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 could 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 tasks 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 government expertise at EverPass Media, the NBA, DIRECTV, Scripps, Constitution and TCI.
Alongside his new position, Chang will be part of the Liberty Media board’s government committee that additionally includes Malone, new vice chairman Dob Bennett and Chase Carey. From these 4, the trio of Chang, Bennett and Carey may also type a committee that Domenicali (pictured above) will report into, in a transfer that F1 sources counsel 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 stated. “His experience in each working and funding roles, intensive 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 persistently impressed by his management type, breadth of experience and world perspective. I sit up for supporting him and the Liberty administration workforce as they proceed to drive shareholder worth.”
Chang highlighted F1 as one of many key property for Liberty to proceed cultivating, following a lot of 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 observe file of worth creation for buyers and companions,” Chang stated. “Our present focus is evident: optimizing the portfolio construction with the split-off of Liberty Stay and supporting the expansion of our engaging working property, together with F1 and MotoGP post-acquisition, to proceed their momentum and make investments for the long run.
“Wanting additional, Liberty has all the time 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.”
