Liberty Media’s leadership shifts as CEO steps down, with Malone poised to guide the company through its interim transition period.
Greg Maffei, who has served as Liberty Media’s CEO, announced he will step down at the end of his current term, which concludes at year-end. The American executive, instrumental in building Liberty into the empire it is today, will leave his position after 19 years of dedicated service.
He notably contributed to the acquisitions of DirecTV, SiriusXM radio, and, most prominently, Formula 1, as well as the recent purchase of MotoGP. He also played a role in the separation of Liberty Live, the event ticketing division, from the rest of the group.
Liberty Media’s acquisition of Formula 1 has driven unprecedented growth in popularity, with regulatory changes aimed at competitiveness, increased value, extensive commercial partnerships, and boosted visibility through social media and Netflix.
“The nearly 20 years I’ve spent leading Liberty Media have been incredibly rewarding, challenging, and consistently eventful,” said Maffei. “Following today’s announcements regarding Liberty Media and Liberty Broadband, all of Liberty’s acquisitions during my tenure now have structures that provide shareholders with a more direct stake in their activities.”
“The company structure is optimized, and portfolio companies are in a strong position, backed by talented leadership teams. While leaving such a dynamic organization as Liberty is never easy, I am confident this is the right time.”
“I have greatly enjoyed working alongside John, our board, Liberty’s leadership teams, the entire family of companies, and our shareholders, and learning alongside them.”
John Malone, Liberty’s Chairman, will assume the role of interim CEO of Liberty Media and expressed his appreciation for Greg Maffei’s contributions since joining the group: “On behalf of Liberty Media’s board, I want to thank Greg for his leadership, creativity, and dedication.”
“Since joining in 2005, Greg has been at the forefront of Liberty’s dynamic life cycle, expanding our asset base and enhancing the company’s value for shareholders, all while overseeing up to five distinct public companies simultaneously.”
“Especially following today’s transactions, our company is simpler and more focused than ever—a fitting culmination of Greg’s accomplished career at Liberty. I wish Greg every success in his future endeavors and value his continued support as an advisor.”
Some rumors have circulated about a potential sale of F1 to the Saudi Public Investment Fund (PIF), with Maffei’s departure seen as a possible sign of such a shift. Maffei himself has denied this speculation.
Other reports suggested that the investigation into the rejection of a spot for Andretti Global was a factor in Maffei’s departure. However, there appears to be no connection.
Meanwhile, Stefano Domenicali, the CEO of F1, has been personally referenced by U.S. investigators, who view the Italian as “even more central to the American group’s plans” than Maffei.
Domenicali is still awaiting the renewal of his contract.
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Liberty Media CEO Steps Down, Malone Takes Interim Helm Liberty Media CEO Steps Down, Malone Takes Interim Helm
