F1 owner CEO announces departure

Greg Maffei is to stand down as president and CEO of F1 owner Liberty Media, it has been announced. 

Maffei has been at Liberty since 2005, with the American firm buying F1 ahead of the 2017 season from CVC Capital Partners, with Maffei taking charge of the day-to-day running from owner John Malone. 

The 64-year-old will step down upon the expiry of his contract at the end of the calendar year, but has agreed to stay on as an advisor to Liberty, which also has interests with SiriusXM radio, LiveNation Entertainment and the Atlanta Braves MLB team. 

He will take up the position of senior advisor to the Liberty board effective January 1st, 2025.

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Maffei to stand down from Liberty roles

Reflecting on his decision to stand down as president and CEO, Maffei conceded it was not "easy."

"The almost 20 years I have spent at the helm of Liberty Media have been incredibly rewarding, stimulating and endlessly eventful," he said. 

"The corporate structure is optimised, and the portfolio companies are in strong positions with talented executive teams in place, while it’s never easy to leave an organisation 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."

Malone, who is to step in as interim CEO added his thanks to Maffei. 

"On behalf of the Liberty Media board, I’d like to thank Greg for his leadership, creativity and dedication," he said.

"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. 

"I wish Greg continued success as he embarks on his next chapter and appreciate his continued support as an Advisor."