Formula 1 owner Liberty Media has named Derek Chang as the organisation’s new president and Chief Executive Officer, replacing Greg Maffei who departed the role in November.
Chang, who has served on Liberty’s board since March 2021, has amassed extensive experience in the sport entertainment industry, including a position at the NBA.
Chang will begin the role next month, bringing an end to John Malone’s short spell as interim CEO which he had undertaken since Maffei made the choice to step down.
Malone explained: “Derek’s expertise in both operating and investment roles, extensive understanding of our industries and familiarity with Liberty make him the ideal leader for Liberty’s next chapter.”
Chang will be involved in a three-man Liberty executive board committee along with Chase Carey and Dob Bennett, to whom F1 CEO Stefano Domenicali will report.
Chang explained that the American group’s attention is on “supporting the growth of our attractive operating assets, including F1 and MotoGP post-acquisition, to continue their momentum and invest for the future”.
Liberty agreed a deal to take a controlling share in MotoGP last April, though the European Union’s investigation into the takeover is poised to prolong the process.
READ MORE – Liberty Media appoint former F1 CEO Chase Carey to board
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