Formulation 1 proprietor Liberty Media has introduced its president and CEO Greg Maffei will go away his function via the tip of 2024.
Maffei, who joined the American funding company in 2005 and become its CEO in February 2006, will leave Liberty Media after opting to not renew his expiring contract.
Maffei might be changed on an intervening time foundation via Liberty Media’s chairman, John Malone, and in line with the corporate he’ll keep on as an senior marketing consultant to lend a hand smoothen the control transition.
In his function, Maffei has been a driver in the back of the company’s acquisition of Formulation 1 in 2017, serving to turn into the collection into an international and fashionable leisure powerhouse. Previous this 12 months Liberty additionally introduced it might gain MotoGP and upload it to its wide variety of leisure homes.
“The just about twenty years I’ve spent on the helm of Liberty Media had been extremely rewarding, stimulating and ceaselessly eventful,” Maffei mentioned. “Following nowadays’s bulletins at Liberty Media and Liberty Broadband, all of the Liberty acquisitions finished all through my tenure are actually in buildings the place shareholders will have extra direct possession of their upside.
“The company construction is optimized, and the portfolio corporations are in robust positions with gifted govt groups in position. Whilst it’s by no means simple to go away a company as dynamic as Liberty, I’m assured that that is the correct time. I’ve completely loved running along and finding out from John, our board, the control groups at Liberty and around the circle of relatives of businesses and our shareholders.”
Stefano Domenicali , F1 CEO, Greg Maffei, Liberty Media CEO
Picture via: Steven Tee / Motorsport Pictures
Malone added: “On behalf of the Liberty Media board, I’d love to thank Greg for his management, creativity and determination. Since becoming a member of in 2005, Greg has been at the leading edge of the thrilling evolution within the lifecycle of Liberty. He has grown our asset base and made the corporate higher and extra precious for shareholders, alongside the best way overseeing as many as 5 separate public corporations concurrently.
“Particularly following nowadays’s transaction bulletins, our corporate is more practical and extra centered than ever sooner than, which is an ideal capstone for Greg’s achieved profession at Liberty. I want Greg persisted luck as he embarks on his subsequent bankruptcy and respect his persisted improve as an Marketing consultant.”
