibly rewarding, exciting and endlessly eventful,” said Maffei.
Stefano Domenicali, F1 CEO, Greg Maffei, Liberty Media CEO
Photo credit: Steven Tee / Motorsport Images
“Following today’s announcements at Liberty Media and Liberty Broadband, all Liberty acquisitions completed during my tenure have been structured to give shareholders more direct ownership of the profits.
“The corporate structure is optimized and the portfolio companies are in strong positions with competent management teams.
“Leaving a dynamic organization like Liberty is never easy, but I am confident that now is the right time. I have really enjoyed working and learning from them.”
Mr. Malone continued, “On behalf of the Liberty Media Board of Directors, I would like to thank Greg for his leadership, creativity and dedication. Since joining the company in 2005, Greg has led the exciting evolution of Liberty’s life cycle. I’ve been on the front lines.
“He has expanded our asset base and made the company better and more valuable to our shareholders. Along the way, he has overseen up to five public companies at the same time.
“Especially after today’s transaction announcement, our company is simpler and more focused than ever before, and this is the perfect culmination of Greg’s distinguished career at Liberty.
“We wish Greg continued success as he embarks on his next chapter and appreciate his continued support as an advisor.”
