Formulation 1’s president and CEO Stefano Domenicali will report back to a committee of the Liberty Media board following the affirmation of Derek Chang as Liberty’s new CEO.
Chang replaces Greg Maffei who it was introduced can be leaving as president and CEO of Liberty Media on the finish of final 12 months, with Liberty chairman John Malone finishing up interim duties till Chang takes up the duties from February 1.
The selection of Chang is a type of inside promotion as he has served as a director of Liberty Media since March 2021, but in addition has govt expertise at EverPass Media, the NBA, DIRECTV, Scripps, Constitution and TCI.
Alongside his new position, Chang will be a part of the Liberty Media board’s govt committee that additionally includes Malone, new vice chairman Dob Bennett and Chase Carey. From these 4, the trio of Chang, Bennett and Carey will even type a committee that Domenicali (pictured above) will report into, in a transfer that F1 sources recommend will give the Italian extra freedom to run the game’s enterprise as he sees match.
“I’m thrilled to welcome Derek because the CEO of Liberty Media,” Malone mentioned. “His experience in each working and funding roles, in depth understanding of our industries and familiarity with Liberty make him the perfect chief for Liberty’s subsequent chapter.
“Personally, I’ve labored with Derek for over 25 years and am constantly impressed by his management model, breadth of experience and world perspective. I stay up for supporting him and the Liberty administration workforce as they proceed to drive shareholder worth.”
Chang highlighted F1 as one of many key belongings for Liberty to proceed cultivating, following numerous years of robust progress for the game.
“I’ve had the privilege of working with John Malone and the Liberty workforce for a few years throughout my time at TCI and DIRECTV and later as a board member of Starz and Liberty, and I’ve lengthy admired their monitor document of worth creation for buyers and companions,” Chang mentioned. “Our present focus is obvious: optimizing the portfolio construction with the split-off of Liberty Reside and supporting the expansion of our enticing working belongings, together with F1 and MotoGP post-acquisition, to proceed their momentum and make investments for the long run.
“Trying additional, Liberty has at all times been long-term minded in its funding mandate but nimble to maneuver rapidly on new alternatives. Each of these items will stay true in our technique going ahead.”
