Greg Maffei has decided to step away from his role as CEO of F1 owner Liberty Media after joining the company back in 2005.
He will help in the transition as John Malone will serve as interim CEO until a new name is announced.
Liberty Media acquired the rights to Formula One back in 2017, with Maffei a key figure in that process as Bernie Ecclestone’s long reign of F1 came to an end.
Formula One has grown significantly in the past 7 years, as they took advantage of an untapped market by using social media, as well as the incredibly popular Drive to Survive series on Netflix.
More recently, Liberty Media has continued to expand its portfolio in the Motorsport market as they are set to take ownership of MotoGP.
“On behalf of the Liberty Media board, I’d like to thank Greg for his leadership, creativity and dedication,” said John Malone.
“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.”
Greg Maffei
“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.”
Mr. Malone continued, “Looking ahead, I am acutely focused on rationalizing the structural discounts at Liberty Media and growing our attractive, cash generative businesses.
“We have built a fantastic company with high-quality assets in media, communications, sports and entertainment.
“I look forward to working with our executive team to uncover new opportunities for shareholder value creation.”
