Formula 1 owner Liberty Media has announced its president and CEO Greg Maffei will leave his role by the end of 2024.
Maffei, who joined the American investment firm in 2005 and became its CEO in February 2006, will depart Liberty Media after opting not to renew his expiring contract.
Maffei will be replaced on an interim basis by Liberty Media’s chairman, John Malone, and according to the company he will stay on as an senior advisor to help smoothen the management transition.
In his role, Maffei has been a driving force behind the firm's acquisition of Formula 1 in 2017, helping transform the series into a global and modern entertainment powerhouse. Earlier this year Liberty also announced it would acquire MotoGP and add it to its wide range of entertainment properties.
“The almost 20 years I have spent at the helm of Liberty Media have been incredibly rewarding, stimulating and endlessly eventful," Maffei said. "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.”
Malone added: "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.”
