Greg Maffei, CEO of Formula 1’s owner Liberty Media, will step down from his position at the end of the year as the business simplifies its corporate structure.
Liberty currently owns Formula 1 among many other businesses and is planning on separating its ticketing and live entertainment group – Liberty Live – from its sports investments such as F1 and MotoGP. That follows other spin-offs in the past including SiriusXM, meaning the portfolio being directly managed by the Liberty CEO has been divided up into separate entities.
Maffei has been CEO of Liberty Media since 2006, but with his contract due to expire at the end of this year the restructuring of the company has resulted in the 64-year-old opting against a new deal to extend his tenure. Maffei will remain involved with Liberty Media as a senior advisor, with chairman John Malone taking on CEO duties on an interim basis.
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“The almost 20 years I have spent at the helm of Liberty Media have been incredibly rewarding, stimulating and endlessly eventful,” Maffei said. “Following today’s announcements at Liberty Media and Liberty Broadband, all the Liberty acquisitions completed during my tenure are now in structures where shareholders can have more direct ownership in their upside.
“The corporate structure is optimized, and the portfolio companies are in strong positions with talented executive teams in place. While it’s never easy to leave an organization as dynamic as Liberty, I am confident that this is the right time.
“I have thoroughly enjoyed working alongside and learning from John [Malone], our board, the management teams at Liberty and across the family of companies and our shareholders.”
Under Maffei’s leadership, Liberty completed its takeover of F1 back in 2017 and has helped the sport expand in multiple different entertainment spaces as well as deliver a record-breaking 24-race calendar, adding venues such as Miami and Las Vegas to the schedule. In the United States in particular, F1 has enjoyed record viewing figures during the current season, with three rounds remaining.
“On behalf of the Liberty Media board, I’d like to thank Greg for his leadership, creativity and dedication,” Malone 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.
“Especially following today’s transaction announcements, our company is simpler and more focused than ever before, which is a perfect capstone for Greg’s accomplished career at Liberty. I wish Greg continued success as he embarks on his next chapter and appreciate his continued support as an Advisor.”