Formula 1 owner Liberty Media has revealed that CEO and president Greg Maffei has chosen not to extend his contract and will be stepping down by the end of 2024.
Maffei has been involved with the American corporation since 2005, rising to soon become CEO to then hold a pivotal role in the firm’s acquisition of F1 back in 2017.
However, Maffei has elected not to sign a new deal to remain in his current role, though he will continue on as a senior advisor to help smoothen the transition period.
“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.”
John Malone, Liberty Media’s Chairman, will replace Maffei on an interim basis as the company prepares to increase its sporting portfolio via the purchase of MotoGP.
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.”
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